Creating A Multiple-Step Income Statement and A Balance Sheet

Special Requirements:

1. All numerical cells on statements need to pull from the given info tabs.

2. On the income statement worksheet (but below or to the side of the actual income statement), you need to show EPS and have it be formula driven. Assume no dividends of any kind were paid and that 500 shares of common stock exist.

3. Retained earnings on the balance sheet needs to be formula driven based on the given beginning balance and net income.

5. Your statements will be graded on accuracy as well as formatting! Pretend you are turning this in to a boss.

Here it is:

	Debit Balance	Credit Balance
Cash	$8,600
Accounts receivable	$7,800
Inventory	$530
Prepaid rent	$1,290
Equipment	$64,500
Accumulated depreciation		$12,900
Accounts payable		$6,000
Salaries payable		$1,250
Interest payable		$345
Utilities payable		$300
Notes payable		$11,500
Common stock		$28,000
Retained earnings (beginning balance)		$13,300
Sales Revenue		$44,160
Cost of Goods Sold	$24,050
Interest expense	$345
Rent expense	$3,870
Income Tax Expense	$620
Utilities expense	$1,850
Depreciation expense	$4,300
Totals	$117,755	$117,755