Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete the Income Statement tab. Need help with this page. All yellow cells should be linked to the Adjusted trial balance tab. All blue cells

Complete the Income Statement tab. Need help with this page.
All yellow cells should be linked to the Adjusted trial balance tab.
All blue cells should be calculated using Excel formulas.
Cell A16(orange) should be completed using the IF function in Excel. You will want this cell to say Net income or Net loss depending on what you calculate in cell B16.
All cells with numbers should be formatted so that there are no decimal places and the comma separator is used.
The top line and bottom line of the income statement should be formatted with $ signs (do NOT type the $ signs, this is formatting)
In column E, there are three green cells (E7, E14, and E16). Each of these cells should be used to calculate the ratio of this line item to sales revenue. You should enter a formula that calculates the line item divided by sales revenue. The format of these three green cells should be as a percentage with two decimal places (such as 44.32%). Do NOT TYPE the % sign, use the format cell.\table[[,A,B,c,D,E],[1,,,Zach's Company,],[2,,,Adjusted Trial Balance,],[3,,,December 31,2,],[4,,,,,],[5,,,Debit,Credit,],[6,Cash,,$5,500.00,,],[7,Prepaid insurance,$1,400.00,,],[8,Accounts receivable,$12,000.00,,],[9,Land,,$47,000.00,,],[10,Buildings,,$234,500.00,,],[11,Equipment,,$23,600.00,,],[12,Accumulated depreciation,,$31,000.00,],[13,Accounts payable,,$9,800.00,],[14,Salaries payable,,$5,200.00,],[15,Unearned service revenue,,$3,700.00,],[16,Long-term note payable,,$176,000.00,],[17,Retained earnings,,$34,800.00,],[18,Common Stock,,,$30,000.00,],[19,Dividends,,$9,000.00,,],[20,Sales revenue,,,$300,000.00,],[21,Cost of goods sold,$125,000.00,,],[22,Salaries expense,$90,000.00,,],[23,Insurance expense,$4,500.00,,],[24,Advertising expense,$1,800.00,,],[25,Depreciation expense,$7,400.00,,],[26,Income tax expense,$28,500.00,,],[27,,,$590,500.00,590500,],[28,,,,,]]
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_2

Step: 3

blur-text-image_3

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

The Process Auditing And Techniques Guide

Authors: J.P. Russell

2nd Edition

087389782X, 978-0873897822

More Books

Students also viewed these Accounting questions

Question

Why We Form Relationships Managing Relationship Dynamics?

Answered: 1 week ago