Background Information:
Shoes for You, Inc. (from Module 2) has become a very successful company. During the year ending 2018, they completed the equity transactions listed below in Exhibit 1. The account balances in Exhibit 2 are Pre-Closing amounts for Year-End December 31, 2018 balances and, EXCEPT FOR THE CASH ACCOUNT, were not affected by any of the transactions 1 through 6 listed in Exhibit 1. You will update the Cash T-Account Balance in Part B, when you post your Journal Entries.
A. Prepare the Journal Entries for the items listed below in Exhibit 1. Be sure to date your entries. You do not need to provide explanations.
B. Post the Journal Entries, including the Closing Entry, you made in Part A to the Cash and Equity Account T-Accounts. The Cash T-Account shows the Pre-Closing balance listed in Exhibit 2 in Part A. Posting the Journal Entries will properly update the YE 2018 Cash Balance.
C. Based on your results in Parts A and B, create the Statement of Stockholders' Equity for Shoes for You, Inc. for the Year Ending 2018 in proper format.
D. Based on your results from Parts A through C, create the December 31, 2018 Balance Sheet in good format for Shoes for You, Inc.
E. Based on your results from Parts A and B, create the December 31, 2018 Multiple-Step Income Statement in good format for Shoes for You, Inc. Be sure to include your Basic Earning Per Share at the bottom of the Income Statement. Show your EPS calculations in an organized schedule for full credit.
Attachment:- Assignment - Excel Workbook.rar