Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 1 REQUIREMENT 1 . As the accountant for Wikki Cleaners, you have been asked to prepare financial statements for the year. A file called

31 REQUIREMENT 1. As the accountant for Wikki Cleaners, you have been asked to prepare financial statements for the year. A file called F1WORK has been provided to assist you in this assignment. As you review this file, it should be noted that columns H and I will automatically change when you enter values in columns E or G.2. Open the file F1WORK from the website for the book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then enter the adjusting amounts in columns E and G. Also, in column D or F, insert the letter corresponding to the adjusting entry (ad). Column A is frozen on the screen to assist you in completing requirement 3.3. Complete the income statement and balance sheet columns by entering formulas in columns J, K, L, and M that reference the appropriate cells in columns H or I. Net income will be automatically calculated for the income statement and balance sheet. Check to be sure that these numbers are the same. Enter your name in cell A1. Save the completed file as F1WORK3. Print the worksheet. Also print your formulas using landscape orientation and fit-to-1 page scaling. Check figure: Net income (cell J30), $71,320.WHAT-IF ANALYSIS 4. Suppose you discover that an assistant in your department had misunderstood your instructions and had provided you with the wrong information on two of the adjusting entries. Cleaning supplies consumed during the year should have been $18,750, and insurance premiums unexpired at year-end were $1,800. Make the corrections on your worksheet and save the corrected file as F1WORK4. Reprint the worksheet
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: David Spiceland

11th Edition

1264134525, 9781264134526

More Books

Students also viewed these Accounting questions