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Week 6: Financial Statements Complete this assignment using the Excel workbook provided (add any necessary additional lines), and submit your work by the end of Week 6, 11:59pm EST. Now that you have completed most of the steps in the accounting cycle, it is time to complete the cycle with the last steps. This week, you are to prepare the multiple-step income statement, statement of owners equity, and classified balance sheet. You should use the information completed in prior weeks. Prepare the income statement, where net income will be carried through to the statement of owners equity as one of the adjustments to the final balance in the equity account. You will then need to prepare the balance sheet, where you will show the updated owners equity balance. Prepare a May (xxxx) multiple-step income statement, a May (xxxx) statement of owner's equity, and a May 31, (xxxx), classified balance sheet. Prepare a post-closing trial balance.

Scenario

You have just been promoted to the Senior Accountant position for Northridge LLC. During your first month in your new role, you will be completing a full accounting cycle for the month. Your Supervisor, Mr. Jones, requests that he previews your work since you are new to the position.

Directions

For this project, you will be using the Excel workbook provided in week 3.

Deliverable items for the Portfolio Project will be required at different points during the course as indicated in the table above, and then a final submission that includes corrected versions of each of the three submissions (as needed) .

Northridge LLC
Trial Balance
April 30, 20XX
					Debit	Credit
Cash					$58,791
Accounts receivable					18,495
Merchandise inventory					85,221
Store Supplies					2250
Office Supplies'					885
Prepaid Insurance					1659
Office equipment					2500
Accumulated depreciation-Office Equipment						$658
Store equipment					16580
Accumulated depreciation-Store Equipment						2,268
Accounts Payable						50921
J. Spark, Capital						132,534
Totals					$186,381	$186,381

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