?Prepare from the data contained in the above Excel file

Prepare from the data contained in the above Excel file:Classified Balance Sheet Multi-Step Income Statement Statement of Owner’s Equity Closing entries
act2291_tgaa_financial_statement_project_spring_2018.xls

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Due Tuesday, April 24, 1:00 p.m.
Sally Smith, Inc.
Adjusted Trial Balance
December 31, 2017
Dr.
15,000
34,000
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Merchandise Inventory (beginning)
Estimated Returns Inventory (beginning)
Prepaid Insurance
Land
Office Equipment
Accumulated Depreciation-Office Equipment
Buildings
Accumulated Depreciation-Buildings
Timber
Accumulated Depletion-Timber
Patent
Accounts Payable
Salaries Payable
Interest Payable
Customer Refunds Payable
Unearned Rent
Notes Payable
Capital, Sally Smith
Sally Smith, Drawings
Sales
Purchases
Purchases Returns and Allowances
Purchase Discounts
Freight-in
Bad Debt Expense
Insurance Expense
Interest Expense
Repairs and Maintenance Expense
Salaries Expense
Advertising Expense
Depreciation Expense
Depletion Expense
Amortization Expense
Utilities Expense
Rent Revenue
Cr.
2,200
85,000
1,800
16,800
120,000
46,000
16,865
350,000
48,125
20,000
4,000
12,500
34,000
6,000
1,500
6,500
2,000
350,000
169,475
5,500
382,400
214,700
3,800
8,620
6,200
2,670
1,600
25,000
6,800
34,500
5,700
11,815
3,000
4,000
14,100
1,036,685
1,200
1,036,685

Other data:
(1) Inventory on hand at December 31, 2017 is $97,600 (i.e., ending inventory).
(2) Estimated Returns Inventory increased by $5,000.
(3) Bad Debt Expense, Insurance Expense, Repairs and Maintenance Expense, Depletion Expense, Amortization
Expense, and Utilities Expense are 100% administrative.
(4) Advertising Expense is 100% selling.
(5) Depreciation Expense and Salaries Expense are 60% administrative and 40% selling.
(6) $50,000 of the Notes Payable are payable next year.
(7) Sally Smith contributed $12,000 to the business in 2017
Instructions: Prepare a(n)
Classified Balance Sheet
Multi-step Income Statement
Statement of Owner’s Equity
Closing entries
Total
Points
20
20
5
5
50
**You are required to turn in a neat, legible, HANDWRITTEN copy by the due date.
**This is not a group project!

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