Question

need part 3, 4, 6, 7 help

All work must be completed using this Excel spreadsheet. All journal extries, financial statements, etc. must be prepared in clean, proper form. Reference your textbook and past courses for examples or templates to mod Use the current year for dating purposes. This project is valued at 120 points. The grading rubric is available on the last sheet labeled "Grading Rubric." Information on using Excel can be found in the Excel Notes section below. Please be aware, points are allocated for the use of Excel (see rubrich Click on the tabs at the bottom of the bottom to familiarize yourself with the project. Check figures are provided for 3 key items to help ensure you are on the correct track. EXCEL NOTES: *Use Excel to link all of your journal entries and financial statements. This will be great practice and it reduces the likelihood of errors. There is a video av. using Excel and navigating the project. • Also be sure to take advantage of Excel by using formulas to calculate/sum groups of numbers. • DO NOT force any cells to match check figures given. Any adjustments in the T-Accounts or financial statements not supported by legitimate adjusong on financial statement misrepresentation, sufficient to result in a failing grade. * Use the format button to add dollar signs, underlining and double underlining when appropriate. DO NOT put dollar signs on every line as it will cost you REQUIREMENTS: Part 1 Post the Unadjusted Trial Balance totals to the T-Accounts on the sheet labeled "T-Accounts." These numbers will represent your beginning balances. Part 2 Record the adjusting journal entries required for items AND post them to the T-accounts. Add or extend lines on any T-Accounts if necessary. Part 3 Prepare an Adjusted Trial Balance for Gatsby, Inc. using the updated T-Accounts. Adjusted T check figure: $1,27 art 4 Prepare, in good form, financial statements on each specified sheet in the following order: a Multi-Step Income Statement and prepare a bar or pie chart for a visual representation of expenses. b Statement of Stockholders' Equity c Classified Balance Sheet Total Assets check figure: $850,750 art 5 Using the financial statements, calculate the following ratlos on the specified sheet and briefly (2 or 3 sentences) interpret the ratios for Gatsby, Inc. a Working Capital b Current Ratio c Quick Ratio (Acid Test) d Debt to Equity e Times Interest Earned "art 6 Record closing journal entries AND post them to the T-accounts. art 7 Prepare a Post-Closing Trial Balance using the updated T-accounts. Total debit check figure: $924,750

Answer 1

10.11.2019 Rectification of Errors in the books of GATSBY.INC as on December 31 A. Unaccounted Wages for the week end of Dec Wages Account Dr 1200 To Wages Payable A/C 1200 (As the wages for last week of Dec for two days Monday and Tuesday) B. Depreciation on Asset not accounted during the year Depreciation A/c Dr 16000 To Accumulated Depreciation A/C 16000 (As the asset's Depreciation for the current year has not been accounted earlier) C. Accounts Receivable adjustment Un Earned Revenue A/c Dr 30000 To Account Receivable A/C 30000 (AS the installation of alarm System for two houses completed before Dec)

Insurance policy purchased Insurance A/c Dr 6000 Prepaid Insurance A/C 6000 (As the insurance taken for 12 months from Oct 1st proportion of expenses adj for 3 Months) E. Un Accounted revenue jobs completed: Cost of goods sold A/c Dr 29000 To Revenue A/C 29000 (As completed jobs during Decnot accounted adjusted in books) Interest on 5 years long tern note with 5% interest not accounted during the year Interest A/c Dr 3750 Interest Accrued A/C 3750 (As interest on notes for 6 months for current year not accounted adjusted)

Inventory Adjustmen Cost of goods Sold Dr 4300 To Inventory A/C 4300 (AS the material consumed during year) H. Depreciation Account Dr 10000 To Accumulated Depreciation 10000 (As Depreciation on Buildings not accountd during the year)