The set up file for Kona Coffee is attached.
You need to do the following:
1. Prepare the journal entries in good form for the transactions. You may add
additional accounts as needed. This must be done in the Excel file on the sheet indicated.
2. Post the entries to the trial balance worksheet. You may add additional accounts as
needed.
3. Calculate the adjusted balance column. You must use add and/or subtract or the
sum function of the spreadsheet. You must also use the sum function for the totals of the
transaction and adjusted balance columns.
4. Prepare the classified balance sheet, multi-step income statement, statement of
changes in shareholders' equity, and statement of cash flows in good form. Each
financial statement must be prepared on a separate sheet in the Excel file. You must use
the sum function for all totals and subtotals in the financial statements, even if it is only
two numbers.
5.
It is important that there be consistency among all the financial statements. For
example, if you use Shareholders’ Equity on the balance sheet you must use it on all
other statements. You may round to the nearest dollar or you may use dollars and cents.
Again, you must be consistent. $1 is not the same as $1.00.
6. Prepare the closing ENTRY OR ENTRIES. You must post that entry to the trial
balance worksheet by referencing another cell on the worksheet. For example, =H47.
That says put the value in cell H47 into this cell.
7. Complete the ending balance column. Again, you must use cell references and add
and/or subtract or sum functions. You can not enter a number by hand.
When you have finished, print out a hard copy of the pledge, journal entries, the balance
sheet, income statement, statement of changes in shareholders' equity and cash flow
statement to be turned in on Monday. Make sure the entire journal entry or financial
statement on one page width. You can use the set up tab under print preview to
make sure everything is on one page. Name your file First Initial Last Name. For
example, I would name my file DKirch.
Dr. Kirch