Accounting work :Need in 6 hours

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Spreadsheet(1).xlsx

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Directions:
Enter your phone number, one number per cell, in the cells below:
Phone Number	4	3	2	-	5	5	2	-	2	1	8	3
	1	2	3		4	5	6		7	8	9	10
Use the Original Trial Balance Worksheet and the Project 1 Video to complete this Project. See separate assignment document for directions.
Additional Information Needed:
ROWS HERE AND BELOW ARE HIDDEN AND PROTECTED WHEN DISTRIBUTED TO STUDENTS
Constants on Trial Balance
		Base		Adjustment
		DEBIT	CREDIT		DEBIT	CREDIT	Type of Adjustment
Cash		5,000			4,850		PLUG
Accounts Receivable		25,000			25,000		FIXED
Inventory		12,000		10	11,700		Subtract*100
Building purchase price		250,000			250,000		FIXED
Equipment		15,000		9	16,000		ISEVEN + 1000 or + 0
Accounts Payable			8,000	8		8,300	Add * 200
Note Payable			250,000			250,000	FIXED
Common Stock			30,000			30,000	FIXED
Retained Earnings							FIXED
Dividends Declared							FIXED
Sales Revenue			60,000			60,000	FIXED
Cost of Goods Sold		20,000		7,6	20,220		Add 7100 + 6 10
Rent Expense		4,000		5,4	3,450		Subtract 5100 & 410
Wages Expense		6,000		3,2	6,000		ISEVEN for 3+2: -100 or - 0
Other Expenses		11,000		1	11,080		Add 1*20
Total		348,000	348,000		348300	348300	Calculated
Total Assets		307,000			307,550		Calculated
Total Liabilities			258,000			258,300	Calculated
Assets - Liabilities		49,000			49,250		Calculated
Total Stockholders' Equity			19,000			49,250	Calculated
Net Income			19,000			19,250	Calculated

Original Trial Balance

Trial Balance Provided by Owner
	DEBIT	CREDIT
Cash	4,850
Accounts Receivable	25,000
Inventory	11,700
Building purchase price	250,000
Equipment	16,000
Accounts Payable		8,300
Note Payable		250,000
Common Stock		30,000
Retained Earnings
Dividends Declared
Sales Revenue		60,000
Cost of Goods Sold	20,220
Rent Expense	3,450
Wages Expense	6,000
Other Expenses	11,080
Total	348,300	348,300

General Journal

Date

Account

Posting Reference

Debit

Credit

General Ledger

General Ledger
CASH
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date		Post Ref.	Debit	Credit	Balance
	Item
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit
ACCOUNT NAME HERE
Date	Item	Post Ref.	Debit	Credit	Balance
					Debit	Credit

You do not need to post to the Journal Entries to the General Ledger. You can put your Journal Entries directly on the Trial Balance Worksheet. This is provided for completeness of an accounting information system.

Trial Balance Worksheet

Accounts

Unadjusted Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

Statement of Retained Earnings

Balance Sheet

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Total

Net Income

Retained Earnings

Total

Income Statement

You should enter a well-formatted income statement here. Do NOT retype numbers. Write formulas for every number that you include on your income statement.

St of Retained Earnings

You should enter a well-formatted statement of retained earnings here. Do NOT retype numbers. Write formulas for every number that you include on your statement of retained earnings.

Balance Sheet

You should enter a well-formatted balance sheet here. Do NOT retype numbers. Write formulas for every number that you include on your balance sheet.

Post-Closing Trial Balance

You should enter a well-formatted posts-closing trial balance here. Do NOT retype numbers. Write formulas for every number that you include on your post-closing trial balance.

instructions.PNG

Project 1 Script.docx

Accountant	Come in.
Business Owner	Thank you for seeing me today. First Bank recommended that I see an accountant, but I’m not sure exactly why. I’m just trying to set up a line of credit so that I can stock up on inventory before the Christmas buying season. The bank is asking for an income statement and balance sheet on my business.
Accountant	I’m sure I can help you. That’s a very standard request. Let me see the information you have.
Business Owner	This is the print out from my accounting software. I’m very careful to enter every transaction, so I don’t see why this list isn’t good enough.
Accountant	That’s a great start. Let’s see if I understand what you have here. (Pause) You seem to have a very high accounts receivable.
Business Owner	Yes. That’s one of the strongest points of the business to show the bank. We have just received a $20,000 order, so I entered it right away as sales and accounts receivable. I want to keep track of every transaction.
Accountant	Have you delivered anything on the order yet?
Business Owner	No. We’re on track to finish by the 15th and then inspect and ship by the end of the month.
Accountant	That’s actually something that will need to be adjusted. Did you decrease your inventory yet for this order?
Business Owner	No. It hasn’t been shipped yet, so I wouldn’t change inventory. Isn’t that right?
Accountant	Yes, that’s good that your inventory here matches your inventory at your business today. Now I noticed something else about the assets you have listed. You have a building listed, but no land. That’s very unusual. Do you own your own building?
Business Owner	Yes, we’ve just closed on our headquarters. Of course, we own the land too. The $250,000 I recorded for the building is for both.
Accountant	That’s what I thought. We’ll have to separate out the value for the building and land because they are separate assets and have different accounting treatment.
Business Owner	But I didn’t pay a separate price for the land and building. How would I know the separate values?
Accountant	Most appraisers apply 20% of the total price to the land and 80% to the building in these cases, so we can follow that rule of thumb safely for a new standard purchase. I notice that your income statement is missing two expenses that I would normally expect. There is no depreciation listed.
Business Owner	What’s that?
Accountant	Depreciation is an expense because all equipment and facilities have a limited life. As they are used, there is wear and tear and their productivity goes down. Now, since you have just purchased the building, it wouldn’t have any depreciation yet. But I wonder about the equipment. When did you purchase the equipment?
Business Owner	At the beginning of the year.
Accountant	And how long do you expect before you replace the equipment?
Business Owner	About five years.
Accountant	So we’ll decrease your income a little each year to allocate the cost of the equipment over the five years you will be using the equipment. That’s depreciation expense. Now the second item that I would expect to see is tax expense.
Business Owner	I haven’t had to pay taxes yet.
Accountant	Even though you haven’t paid any taxes, taxes are due whenever you have a profitable business. So even though you won’t be paying current year taxes until March, you still need to record the amount that you currently owe based on the amount of profit you have had so far.
Business Owner	But won’t that confuse the tax office to get my payments ahead of time?
Accountant	You won’t be actually paying the taxes early. You’ll be recording the tax amount each period, so that when the year is over the taxes associated with that year will be on your books already. Then when the taxes are due, you’ll be paying off that obligation you have already recorded. If you wait to record tax expense on your books, you’ll have taxes associated with last year’s income on your books for this year.
Business Owner	So how do I record taxes if they aren’t even due yet?
Accountant	Let’s estimate taxes as your pretax income multiplied by 15%. You should be getting enough credits and deductions to keep you in a low marginal tax rate level. I think
Business Owner	That’s a lot of changes.
Accountant	I can have my staff make these adjustments to your accounting records and create the income statement and balance sheet that your bank wants from you. Here are the adjustments we’ve identified: · Adjust sales and accounts receivable for unfilled orders · Adjust the value of the building and add the land to the records · Add depreciation on the equipment · Add taxes owed on your pretax income Can you stop back tomorrow morning to pick up the financial statements?
Business Owner	Thank you so much.