PROBLEM 6 Spreadsheet and Financial Statements (33 points) REQUIRED: 1. Using sp

Question

PROBLEM 6 Spreadsheet and Financial Statements (33 points) REQUIRED: 1. Using spreadsheet software (excel or similar), prepare a spreadsheet (worksheet) for the company beginning with the unadjusted trail balance. Enter adjusting entries, as necessary, based on the data provided, on the spreadsheet, (use at least a six column spreadsheet). Kcy or number your adjustments. Round all computations to the nearest dollar Prepare a balance sheet and income statement 2. Note: a portion of the points will be allocated to format and presentation of your spreadsheet and financial words, you can have the numbers correct and still not earn full credit. December 31. The unadjusted trial balance as of December 31, 2018, appears below statements. The "slicker" the presentation the greater number of presentation points earned. In other The ACC 3510 Company sells various snowboarding products. The company's fiscal year-end is Account Title Credits Debits 30,000 60,000 Cash Accounts receivable.. Allowance for bad debt Prepaid rent Supplies 1.000 6.000 2,000 90,000 250,000 Inventory Equipment Accumulated depreciation - equipment Accounts payable Wages payable. .. Note payable Unearned revenue Common stock .. Retained earnings.. 80,000 40,000 50,000 ,000 100,000 110,000 280,000 Cost of goods sold Wage expense Rent expense. Depreciation expense Supplies expense 140,000 65,000 10,000 3,000 8,000 664,000 Miscellaneous expense. Totals 664,000 Information necessary to prepare the year-end adjusting entries appears below 2. 3. Depreciation on the equipment for the year is $20,000. Wages payable at the end of the month should be S6.000. On April 1, 2018, the company borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on March 31 at 6%. The principal is due in 5 years. 4. $1,000 of supplies remained on hand at December 31,2018 5. In November, a customer paid $3,000 for an order that was delivered in December. The cash received was credited to the unearned revenue account. No other customer advances were received during the car 6. On November 1, 2018, $6,000 rent was paid to the owner of the building. The payment represented rent for November 2018 through April 2019, at $1,000 per month. 7. It is estimated that 10% of accounts receivable will be uncollectible. 8. Amazingly inventory on hand at the end of the year was valued at $90,000

Explanation / Answer

Requirement 1. Worksheet

Requirement 2 -

Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Debit Credit Debit Credit Debit Credit Cash 30000 30000 Accounts Receivable 60000 60000 Allowance for Bad debt 1000 5000 6000 Prepaid Rent 6000 2000 4000 Supplies 2000 1000 1000 Inventory 90000 90000 Equipment 250000 250000 Acc. Dep. - Equipment 80000 20000 100000 Accounts Payable 40000 40000 Wages Payable 6000 6000 Note Payable 50000 50000 Interest Payable 2250 2250 Unearned Revenue 3000 3000 0 Common Stock 100000 100000 Retained Earnings 110000 110000 Sales Revenue 280000 3000 283000 Cost of goods sold 140000 140000 Wages Expense 65000 6000 71000 Rent Expense 10000 2000 12000 Bad debt Expense 5000 5000 Interest Expense 2250 2250 Depreciation Expense 20000 20000 Supplies Expense 3000 1000 4000 Miscllaneous Expense 8000 8000       Totals 664000 664000 39250 39250 697250 697250

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