Financial statement project accounting

Instructions

Financial Statements Project

You are required to prepare the following financial statements using Excel.

USE EXCEL EFFICIENTLY AND EFFECTIVELY TO COMPLETE THIS PROJECT (cell references, formulas, etc.).

(1) Using the data for Brady and Co. provided in the sheet labeled "Trial Balance" prepare:

Balance Sheet - comparative, classified in proper format for fiscal years 2015 and 2016

Income Statement - multiple-step for fiscal years 2015 and 2016. Include earnings per share data.

Statement of Retained Earnings for 2016.

Use separate sheets, appropriately named, for each financial statement.

List 5 notes that would be required if you were also preparing the notes to these financial statements.

Do not prepare the notes, just briefly list the accounts, etc. for which GAAP would require disclosure

based on Spring's financial statements.

(2) Using the data for Gronk, Inc. provided in the sheet labeled "Cash Flows" prepare:

Statement of Cash Flows for fiscal year 2016 in proper format.

Use a separate sheet, appropriately named, for the Statement of Cash Flows.

(3) Place your name in cell A1 of the first sheet you create and on all sheets to be printed out.

FILENAME:

Name your file FSlastname. For example, my file would be named: FSCasello_Bouges

(4) Neatness counts. Make sure the pages break in appropriate places for printing. For instance, make sure the entire

balance sheet prints out on one page. Look at the annual report of your favorite company for help with

appropriate formatting, subtotalling, underlining, grouping, etc.

THIS IS A PROJECT TO BE COMPLETED TOTALLY BY EACH STUDENT. DO NOT POST

QUESTIONS TO THE DISCUSSION BOARD. STUDENTS ARE TO RESEARCH ANY QUESTIONS

ON THEIR OWN OR ASK ME THROUGH MAIL IN BLACKBOARD.

CashFlows

Gronk, Inc

List of Items for Statement of Cash Flows Statement

December 31, 2016

(thousands of dollars)

Cash and Cash Equivalents, January 1, 2016 66,200

Cash and Cash Equivalents, December 31, 2016 - 0

increase in accrued expenses 2,300

decrease in prepaid expenses 960

increase in inventories 21,350

decrease in income taxes payable 3,500

increase in accounts payable 6,840

gain on sale of investment 11,000

increase in accounts receivable 20,000

gain on sale of land 20,500

dividend payments 33,000

depreciation expense 39,990

payments for purchase of investments 40,500

payments for purchase of equipment 56,200

payments for ppuchase of land 62,500

proceeds from sale of land 85,000

proceeds from the issuance of stock 81,000

proceeds from sale of investments 100,500

net income 120,000

payments made to retire bonds payable 150,000

proceeds from the issueance of a mortgage 175,000

payments for purchase of building 187,500

TrialBal

Brady and Co.

List of Accounts from General Ledger in Alphabetical Order

December 31, 2016

(thousands of dollars)

2015 2016

Dr Cr Dr Cr

Accounts Payable 1,020,364 1,079,837

Accounts Receivable 2,943,125 3,245,967

Accrued Liabilities - Other 508,643 721,358

Accrued Pension Liabilities 650,216 450,356

Accrued Restructuring Charges 126,000 90,476

Accrued Salaries, Wages and Commissions 281,364 311,253

Accumulated Other Comprehensive Income (Loss) 601,236 85,000

Accumulated Depreciation - Property, Plant & Equipment 1,829,634 1,999,999

Accumulated Post-Employment Benefit Obligation (long-term) 802,316 402,634

Additional Paid-in Capital, Common Stock 299,304 299,304

Additional Paid-in Capital, Preferred Stock 75 75

Allowance for Doubtful Accounts 125,436 124,645

Bonds Payable 224,563 249,046

Cash and Cash Equivalents 401,236 751,329

Common Stock ($1.00 par value) authorized 900 million shares 300,000 284,000

issued 300 million shares in 2016, 284 million in 2015

Cost of Goods Sold 3,000,235 2,763,584

Current Portion of Long-term Debt 720,125 849,869

Deferred Tax Assets (current) 62,596 81,236

Deferred Tax Liabilities (long-term) 229,000 440,263

Depreciation Expense 307,200 311,236

Dividends - Common 292,351 214,956

Dividends - Preferred 2,000 945

General & Administrative Expenses 1,732,429 1,459,695

Goodwill and Other Intangibles 3,212,491 3,212,491

Income Taxes Payable 246,002 102,563

Interest Expense 201,366 241,336

Interest Income 10,126 9,563

Investments in unconsolidated affiliated companies 1,235,000 1,456,896

Inventories 163,214 224,561

Long-term Debt 3,202,559 3,702,700

(Loss) Income from Discontinued Operations, net of tax 28,100 7,453

Preferred Stock ($10 par value) authorized 10 million shares 900 900

issued 90,000 shares in 2016, 90,000 in 2015

Prepaid Expenses 141,029 170,296

Property, Plant and Equipment 2,943,216 3,936,726

Provision for income taxes 245,105 201,636

Research and Development Expenses 199,500 496,597

Restructuring Charges 199,506 255,013

Retained Earnings, beginning 2,960,256 5,173,286

Sales 8,430,061 6,526,967

Selling Expenses 19,365 19,952

Short-term Investments 20,000 26,800

Treasury Stock, at cost - 117,156,719 shares in 2016 4,472,969 4,263,984

and 108,822,953 shares in 2015

Unearned Revenues 456,325 423,689

22,423,269 22,423,269 23,335,236 23,335,236

Net Income (loss)

- 0

Weighted average number of common shares:

FY 2016:

Basic 208,448,076 shares

Diluted 210,348,076 shares

FY 2015:

Basic 218,464,140 shares

Diluted 220,964,140 shares

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