ATC 1-7 Spreadsheet Assignment Mastering Excel Mantooth Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Acquired $50,000 by issuing common stock. 2. Paid $8,000 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $4,400 to selling and administrative employees. 4. Paid wages of $7,000 to production workers. 5. Paid $9,600 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,600 estimated salvage value and a four-year useful life. 6. Paid $13,000 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,000 estimated salvage value and a three-year useful life. 7. Sold inventory to customers for $25,000 that had cost $14,000 to make. Construct a spreadsheet of the financial statements model as shown here. - ATC 1-7.xlsx - Microsoft Excel X File Home Insert Page Layout Formulas Data Review View AutoSum- Wrap Text General Merge & Center $ %. Insert Delete Format Conditional Format Cell Formatting as Table Styles Styles 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells H 1 J K N o Q R S T % Cut Arial - 11-AA La Copy Paste BIU. Format Painter A F Clipboard Font U36 - fx B D E F G 1 Chapter 1 - Mastering Excel 2 3 Assets 4 Event Manuf. 5 No. Cash + Inventory + Equip 6 1 $50,000 7 2 L M Name: Office Furn. Equity Common Retained Stock + Earnings $50,000 Net Income + Revenue - Expenses = Homework ATC 1-7 Chapter 1 pag. 55 ASSETS EQUITY Event Office TOT ASSETS = TOT EQUITY Manuf. Equip. Common Stock Retained Earnings Cash + Inventory + + Forniture = + Revenue Expenses = 1 $0.00 = $0.00 1 2 w NE 3 4 Net Income $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Dep 6 Dep 7 Totals $0.00 + $0.00 + $0.00 + $0.00 = $0.00 + $0.00 $0.00 $0.00 =