(Solved) Accounting 111 Excel Project Requirements: Prepare the following in the excel workbook provided: 1) A sheet with all of the trial balances...


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Accounting 111 Excel Project
Requirements: Prepare the following in the excel workbook provided:
1) A sheet with all of the trial balances (Unadjusted, Adjusted, and Post
2) A sheet with all adjusting entries;
3) A sheet with the required financial statements in proper form; and
4) A sheet with closing entries.
Sam’s Snow Shop Incorporated (SSSI) is a local Vancouver Island company that
specializes in selling ski and snowboarding clothing and equipment in several
locations across Vancouver Island. SSSI uses accounting standards for private
enterprises (ASPE) for their financial reporting and is required by their financial
institution to submit financial statements prepared using ASPE each year,
specifically – balance sheet, income statement and statement of retained
earnings. The bank does not require a statement of cash flows.
SSSI has a January 31 year-end and it is now February 19, 2017. The company’s
CEO, Sarah Snowbird, has hired you to complete the year end adjusting entries,
financial statements and closing entries for the year ended January 31, 2017.
SSSI has provided you with an unadjusted trial balance in alphabetical order (in
excel) and information about their accounting policies and other information
you will need to complete the financial statements (Exhibit A).
Sarah has asked you to make sure you re-order the trial balance in the proper
order and provide descriptions for all journal entries. The company uses the
income summary for closing entries.
EXHIBIT A To: Acct 111 Student From: Sarah Snowbird, CEO Sam’s Snow Shop Incorporated
Date: February 19, 2017
Subject: SSSI’s Financial Information
Depreciation policies Depreciation is only taken at the end of each fiscal year and the company uses
only one depreciation expense account for all assets.
The vehicle was sold on January 1, 2017 for $1,500. The bookkeeper recorded
the following entry:
Dr. Cash 1,500Cr. Loss on disposal 1,500
I’m not sure the bookkeeper recorded correctly, so please correct if needed. Up
until that point in the year, the vehicle was driven 10,000 km.
Information to prepare other year­end adjusting entries Management has reviewed the aging accounts receivable and estimates that the
allowance for doubtful accounts should be $75,000.
The prepaid insurance balance is a 12-month insurance policy which was
purchased and paid for on September 1, 2016.
Rent is prepaid quarterly based on a calendar year on March 1 st, June 1st,
September 1st and December 1st and is pro-rata expensed at the end of each fiscal
On January 5, 2017 SSSI received a deposit of $6,700 for a snowboard order to
be delivered March 15th. SSI recorded this as revenue.
Supplies on hand at year-end totalled $4,587. The company expenses supplies as
general and administrative expenses.
On September 30, 2016 the company issued a 5-year, 4%, $500,000 bond when
the market rate was 5% and it pays interest semi-annually on March 31 and
September 31. The company uses the effective interest rate method for
amortization bond discounts and premiums. Depreciation Method Office furniture Declining balance Equipment Straight-line V ehicles Units of production Building Straight-line Salvage Value Useful Life 10 years (20% rate) $0
$13,000 15 years $0 120,000 km $35,000 35 years Accounting 111 Excel Project 2017W
EXHIBIT A (continued)
The bookkeeper records the entire mortgage payment as a reduction to
principal; therefore, the interest needs to be separated at year-end. The mortgage
is paid every 4 months with blended payments of $6,129. The annual interest
rate is 3.5%. The previous accountant correctly prepared the following
amortization table: Payment Date Blended payment Interest Principal Reduction 31-May-16 6,129 608 5,521 30-Sep-16 6,129 560 5,569 6,129 511 31-Jan-16 31-Jan-17 5,618 31-May-17 6,129 462 5,667 30-Sep-17 6,129 413 5,716 31-Jan-18
31-Jan-20 6,129 363 6,129 312 6,129 261 5,766
5,817 6,129 210 6,129 158 5,919 6,129 106 6,129 53 5,868 5,971
6,076 Other information The company has both preferred shares and common share authorized and
outstanding. The company is authorized to issue 10,000 $5 non-cumulative
preferred shares and at January 31, 2017 it has 500 issued and outstanding. The
company is authorized to issue unlimited common shares and at January 31,
2017 has 71,000 issued and outstanding. SSI reports the share details on the face
of their Balance Sheet even though this is not a required disclosure for ASPE.
In May 2016, management determined that their ski and snowboard rentals line
of business was not profitable and could not compete with other rental shops
and decided to discontinue operations. On September 23, 2016 the company
sold all assets relating to the ski and snowboard rental business and recorded a
gain on the transaction.
The company’s tax rate is 18%.


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