Desert Fitness Corporation- Case 1 A Practice Problem in Accounting Desert Fitness Corporation Income Statement For the Period ending November 30, 2017 Service Revenue Sales revenue $1,451,284 172 885 83,514 19,080 1624169 Cost of Goods Solde nChapter, we dincusthe decounting Iuformation Srtem and the formai fimancial stanements which resut. The accowting cycle represents the steps a company would sse to capture allef the transactlons ad events over a pertoa of time that ars necessary toventualyprepare the formal Amancial statements The purpose of this care is to have you build an integrated Excel spreadcheet that simuiaDeert Fitners Bad debt expense Depreciation & Amortization 135,644 40,144 Legal & Accounting Office & Supplies expense Payroll taxes Property taxes Repair and maintenance- Telephone 20 ,650-00 You wil be required to recond transactions im the Genaral Jourmal, port to the t-accouni the Ledger record Aaiusting Journal Entries, create a ITrial Balance Before andAfter Adjustmonts wsing a Worksheet recora Clostng enrtes andprepare ajormal set of jinanctal statements n good form.v 10,114 51,928 54,570 16,028 8,085 41,049 383,670 265,431 To build an integrated spreadshest, you will be required to uce many of the tools of Bxcel by writing to k each of the s Use the accompanying balance sheet and income statement information from Desert Fitness Corporation which have been prepared at the end of November 30, 2017 to complete the followingr Wages Employees Salaries Officers ng requirements: 1. Download the attached Excel file that includes Desert Fitness Corporations General Journal, Total Operating Expenses Income Erom Operations 1,129,907p 494.262. General Ledger, Trial Balance Worksheet, Income Statement and Balance Sheet. The General Ledger has been set up with all of Desert's Balance Sheet & Income Statement account titles as well as the beginning balances in each account as of December 1, 2017 Desert's fiscal year end is December 31s. Closing entries are done annually at Dec 31. Use the accompanying TRANSACTIONS for December to update the General Journal by recording the necessary journal entries, post to the appropriate t-accounts in the Ledger, and prepare a Trial Balance Before Adjustment as of December 31 using the tab labeled 2. 3. Interest expense 7833) Gain (Loss) on Disposal of assets 4. Use the check figure for Trial Balance Before Adjustment to confirm your TB is correct before 5. Use the ADDITIONAL INFORMATION to prepare (in good form) the necessary adjusting 6. Use the check figure for Trial Balance AFTER Adjustment to confirm your TB is correct 7. Prepare in good form the Income Statement, Comprehensive Income Statement, Balance Trial Balance Worksheet moving on to the next step in the accounting cycle. journal entries. Update all t-accounts in the Ledger. before Sheet and Statement of Stockholder's Equity for the fiscal year end as of December 31 Interest Revenuee Total Other Income (expense) Income Before Taxese Income Tax Expense NET INCOME 466,429 preparing the year-end financial statements. S466,429 2017. Prepare all necessary Closing Entries and post to both the ledger accounts and update the 8. Worksheet. +' Note: Use the Inventory method for all sales of merchandise. + Desert Fitness Corporation- Case 1 A Practice Problem in Accounting Desert Fitness Corporation Income Statement For the Period ending November 30, 2017 Service Revenue Sales revenue $1,451,284 172 885 83,514 19,080 1624169 Cost of Goods Solde nChapter, we dincusthe decounting Iuformation Srtem and the formai fimancial stanements which resut. The accowting cycle represents the steps a company would sse to capture allef the transactlons ad events over a pertoa of time that ars necessary toventualyprepare the formal Amancial statements The purpose of this care is to have you build an integrated Excel spreadcheet that simuiaDeert Fitners Bad debt expense Depreciation & Amortization 135,644 40,144 Legal & Accounting Office & Supplies expense Payroll taxes Property taxes Repair and maintenance- Telephone 20 ,650-00 You wil be required to recond transactions im the Genaral Jourmal, port to the t-accouni the Ledger record Aaiusting Journal Entries, create a ITrial Balance Before andAfter Adjustmonts wsing a Worksheet recora Clostng enrtes andprepare ajormal set of jinanctal statements n good form.v 10,114 51,928 54,570 16,028 8,085 41,049 383,670 265,431 To build an integrated spreadshest, you will be required to uce many of the tools of Bxcel by writing to k each of the s Use the accompanying balance sheet and income statement information from Desert Fitness Corporation which have been prepared at the end of November 30, 2017 to complete the followingr Wages Employees Salaries Officers ng requirements: 1. Download the attached Excel file that includes Desert Fitness Corporations General Journal, Total Operating Expenses Income Erom Operations 1,129,907p 494.262. General Ledger, Trial Balance Worksheet, Income Statement and Balance Sheet. The General Ledger has been set up with all of Desert's Balance Sheet & Income Statement account titles as well as the beginning balances in each account as of December 1, 2017 Desert's fiscal year end is December 31s. Closing entries are done annually at Dec 31. Use the accompanying TRANSACTIONS for December to update the General Journal by recording the necessary journal entries, post to the appropriate t-accounts in the Ledger, and prepare a Trial Balance Before Adjustment as of December 31 using the tab labeled 2. 3. Interest expense 7833) Gain (Loss) on Disposal of assets 4. Use the check figure for Trial Balance Before Adjustment to confirm your TB is correct before 5. Use the ADDITIONAL INFORMATION to prepare (in good form) the necessary adjusting 6. Use the check figure for Trial Balance AFTER Adjustment to confirm your TB is correct 7. Prepare in good form the Income Statement, Comprehensive Income Statement, Balance Trial Balance Worksheet moving on to the next step in the accounting cycle. journal entries. Update all t-accounts in the Ledger. before Sheet and Statement of Stockholder's Equity for the fiscal year end as of December 31 Interest Revenuee Total Other Income (expense) Income Before Taxese Income Tax Expense NET INCOME 466,429 preparing the year-end financial statements. S466,429 2017. Prepare all necessary Closing Entries and post to both the ledger accounts and update the 8. Worksheet. +' Note: Use the Inventory method for all sales of merchandise. +