Creating A Multiple-Step Income Statement and A Balance Sheet
Special Requirements:
1. All numerical cells on statements need to pull from the given info tabs.
2. On the income statement worksheet (but below or to the side of the actual income statement), you need to show EPS and have it be formula driven. Assume no dividends of any kind were paid and that 500 shares of common stock exist.
3. Retained earnings on the balance sheet needs to be formula driven based on the given beginning balance and net income.
5. Your statements will be graded on accuracy as well as formatting! Pretend you are turning this in to a boss.
Here it is:
|
Debit Balance |
Credit Balance |
| Cash |
$8,600 |
|
| Accounts receivable |
$7,800 |
|
| Inventory |
$530 |
|
| Prepaid rent |
$1,290 |
|
| Equipment |
$64,500 |
|
| Accumulated depreciation |
|
$12,900 |
| Accounts payable |
|
$6,000 |
| Salaries payable |
|
$1,250 |
| Interest payable |
|
$345 |
| Utilities payable |
|
$300 |
| Notes payable |
|
$11,500 |
| Common stock |
|
$28,000 |
| Retained earnings (beginning balance) |
|
$13,300 |
| Sales Revenue |
|
$44,160 |
| Cost of Goods Sold |
$24,050 |
|
| Interest expense |
$345 |
|
| Rent expense |
$3,870 |
|
| Income Tax Expense |
$620 |
|
| Utilities expense |
$1,850 |
|
| Depreciation expense |
$4,300 |
|
| Totals |
$117,755 |
$117,755 |