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Post the journal entries including the closing entry

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Reference no: EM132260353

Background Information:

Shoes for You, Inc. (from Module 2) has become a very successful company. During the year ending 2018, they completed the equity transactions listed below in Exhibit 1. The account balances in Exhibit 2 are Pre-Closing amounts for Year-End December 31, 2018 balances and, EXCEPT FOR THE CASH ACCOUNT, were not affected by any of the transactions 1 through 6 listed in Exhibit 1. You will update the Cash T-Account Balance in Part B, when you post your Journal Entries.

A. Prepare the Journal Entries for the items listed below in Exhibit 1. Be sure to date your entries. You do not need to provide explanations.

B. Post the Journal Entries, including the Closing Entry, you made in Part A to the Cash and Equity Account T-Accounts. The Cash T-Account shows the Pre-Closing balance listed in Exhibit 2 in Part A. Posting the Journal Entries will properly update the YE 2018 Cash Balance.

C. Based on your results in Parts A and B, create the Statement of Stockholders' Equity for Shoes for You, Inc. for the Year Ending 2018 in proper format.

D. Based on your results from Parts A through C, create the December 31, 2018 Balance Sheet in good format for Shoes for You, Inc.

D. Based on your results from Parts A and B, create the December 31, 2018 Multiple-Step Income Statement in good format for Shoes for You, Inc. Be sure to include your Basic Earning Per Share at the bottom of the Income Statement. Show your EPS calculations in an organized schedule for full credit.

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The assignment required preparation of Journal Entries for the Stockholders' Equity transactions provided in the excel spreadsheet. Further journal entries are posted to the relevant T-accounts and Statement of Stockholder's Equity is prepared. Finally based on the calculation and T-accounts, Multiple-Step Income Statement and Comparative Balance sheet and report on the company's Basic Earnings per Share for the year is created

Reference no: EM132260353

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Reviews

inf2260353

9/5/2019 2:36:47 AM

I need everything followed carefully It is T-accounts spreadsheet-based work. On the bottom of the accounts, there is a written: Total Assets = Total Liabilities + Total equity I need these answers as per the requirements.

len2260353

3/18/2019 5:31:01 AM

A. Complete the Journal Entries for the Stockholders' Equity transactions listed. (8 points-graded for accuracy and format, including Excel spreadsheet links). B. Post the Journal Entries from Part A to the appropriate T-Accounts. (8 points-graded for accuracy and format, including Excel spreadsheet links). C. Create the Statement of Stockholders' Equity based on your Journal Entries (Part A) and T-Accounts (Part B), in addition to the data provided (14 points-graded for accuracy and format, including Excel spreadsheet links). D. Create a comparative Balance Sheet based on your Journal Entries (Part A) and T-Accounts (Part B), in addition to the data provided (8 points-graded for accuracy and format, including Excel spreadsheet links). E. Create a Multiple-Step Income Statement, and report the company's Basic Earnings per Share for the year. (12 points-graded for accuracy and format, including Excel spreadsheet links).

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