Reference no: EM13968119

 Using EXCEL, create the trial balance in the normal structure (current assets, long term assets, current liabilities, etc.). Also, include in the workbook a Cost of Goods Manufactured Statement, an Income Statement, a Retained Earnings Statement, and a Balance Sheet.

Spreadsheet Assignment

The following trial balance information is available for Bimbit, Inc. as of December 31, 2015

Accounts payable	265.00	Depreciation expense for equipment	880.00
Accounts receivable (Gross)	615.00	Interest expense	150.00
Accrued interest payable	80.00	Income tax expense	500.00
Accumulated. depreciation.-equipment	1,700.00	Office Supplies expense	16.00
Accumulated depreciation- building	6,000.00	Materials inventory, 1/1	75.00
Allowance for doubtful accounts	125.00	Materials purchased	2,480.00
Bonds payable	800.00	Materials inventory, 12/31	120.00
Building	12,000.00	Miscellaneous plant overhead expenses	35.00
Cash	4,900.00	Notes payable	1,200.00
Common stock	4,100.00	Payroll  Payable	950.00
Transportation  Out	165.00	Other general and administrative expense	185.00
Depreciation expense for Building.	1,200.00	Other selling expenses	300.00
Direct labor salary	1,800.00	Overtime premium for assembly workers	178.00
Discount on bonds payable	350.00	Paid in capital in excess of par	300.00
Dividends	600.00	Plant supervisory salaries expense	300.00
Equipment	4,500.00	Materials purchase allowances and returns	360.00
Factory cleanup workers salary	650.00	Income Tax Payable	350.00
Factory Supplies Expense	110.00	Retained earnings, 1/1	7,091.00
Finished goods inventory, 1/1	85.00	Sales	13,520.00
Finished goods inventory, 12/31	160.00	Sales commissions and salaries	3,250.00
General and administrative salaries	300.00	Sales returns and allowances	120.00
Goodwill	700.00	Transportation in	217.00
Heat, Light, and Power Expense for Building	110.00	Work in process inventory, 1/1	145.00
Heat, Light, and Power Expense Payable	110.00	Work in process inventory, 12/31	175.00
Advertising Expense	35.00

 

Other Information:

• The Note Payable account represents a 1-year note due on December 30, 2016.
• The Bonds Payable account represents 10-year bonds due in 8 years.
• 55% of the building is for fabrication of the product, 15% for storage of the finished product prior to delivery to customer, and 30% for the sales force.
• 85% of the time the factory equipment is used will be to build the product; 10% of the time the equipment is used for test runs during maintenance; and 5% of the time the equipment will be used by the sales force to demonstrate the company product.

 

REQUIRED:

Using EXCEL, create the trial balance in the normal structure (current assets, long term assets, current liabilities, etc.).  Also, include in the workbook a Cost of Goods Manufactured Statement, an Income Statement, a Retained Earnings Statement, and a Balance Sheet.  These reports should be prepared in good form, such that you might give them to your boss or to stockholders.

You should design a spreadsheet that is user friendly such that a clerk could enter the information and generate the reports. This means that your solution should include instructions to the clerk who will process the reports each period.  The information entered by the user should then be linked directly to your output area so that the financial statements are automatically generated. The output should not contain any numeric data typed into the cells.

You will be graded on correctness of the solution (10 points), functionality of the spreadsheet (5 points), and presentation of the information (5 points).