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3 1 REQUIREMENT 1 . As the accountant for Wikki Cleaners, you have been asked to prepare financial statements for the year. A file called
REQUIREMENT As the accountant for Wikki Cleaners, you have been asked to prepare financial statements for the year. A file called FWORK 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 Open the file FWORK 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 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 A Save the completed file as FWORK Print the worksheet. Also print your formulas using landscape orientation and fitto page scaling. Check figure: Net income cell J $WHATIF ANALYSIS 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 $ and insurance premiums unexpired at yearend were $ Make the corrections on your worksheet and save the corrected file as FWORK Reprint the worksheet
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