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Posted: April 13th, 2023
About Acccounting Assingment
Acct 111 Excel Project
Background
Cloud 9 Incorporated (C9I) sells and distributes a variety of products across Canada. Recently their corporate office has relocated from Chicago, IL to Victoria BC as part of a major company restructuring. As part of this restructuring, you have been hired by C9I as their corporate controller to perform their accounting cycle starting with preparing the financial statements for the year ended December 31, 2020, which is their fiscal year-end. Amy at C9I, has provided you with an unadjusted trial balance and the following information:
For adjusting entries:
Management has reviewed the aging accounts receivable and estimates that the allowance for doubtful accounts should be $2,000.
The prepaid insurance balance is a 12-month insurance policy which was purchased and paid for on July 1, 2020.
Rent is prepaid annually on April 1.
On September 15th some computers were sold for $1,000. They had a cost of $5,000 and a net book value of $200 (This transaction is NOT included in the unadjusted trial balance)
C9I did an inventory count on Dec 31, 2020 and determined that they had inventory on hand worth $895,000.
On October 31, 2020 C9I issued a 5-year, 4%, $500,000 bond at .95, when the market rate was 5% and it pays interest semi-annually on Mar 31 and Sept 31. C9I uses the effective interest rate amortization method. The recording of the issuance of this bond was done correctly but nothing has been recorded since.
The bookkeeper currently records the entire note payable payment as a reduction to principal; therefore, the interest needs to be separated at year-end. The note payable is paid every 6 months with blended payments of $8,349. The annual interest rate is 3.5%. The previous accountant correctly prepared the following amortization table
Pmt # Date Principal Interest Payment Balance
1 Jan 1st 2020 $6,849 $1,500 $8,349 $68,151
2 Jul 1st 2020 $6,986 $1,363 $8,349 $61,164
Total 2020 $13,835 $2,863 $16,698 $61,164
3 Jan 1st 2021 $7,126 $1,223 $8,349 $54,038
4 Jul 1st 2021 $7,269 $1,081 $8,349 $46,769
Total 2021 $14,395 $2,304 $16,699 $46,769
5 Jan 1st 2022 $7,414 $935 $8,349 $39,355
6 Jul 1st 2022 $7,562 $787 $8,349 $31,793
Total 2022 $14,976 $1,722 $16,699 $31,793
7 Jan 1st 2023 $7,714 $636 $8,349 $24,079
8 Jul 1st 2023 $7,868 $482 $8,349 $16,211
Total 2023 $15,582 $1,118 $16,699 $16,211
9 Jan 1st 2024 $8,025 $324 $8,349 $8,186
10 Jul 1st 2024 $8,186 $164 $8,349 $0
Total 2024 $16,211 $488 $16,699 $0
Grand Total $75,000.00 $8,495 $83,495 $0
Depreciation and Amortization Policy
Depreciation and Amortization is only taken at the end of each fiscal year and C9I uses only one Depreciation expense account for all tangible assets and one Amortization account for all intangibles.
Furniture and equipment – amortized straight-line with no expected salvage value and an estimated useful life of 10 years.
Leasehold Improvements– amortized straight-line with an expected salvage value of $15,000 and an estimated useful life of 20 years.
Computer hardware and software– amortized straight-line with no expected salvage value and an estimated useful life of 3 years.
Intangibles – amortized straight-line with an an estimated useful life of 20 years.
Other information (to complete the assignment which has already been recorded):
Included in the unadjusted trial balance was dividends declared and paid during the year of $125,000 but the bookkeeper was not sure where to record them.
C9I has both preferred shares and common share authorized and outstanding. C9I is authorized to issue 100,000 $2 non-cumulative preferred shares and at December 31, 2020, it has 15,000 issued and outstanding. C9I is authorized to issue unlimited common shares and at December 31, 2020 has 75,000 issued and outstanding
In March 2020 Glenn, the recently promoted Regional Manager of C9I decided to discontinue operations related the store’s pharmacy. On Oct 30th, 2020 C9I sold all assets relating to the pharmacy business and recorded a gain on the transaction.
The tax rate for C9I is 25%.
C9I includes EPS calculations on its Income Statement even though ASPE doesn’t require it because its shareholders like to know this information.
Required: Prepare the following in the excel workbook provided:
a) A tab with a workbook of trial balances (Unadjusted (provided), Adjusted, and Closing Trial Balances)
b) A tab with all adjusting entries (please include the disposal of computer equipment here)
c) A tab with the financial statements for Cloud 9 Incorporated for the year ended December 31 in good form including ALL EPS (continuing, dis ops and full) calculations. (Please include a Multi-Step Income Statement, Statement of Retained Earnings and a Classified Balance Sheet. (Please note: A Statement of Cash Flows is not required)
d) A tab with closing entries.
Information and instructions:
1. Format: The assignment must be prepared in Microsoft® Excel
2. Submission: in the D2L “assignments” dropbox on the course website.
a. Handwritten submissions are not be accepted.
b. You may only submit one file.
c. You may only make one submission. No late submissions accepted.
3. Formatting:
a. Name your file as follows:
Lastname_Firstname_, i.e.,Zanoni_Adam_Excel Project
b. Formatting must be professional and appropriate including appropriate sentences, dollar signs, thousand separators, sum lines, etc. Marks are allocated to formatting.
c. Label adjusting entries with a letter. You can create additional rows if an account has multiple adjustments.
d. Round all calculations to whole numbers.
e. Submissions that are disorderly, incomplete, and/or hard to follow will not be marked and receive a grade of NIL.
4. Supporting information:
a. You are required to link cells (i.e. type an account name or amount once only) and use formulas in Excel. You will be marked based on your formulas and linking (i.e. using excel properly), not just format and correct numbers.
b. Supporting calculations (e.g. depreciation) should be visible without having to click in the cells, i.e. all calculations should be visible in a printed workbook.
c. Do not create additional accounts.
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