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    Comprehensive Account Posting Problem

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    The ledger of AISExperts Inc. showed the following balances after adjustment, but before closing, on December 31, 2015, the end of the current year:

    Supplies 1000
    Accounts payable 78000
    Accounts receivable 102000
    Accumulated depreciation - equipment 27000
    Depreciation expense 1200
    Interest revenue 1025
    Cash 80500
    Common stock (10,000 shares outstanding) 100000
    Cost of merchandise sold 634550
    Dividend declared 19100
    Equipment 139450
    General expenses 114250
    Dividend revenue 5000
    Interest expense 5600
    Merchandise inventory 154250
    Supplies expense 1300
    Prepaid insurance 11225
    Retained earnings ?
    Salaries Payable 14550
    Sales 960250
    Selling expenses 140700

    Please help me develop a flexible financial statement package using Excel that includes:
    - a data entry sheet (should include the information above)
    - a trial balance (link to the data entry sheet),
    - a single-step income statement,
    - a multi-step income statement,
    - a statement of retained earnings,
    - a classified balance sheet, and
    - a post-close trial balance (a trial balance with only accounts not "closed")

    Each statement must be on one sheet in the file and this file should allow the financial statements to be prepared quickly by entering account balances in the appropriate cells on the first sheet of the file (book) - data entry sheet.

    Include percentages in the Income Statement (vertical analysis) i.e., gross profit percentage, % of selling expenses to sales, etc. (common sizing and vertical analysis are basically the same analysis techniques - every number in the multi-step income statement is divided by sales).

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    Solution Summary

    This comprehensive solution illustrates how to organize accounts and amounts into a pre-closing trial balance, how to use that trial balance to create a single-step common-size income statement, a multi-step common-size income statement, a statement of retained earnings, a balance sheet, and a post-closing trial balance.