ACC 201 Great Basin College Neon Lumber Company Income Statement Excel Worksheet

Can you help me understand this Accounting question?

Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.

***************************************

Here is the problem:

The Neon Lumber Company uses the periodic inventory method, and it has a policy of adjusting and closing its books only at year end. The following adjusted trial balance for the company was prepared after posting the normal adjusting entries on December 31, 2020:

Account Title Debit Credit
Cash 66,240
Accounts Receivable 140,500
Merchandise Inventory, January 1, 2020 289,620
Supplies on Hand 5,200
Prepaid Insurance 4,800
Prepaid Rent 56,000
Equipment 92,000
Accumulated Depreciation 16,460
Accounts Payable 96,800
Capital Stock 50,000
Retained Earnings, January 1, 2020

456,210

Dividends 4,000
Sales 910,120
Sales Discounts 4,220
Sales Returns and Allowances 6,530
Interest Revenue 820
Purchases 624,440
Purchase Discounts 4,650
Purchase Returns and Allowances 2,400
Transportation In 9,420
Advertising Expense 36,840
Sales Salaries Expense 120,550
Administrative Salaries Expense 60,300
Utilities Expense 9,560
Delivery Expenses (Freight Out) 2,610
Legal and Accounting Expense 3,200
Interest Expense 400
Miscellaneous Administrative Expense 1,030
Totals 1,537,460 1,537,460

The ending inventory balance at Dec. 31, 2020 was $280,000.

Required:

A. Following the example on page 242 of the textbook, prepare the income statement for the year ended December 31, 2020. Do your best to distinguish between selling expenses and administrative expenses. Both interest revenue and interest expense, of course, are non-operating items.

B. Using the example on page 249 of the textbook, prepare the statement of retained earnings for the year ended December. 31, 2020.

C. Using the example on page 250 and other locations in the textbook, prepare the balance sheet as of December. 31, 2020.

D. Prepare the closing entries as of December 31, 2020.

*****************************************

Here is a very rough document that you might use to get you started on this assignment. Please feel free to modify it to the extent necessary to complete this assignment. In doing so, please change the name of the file to include your name before submitting it.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyhomeworkGeeks
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Business and administrative studies
Perfect
Customer 452773, February 23rd, 2023
Business and administrative studies
excellent work
Customer 452773, March 9th, 2023
Business and administrative studies
excellent paper
Customer 452773, March 3rd, 2023
Leadership Studies
awesome work as always
Customer 452773, August 19th, 2023
Business and administrative studies
Thanks
Customer 452773, March 3rd, 2023
Nursing
thank you so much
Customer 452749, June 10th, 2021
Business and administrative studies
Thank you for your hard work and effort. Made a 96 out of 125 points Lacked information from the rubic
Customer 452773, October 27th, 2023
Business and administrative studies
excellent job!
Customer 452773, May 25th, 2023
Business and administrative studies
perfect
Customer 452773, February 23rd, 2023
ACC/543: Managerial Accounting & Legal Aspects Of Business
EXCELLENT JOB
Customer 452773, January 10th, 2024
FIN571
excellent
Customer 452773, March 15th, 2024
Leadership Studies
excellent job
Customer 452773, August 3rd, 2023
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Close

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes
Live ChatWhatsApp