Simulation #1: Creating Balance Sheet and Income Statement in Excel (40 PTS)
REQUIRED: Given the data and information on the following page, use Excel to prepare a balance sheet as of December 31, 2017 and an income statement using multi-step for the year ended December 31, 2017 for Sprouts Farmers Market. Use the SUM function to total columns or rows of data when appropriate. Otherwise use =, + or – functions. Format the statements with leading $ signs, underscore and double-underscore as appropriate. You are required to use the attached template to complete your work. GRADE RUBRIC: 30 points for properly completed statements and 10 points for use of Excel. All students in your group will receive the same grade unless someone doesn’t fully participate.PARTICIPATION GRADE: Identify any members of your group who did not fully participate in the assignment. If someone did not fully participate, identify the student and assign either 0 or 50% to their effort. Their score will be reduced accordingly.
Shown below (photo attached) is an adjusted trial balance for Sprouts Farmers Market, Inc. for the period ending December 31, 2017 (with the exception of Accumulated Deficit, which shows the balance at December 31, 2016):
(*) Additional information:The note receivable is structured such that Sprouts will receive the balance in two equal annual equal installments with the first payment to be received on August 1, 2018 and the second installment on August 1, 2019.Management intends to hold onto the company’s investments until December 2019 at which point the investments will be sold.The company paid out $10,000 in dividends to its shareholders in 2017.Almost all of the loans from the banks are due in 3 years or more with the exception of a 90-day line of credit that has a balance of $5,167 on December 31, 2017.Prepaid advertising is for newspaper marketing services that will be provided over the first eight-months of 2018.The company had 97,000 common shares outstanding on January 1, 2017. It issued an additional 46,000 common shares on July 1, 2017.Sprouts has a 43.91% income tax rateSprouts incurred aggregate losses since its inception, which resulted in an Accumulated Deficit at the end of 2016.
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