Create a data entry and balance sheet, Financial Management

The ledger of AISExperts Inc. showed the following balances after adjustment, but before closing, on December 31, 2012, the end of the current year:

Accounts payable

79000

Accounts receivable

103000

Accumulated depreciation - equipment

27000

Depreciation expense

800

Interest revenue

925

Cash

80500

Common stock (10,000 shares outstanding)

100000

Cost of merchandise sold

634550

Dividend

19100

Equipment

139450

General expenses

114250

Interest expense

5600

Merchandise inventory

154250

Prepaid insurance

11225

Retained earnings

?

Salaries Payable

14550

Sales

960250

Selling expenses

140700

The president of AISExperts Inc., has asked you to develop a flexible financial statement package (call the file yourlastnameyourfirstnameFinState12), using Excel that includes:

  • a data entry sheet (should include the information above)
  • a trial balance (link to the data entry sheet),
  • a single-step income statement,
  • a multi-step income statement,
  • a statement of retained earnings,
  • a classified balance sheet, and
  • a post-close trial balance (a trial balance with only accounts not "closed")

Each statement must be on one sheet in the file and this file should allow the financial statements to be prepared quickly by entering account balances in the appropriate cells on the first sheet of the file (book) - data entry sheet. 

Include percentages in the Income Statement (vertical analysis) i.e., gross profit percentage, % of selling expenses to sales, etc. (common sizing and vertical analysis are basically the same analysis techniques - every number in the multi-step income statement is divided by sales). 

Your file must contain documentation with comments (Excel commands: REVIEW, NEW COMMENT).  The comments should be included where you think explanation is required i.e., earnings per share on the bottom of the income statement should probably be explained or retained earnings (beginning and ending balances) might require some additional comments.

Use the financial information above as input for your statements.  Only formulas/cell references should appear on all sheets except your data entry sheet (except titles and dates) - no hard coded numbers in the financial statements.  When grading your project, I will include different data in your data entry sheet to see if every statement in your file will update correctly.

Arriving at the correct solution using appropriate formulas and the correct format for financial statements will allow you to keep your current position (with a score of 85).  The presentation of the financials (i.e., underlining, bold, font, $ [used sparingly], etc.) will potentially enable you to secure a promotion

Posted Date: 4/1/2013 3:42:04 AM | Location : United States







Related Discussions:- Create a data entry and balance sheet, Assignment Help, Ask Question on Create a data entry and balance sheet, Get Answer, Expert's Help, Create a data entry and balance sheet Discussions

Write discussion on Create a data entry and balance sheet
Your posts are moderated
Related Questions
What are the Market conditions of cost of capital Security may not be readily marketable when investor wants to sell; or even if a continuous demand for security does exist, p

mini-case chapter 15:payout policy Megginson, Smart, Graham

Q. What is Business Combinations? Combining of two entities. Under PURCHASE METHOD OFACCOUNTING, one entity is deemed to attain another and there is a new basis of accountingfo

Assume you are a professional financial analyst working for a wealthy investor.  Your client has $2.6 million to invest and wants to sink it into a single stock (diversification is

The management of Nelson plc wish to estimate their firm’s equity beta. Nelson has had a stock market quotation for only two months and the financial management feels that it would

In how many area ratios are grouped Ratios can be grouped into 3 main areas: 1 Performance - how well business has done (profitability) 2 Position - short term standing

Principles of corporate governance Leadership: Every corporation should be headed by a proficient BOD which should exercise leadership, venture, honesty and judgments in dire

#questionoperating cycle in vegetable growing business in uganda..

QUESTION 1 (a) What do you understand by the term Civil Society Organisations? (b) Distinguish between sectional and promotional groups. Give examples to support your answer

Collar A collar can be established by holding a share, along with purchasing a protective put and writing a covered call, where both options at out-of-money.. For Example