Accounting excel project

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 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 data and a partial format for the accountant’s worksheet which you will need to complete this assignment.

Unadjusted

Dr.

Cr.

Cash

$6700

Accounts Receivable

1000

Prepaid Rent

1800

Supplies

1200

Equipment

15000

Accumulated Depreciation-Equipment

Notes Payable

$5000

Accounts Payable

1070

Salaries Payable

Interest Payable

Unearned Rent Revenue

1000

Common Stock

14000

Retained Earnings

0

Dividends

600

Service Revenue

14700

Rent Revenue

700

Salaries and Wages Expense

8800

Rent Expense

900

Depreciation Expense

Supplies Expense

Utilities Expense

470

Interest Expense

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.

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 the supplies closet after a detailed inventory was taken.

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