PROJECT GRADE:
This project will graded on the basis of not only the technical sophistication of your Excel template, but also upon the accounting methodology and principles you will use to complete the assignment. This exercise will not only give you a review of the adjusting, closing and financial reporting processes, but will also provide you with a better understanding of how computer technology can be used as a tool to record, summarize and disseminate financial information for decision making.
The specific formatting, printing and template generation skills tested in this project are as follows:
· Creation of stand-alone Excel templates
· Design aspects of spreadsheet development
· Structured spreadsheet development to complete requisite output
· Formatting: lines and borders, column/row spacing, etc.
· Numbers: proper use of comma and $ sign, etc.
· Adequate printing of all requirements
· Proper use of headings and dates
· Correct use of Excel formulas
· Logical structure of calculations and layout
· Linking of cells in the spreadsheet design
· Print-to-fit properties of Excel
· Organized and legible printed documents as required
· Proper use of formulas to combine numerical date
REQUIRED:
You are required to create a 10-column work sheet (Reference Appendix 3B) that starts with an Unadjusted Trial Balance as of December 31, 2016 and ends with a Balance Sheet as of the same date. You will also be required to prepare a Balance Sheet and an Income Statement in good form based on this worksheet. Ensure that your financial statements are correctly formatted in terms of headings, dollar signs, appropriate spacing and current verses long-term classifications.
Excel’s ability to link portions of the spreadsheet together to achieve your output requirements will prove very helpful in the completion of this assignment. You are required to use the linkage function to automatically move data from your worksheet to your financial statements. Failure to do so will result in a significant loss of credit points. Once you have entered data into the adjusting entries portion of your worksheet, your Excel template should automatically fill in the other required portions of your project. These portions of your spreadsheet coincide with the requirements of your project. You will need to have data automatically loaded into your Balance Sheet, Income Statement, Post-Closing Trial Balance, and the Adjusting and Closing entry section of your project. Information you will need to complete this project is provided below.
The purpose of this exercise is to illustrate that the preparation of a year-end worksheet with the use of an electronic spreadsheet is extremely simple and practical way for the accountant to save time during the month-end closing process. Additionally, the project should reacquaint students with the basic procedural reporting tasks normally associated with any accounting information system, and the sole p.
Z Score,T Score, Percential Rank and Box Plot Graph
PROJECT GRADEThis project will graded on the basis of not o.docx
1. PROJECT GRADE:
This project will graded on the basis of not only the technical
sophistication of your Excel template, but also upon the
accounting methodology and principles you will use to complete
the assignment. This exercise will not only give you a review
of the adjusting, closing and financial reporting processes, but
will also provide you with a better understanding of how
computer technology can be used as a tool to record, summarize
and disseminate financial information for decision making.
The specific formatting, printing and template generation skills
tested in this project are as follows:
· Creation of stand-alone Excel templates
· Design aspects of spreadsheet development
· Structured spreadsheet development to complete requisite
output
· Formatting: lines and borders, column/row spacing, etc.
· Numbers: proper use of comma and $ sign, etc.
· Adequate printing of all requirements
· Proper use of headings and dates
· Correct use of Excel formulas
· Logical structure of calculations and layout
2. · Linking of cells in the spreadsheet design
· Print-to-fit properties of Excel
· Organized and legible printed documents as required
· Proper use of formulas to combine numerical date
REQUIRED:
You are required to create a 10-column work sheet (Reference
Appendix 3B) that starts with an Unadjusted Trial Balance as of
December 31, 2016 and ends with a Balance Sheet as of the
same date. You will also be required to prepare a Balance Sheet
and an Income Statement in good form based on this worksheet.
Ensure that your financial statements are correctly formatted in
terms of headings, dollar signs, appropriate spacing and current
verses long-term classifications.
Excel’s ability to link portions of the spreadsheet together to
achieve your output requirements will prove very helpful in the
completion of this assignment. You are required to use the
linkage function to automatically move data from your
worksheet to your financial statements. Failure to do so will
result in a significant loss of credit points. Once you have
entered data into the adjusting entries portion of your
worksheet, your Excel template should automatically fill in the
other required portions of your project. These portions of your
spreadsheet coincide with the requirements of your project.
You will need to have data automatically loaded into your
Balance Sheet, Income Statement, Post-Closing Trial Balance,
and the Adjusting and Closing entry section of your project.
Information you will need to complete this project is provided
below.
The purpose of this exercise is to illustrate that the preparation
of a year-end worksheet with the use of an electronic
spreadsheet is extremely simple and practical way for the
accountant to save time during the month-end closing process.
3. Additionally, the project should reacquaint students with the
basic procedural reporting tasks normally associated with any
accounting information system, and the sole proprietor form of
a business entity.
BACKGROUND DATA AND PROJECT REQUIREMENTS:
1.
Prepare a 10-column worksheet for December, 2016, that begins
with the unadjusted trial balance which will be provided to you.
2.
Enter the adjusting entries required into your spreadsheet. Then
complete the spreadsheet columns using Excel formulas or other
linking functions to efficiently move the data. Ensure that your
spreadsheet template performs requisite calculations accurately
after totals are manually entered into the column reserved for
adjustments. Merely inputting the data manually IN ALL THE
COLUMNS will decrease your score by 50%.
3.
Prepare the Income Statement and the Classified Balance Sheet
for Isaiah Corporation. Also prepare a Post-Closing Trial
Balance. These should be prepared in Excel, using the linkage
functions, and should be printed out separately for your final
project submission. Remember: To create and print these
financial statements, you are required to use Excel’s linking
functions, or some other methodology within the Excel
template, that will automatically move data from your template
to the pre-formatted financial statements required. Merely
inputting the data manually will decrease your score by 50%.
4.
Generate both your adjusting and closing entries in your Excel
template. These journal entries should be in proper form and
dated appropriately. Print these entries on two different sheets
of paper. Again, these should be linked to the data in your
electronic worksheet and should be generated automatically by
your Excel template.
5.
Reference the following information sheet which includes the
4. data and a partial format for the accountant’s worksheet which
you will need to complete this assignment.
Unadjusted
Dr.
Cr.
Cash
$6700
11. ISAIAH CORPORATION
TRIAL BALANCE
December 31, 2016
ADDITIONAL ACCOUNTING INFORMATION:
The following information may require additional entries to be
entered into the accounting records:
a.
Isaiah Corporation paid $1800 for two months rent in advance
on December 1, 2016.
The company was able to obtain an excellent rental rate due to
the fact that they have a very good credit rating. Rent for other
companies in the same geographic area average $2300 per
month.
12. b.
Specialized equipment was purchased by the corporation for
$15,000. This equipment is estimated to be serviceable for
three years, after which it will be sold for $2400. It was
purchased on December 13, 2016. For depreciation calculation
purposes, Isaiah Corporation follows the standard practice of
recording all purchases as of the beginning of the month if
purchased before the 16th of the month. Isaiah uses the
straight-line method of estimating depreciation.
c.
Isaiah Corporation has two employees who each earn $100 a day
and work a five-day workweek from Monday through Friday.
They are paid weekly every Friday. This year, December 31st
falls on a Wednesday.
d.
The company rents out office space because it has more rooms
than necessary for its own operations in the building it rents.
Isaiah Corporation currently rents a small office space to an
aspiring lawyer for $100 per month, payable at the end of each
month. The tenant paid Isaiah Corporation $1000 for ten
months rent in advance to lock in on an incredibly good rental
price for the office. His check for the $1000 was given to
Isaiah Corporation on November 1, 2016 and cleared the bank
on the same day.
e.
During the year, Isaiah Corporation issued a promissory note
for $5000 payable to Stoney, Incorporated. The note is a nine
month note which carries a face rate of 6.24%. As of December
31, 2016, $50 of interest have accrued on the note.
f.
During the year, Isaiah Corporation made a number of supply
purchases. Its first purchase was for $452. Its next purchase
totaled $627 and it’s last purchase of the year for supplies in
December was for $121. At year-end, December 31, 2016,
employees reported a total of $180 of supplies still on hand in