Question

Prepare a trial balance, multi-step income statement, statement of retained earnings, and classified balance sheet for Porter Company as of December 31, 2017 using the information on the preceeding tab. THERE ARE EXACTLY ENOUGH HIGHLIGHTED LINES FOR EACH ONE

1ACCT 251 EXCEL ASSIGNMENT PREPARING FINANCIAL STATEMENTS IN EXCEL Prepare a trial balance, multi-step income statement, statement of retained earnings, and classified balance sheet for Porter Company as of December 31, 2017 using the information on the preceeding tab. Working together with others in the cioss is encouraged, though each person must submit their own work. The trial balance should be completed in the green section. There are exactly enough ines highlighted in green. The muiti-step income statement should be compieted in the yellow section. There ore exactiy enough nes highighted in that section. The statement of retoined earnings should be compieted In the grey section. There are exoctly enough ines highlighted in that section. The clossified balonce sheet should be completed in the blue section. There ore exoctly enough lines highlighted in that section All work must be shown on the same tab as the problem titled "Portor Co." tab. All numbers must be formatted with commas and no decimals All numbers much be in numeric format, not in text format. 13 All cells must be the proper width so the content is Cell height and font size may not be changed All totals, subtotals, and calculations must be populated with a formula and not with hard coded amounts 15 All account names must be populated with a formula and not with hard coded amounts 17 Dollar signs are not necessary anywhere on the reports The title section of each report or financial statement must have merged cells so that each line is one cell for each report or statement. Include line titles and proper and consistent formatting of text and numbers throughout the reports(formatting Do not put any blank lines anywhere within the reports or financial statements. All totals and subtotals must have total lines where appropriate. font, font size, font color, background color, justification, etc). 20 The only bolded font that should be used is in the titles and the titles of the two main sections of the balance sheet 23 Instructions for Turning In Assignment: Assignment must be turned in on Canvas in Excel format 25 26 28 Prepare a malti-step Prepare a Prepare a Prepare a trial balance for Porter Company: retaised eamines statement classified balance shee: 1Uneamed service revenue d earning strative eipensES 22 Allowance tor doubttul accounts Instructions Porter Co Ready +84%

Answer 1

Trial Balance
Particulars			Debit	Credit
Sales Revenue				$ 1,206,580.00
Selling Expense			$      125,620.00
Cash			$      151,360.00
Accounts Receivable			$      171,360.00
Common Stock				$      101,360.00
Cost of goods sold			$      704,420.00
Buildings			$ 1,041,360.00
Accum. Dep - Machine				$      181,360.00
Accum. Dep - Building				$      361,360.00
Unearned Service revenue				$          6,360.00
Interest Payable				$          1,150.00
Land			$      771,360.00
Retained earnings				$      591,680.00
Interest expense			$        17,460.00
Adm. Expense			$      165,170.00
Dividends			$        25,820.00
Allowance for doubtfut a/c's				$        11,360.00
Notes Payable				$      202,720.00
Machinery			$      451,360.00
Inventory			$      181,360.00
Accounts Payable				$      141,360.00
Bonds Payable				$ 1,001,360.00
Total			$ 3,806,650.00	$ 3,806,650.00

	Multi-step income statement
	Sales Revenue					$ 1,206,580.00
Less:	Cost of goods sold					$   (704,420.00)
			Gross Profit			$      502,160.00
	Operating Expenses
		Selling Expense			$   (125,620.00)
		Adm. Expense			$   (165,170.00)	$   (290,790.00)
			Income from operations			$      211,370.00
	Non- operating Income and Expenses
		Interest expense				$      (17,460.00)
			Net Income			$      193,910.00

	Retained Earnings Statement
	Retained earnings at December 31, 2016					$      591,680.00
Add:	Net Income for the year					$      193,910.00
Less:	Dividend paid to shareholders					$      (25,820.00)
	Retained earnings at December 31,2017					$      759,770.00

			Balance Sheet
			Dec 31, 2017
			Assets
Current Assets
	Cash				$      151,360.00
	Accounts Receivable				$      171,360.00
	Inventory				$      181,360.00
		Total Current Assets			$      504,080.00
Fixed Assets
	Land				$      771,360.00
	Machinery			$      451,360.00
Less:	Accum. Dep - Machine			$   (181,360.00)	$      270,000.00
	Buildings			$ 1,041,360.00
Less:	Accum. Dep - Building			$   (361,360.00)	$      680,000.00
		Total Fixed Assets			$ 1,721,360.00
		Total Assets			$ 2,225,440.00
			Liabilities
Current Liabilities
	Accounts Payable				$      141,360.00
	Allowance for doubtfut a/c's				$        11,360.00
	Unearned Service revenue				$          6,360.00
	Interest Payable				$          1,150.00
		Total Current Liabilities			$      160,230.00
Long-term Liabilities
	Bonds Payable				$ 1,001,360.00
	Notes Payable				$      202,720.00
		Total Long-term Liabilities			$ 1,204,080.00
Owner's Equity
	Common Stock				$      101,360.00
	Retained earnings				$      759,770.00
		Total Owner's Equity			$      861,130.00
		Total Liabilities and Owner's Equity			$ 2,225,440.00