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
PEST analysis and its derivatives Such  a  process  is  required for  an  organisation  to  be  continually  aware  of  external  factors within  its  general  or  industry  en

Social Assistance Program for the Elderly For the elderly destitutes, the Central and many State Governments have designed several social assistance programs. Under the nationa

State the expectations theory of the term structure of interest rates. Expectations theory: The expectations theory of the term structure of interest rates specifies that

It shows the date and corresponding prices at which the issuer can call back bonds. The issuer pays higher premium over the par value of the bond if the bond is c

Your firm will produce widgets for the next 10 years (starting at t=1). Annual revenue from selling widgets is $20,000. Production requires an initial outlay (at t=0) for machin

A. Initial evaluation Comment on the structure of the attached portfolio, and on the financial risks facing Copper Based plc (CB), making use of what you know about how a port

How do risk-averse investors compensate for risk when they take on investment projects? For the reason of risk aversion, people demand elevated rates of return for taking on hi

Examine about the Risk-based auditing A risk based audit will be reviewing the risk management process and considering main risks of the organisation as a whole. Risk manage

Explain the difference between the discounted free cash flow model as it is applied to the valuation of common equity and as it is applied to the valuation of complete businesses.

d iscuss the relationship between finance management,economics,accounting, and mathematics. illustrate/show through a venn diagram