Reference no: EM131751547
Project
This project is a continuation of Project 1, FigMint Consulting Inc. An additional 11 months have passed since Project 1 (we are now at August 31, 2017 the company's yearend). The friends have expanded the shop to include sales of tablets as well as the consulting services activities. The new company name is FigMint Consulting and Sales Inc. All transactions for the company through the end of the year have been posted to the accounts EXCEPT FOR those relating to the purchasing and sales of tablets in August. You will be recording and posting those entries. Additionally, all monthly adjustments have been made EXCEPT for those related to accounting for bad debts and any inventory and cost of goods sold issues. You will be adding that information. You will then be making the required closing entries and preparing the yearend financial statements for the company. The following is a suggested series of steps for completing the project:
1. Complete the Perpetual Inventory card worksheets to reflect the August purchases and sales under the 3 different Inventory costing methods. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar.
2. Complete the August Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post.
3. Post the August entries to the worksheet columns for the August entries and complete the Trial Balance columns of the Worksheet.
4. Review the aging of accounts receivable included with the project and the current balance in the Allowance Account (see worksheet) to determine the adjustment needed for Bad Debts. Any journal entry necessary should be included with your adjusting journal entries.
5. Prepare any necessary adjusting entries to reflect the Inventory count at year end. These should be included on the journal entries sheet.
6. Post the adjusting entries to the worksheet and complete the Adjusted Trial Balance.
7. Prepare the necessary closing entries on the journal entries sheet.
8. Prepare the 3 financial statements for the year ended August 31, 2017 (multi step income statement, classified balance sheet, and statement of retained earnings). Also you must include appropriate dollar signs and appropriate underlines and correct formatting for the statements to receive full credit.
9. Copy the Inventory Cards from the Inventory Cards tax to the Inventory Cards formulas tab, The Worksheet from the Worksheet tab to the Worksheet formulas tab and the Financial Statements from the Financial Statements tab to the Financial Statements tab. Highlight the entire inventory cards/worksheet/financial statements area respectively and press the "ctrl" key and the "~" key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed.
10. Each student must submit an ORIGINAL excel file to the final project 2 assignment link in Blackboard. While students are encouraged to work together, each student must process and format his/her own set of statements. Duplicate submissions (format, not numbers) will result in the students receiving a 0 for the assignment. Just changing the font size or orientation/placement is not really an "original effort".
Attachment:- Project Assignment.rar