A B C D E G F H 1 Each of the remaining sheets in this file contains 1) a description of a transaction and 2) a partially completed balance sheet, income statement, and statement of retained earnings. For each transaction, show how the financial statements would change. Each transaction is independent, so you can work through the file in any order you like. All changes are entered in the blue cells on the statements. Each statement has two columns. Values in the first column are selected from a drop-down menu. For a given transaction, there may be several (or even many) blue cells that do not need to be changed. Instructions Trans #1 Trans #2 Trans #3 Trans #4 Trans #5 Trans #6 Trans #7 DY OY D EFG JK Income Statement 3 Statement of Financial Position ASSETS Current assets: 5 6 Transaction Pald employees $2,000 for wages earned up to the end of last week. Gross profit Operating expenses Total current assets Total assets LABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations 12 Earnings before income taxes 14 Net income 15 16 Total current liabilities 17 Total liabilities Shareholders' Equity 18 19 20 21 Statement of Retained Earnings Beginning balance Total shareholders' equity Total liabilities and shareholders' equity Ending balance 24 25 26 20 28 10 31 32 33 24 36 37 38 Instructions Trans 21 Trans 2 Trans Trans Trans as Trans #b Trans Trans Trans 10 READY e A A General Xan Calib Pa Copy Format Painter BIU. Clipboard . Font XV fx Wrap Test Merge & Center Alignment $. Normal Conditional Format as Cat Formatting Table Number A D EFG H Income Statement Statement of Financial Position ASSETS Current assets: Transaction: Received $400 from customers who had purchased Inventory on credit last month. Gross profit Operating expenses Total current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes 4 Net income Total current liabilities Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance 18 19 20 21 22 Total shareholders' equity Total liabilities and shareholders' equity Ending balance 24 31 32 33 14 35 36 37 Trans Transas Trans Trans 2 Trans 7 Trans Trans 29 Trans 0 Instructions READ e Calibri General Normal X ou Copy Format Painter Clipboard BIU.L.S.A. 2. Wrap Test Merge & Center $. % Conditional Formatos con Formatting Table Font Alignment Number 5 XV Box A D EFG H JK Income Statement Statement of Financial Position ASSETS Current assets: Transaction Paid $100 for an advertisement in the local newspaper . Gross profit Operating expenses: Total current assets 3 Total operating expenses Earnings from operations 10 71 12 Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Earnings before income taxes 14 Net income Total current liabilities 15 16 17 Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance 19 20 21 22 Total shareholders' equity Total liabilities and shareholders' equity Ending balance 24 25 27 31 33 35 BY 30 Team 10 Instructions Trans Trans BACH Merge Center Format Painter Clipboard Formatting Table Foot Alignment Number D EFG H L Income Statement Statement of Financial Position ASSETS Current assets: Transaction Purchased $1,200 of inventory on credit Gross profit Operating expenses: Total current assets Total operating expenses Earnings from operations Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Earnings before income taxes Net income Total current liabilities Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance 21 Total shareholders' equity Total liabilities and shareholders' equity Ending balance 27 29 30 31 32 13 17 38 Tras 10 Trans14 estructions READS e E Ci General XO Copy Form Pain Wrap Test Merge Center "A $. %. Normal Conditional Format as a Formatting Table Clipboard Font Alignment Number - X D EFG H Income Statement Statement of Financial Position ASSETS Current assets: 3 4 5 6 7 Transaction sold inventory to customers for $900. The Inventory cost the business $400. The customers paid cash at the time of sale. Gross profit Operating expenses Total current assets 9 Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations 10 12 13 Earnings before income taxes Net income Total current liabilities 15 16 12 18 19 20 20 Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Total liabilities and shareholders' equity Ending balance 25 26 27 Fransa Tam Trans READ e BIU.. 6.Ate Merge & Center Format Painter Clipboard . Conditional Formats o Formatting Table Font DEFG H IK 2 3 Statement of Financial Position ASSETS Current assets: Income Statement 5 Transaction: Paid $800 to suppliers for inventory that had been purchased on credit last month Gross profit Operating expenses 7 Total current assets 10 Total assets LIABIUTIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations 12 13 Earnings before income taxes Net income Total current liabilities 15 16 17 18 Total liabilities Shareholders' Equity 19 Statement of Retained Earnings Beginning balance 21 22 Total shareholders' equity Total liabilities and shareholders' equity Ending balance 24 25 11 36 17 Tran Tran Trans Trans e 03 Wraport Copy Format Paintes Clipboard BIU- Merge Center - General Normal $ .%. Conditional fomat Carta Formatting Table Font Alignment X & fr A D EFG Income Statement Statement of Financial Position ASSETS Current assets: Transaction Sold inventory to customers on credit for $400. The inventory cost the business $250 Gross profit Operating expenses: Total current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Llabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes Net income Total current liabilities Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Total abilities and shareholders' equity Ending balance 34 36 27 instructions Transi Trans Trans Trans Trans Transa Trans 10 READY Cal -11A Pa Copy Format Painter BIU. SA- Merge Center Alignment General Normal 5.%. Conditional Formats Citation Formatting Table Numbe Clipboard Font XV fix A D EFG H M Income Statement Statement of Financial Position ASSETS Currentes Transaction issued 100 shares for $4,000 cash Gross profit Operating expenses: Total current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes 13 Net income Total current liabilities 15 16 17 19 19 Total liabilities Shareholders' quity Statement of Retained Earnings Beginning balance BE Total shareholders' equity Total liabilities and shareholders' equity Ending balance 24 25 15 28 3 14 Trans Trans Trans UNTERPRISE CONNECT Calibri General Normal Xout Be Copy Format Painter Clipboard Wrap Text Merge & Center BIU 8-A- $ - % Conditional Format Calculation Formatting Table Font Alignment Number D EFG H Income Statement Statement of Financial Position ASSETS Current assets Transaction: Purchased and to be used in the business. The land cost $8,000. Paid $4,000 cash and signed a note payable for $4,000 Gross profit Operating expenses Total current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes Net income Total current liabilities 3 14 15 16 17 18 19 20 Total abilities Shareholders' Equity Statement of Retained Earnings Beginning balance 21 Total shareholders' equity Total liabilities and shareholders' equity Ending balance 26 27 29 32 33 74 37 38 Trans Trans Try Tras Ta Trans Team READY Module Transactions acel DATA VW VEW ENTERR SE CONNECT General HOM INSERT PAGE LAYOUT FORMULAS Xcun Calibri -11 AM Da Copy Format Paint Ciboard Tant Normal Bad Wap Test Merge Center S. Conditional Format as calculation Formatting Table Check Cat Alignment Number ES A D EFG H M Income Statement Statement of Financial Position ASSETS Current assets 4 5 6 7 Transaction Sold 5100 of gift cards to customers. The customers paid cash Gross profit Operating expenses Total current assets Totalets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations 10 11 12 13 Earnings before income taxes Net income 15 Total current liabilities Totalbes Shareholders' Equity Statement of Retained fring Beginning balance Total shareholders' equity Total liabilities and shareholders' equity Ending balance T Trans Trans 10 Trans