Preparing the Financial Statements

This assignment requires generating balance sheets and income statements with excel

When preparing the financial statements, make the following assumptions:
1. Treat sales of whisky as revenue (not deferred revenue nor any other liability).
2. Assume all sales of whisky were paid in cash.
3. Use the first-in, first out method (FIFO) when calculating the Cost of Goods Sold (COGS).
4. Do not include any returned sales.
5. Ignore taxes. (Treat EBIT as net income.)
6. Include all costs listed in Exhibit 3 as fixed costs that fall under Selling, General and Administrative expenses (SG&A). Do not include any with COGS.
7. To clarify some language from the case study: Piercy Distillers purchased 125 barrels in the first year and an additional 175 barrels in the second year.

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