EA2-A2 Create Financial Statements for Metropolitan Corp In this exercise, you will create a monthly income statement, statement of owner's equity, and balance sheet in Excel for Metropolitan Corp. With the exception of the Terry Mattingly, Capital account (the balance for which is from 5/1/2016), the company had the following account balances as of 5/31/2016. Accounts Payable Accounts Receivable Cash Land Maintenance Expense Notes Payable Printing Expense $27,000 Sales Revenue $24,000 Service Revenue $57,000 Supplies Expense $41,000 Tax Expense $17,000 $9,000 $11,000 $23,000 $4,000 $6,000 $13,000 $10,000 $118,000 $2,000 Telephone Expense Terry Mattingly, Capital - 5/1/2016 Terry Mattingly, Drawing 1. Open a Blank Workbook and save the file in your Chapter 02 folder as: EA2-A2-FinancialStatements-[YourName] 2. Set the workbook to contain a total of three tabs, one for each financial statement and arranged in the order they will be completed 3. In the range A1:A3 on each tab: Enter the appropriate three-line header with bold formatting and the Green Accent 6, Lighter 60% fill color Merge and center the header rows across columns A-D (Income Statement) or columns A-C (Statement of O.E. and Balance Sheet). . Enter Data Within the Income Statement e Income Statement tab, enter the data as described: In this cell or range: Enter the data for the Cell A5 Range B6:B7 Range C6:C7 Cell A8 Cell D8 Cell A10 Range B11:B15 Range C11:C15 Cell A16 Cell A17 Range D16:D17 4. On th Header for revenues Revenue account names (largest to smallest) Revenue account amounts Total revenue entry Total revenue amount Header for expenses Expense account names (largest to smallest) Expense account amounts Total expenses entry Net income or loss entry Amounts associated with cells A16 and A17 5. Apply the appropriate border to cells C7, C15, D16, and D17 6. In cell A19, type a comment that indicates the largest revenue item and apply a 15% Orientation to the cell. 7. Apply the Accounting number format with zero decimal places to all amounts within the statement and apply appropriate column widths to columns A-D. Enter Data for the Statement of Owner's Equity 8. On the Statement of O.E. tab, enter the data as described: In this cell: Cell A5 Cell C5 Cell A6 Cell C6 Cell A7 Cell C7 Cell A8 Cell C8 Enter the data for the Beginning equity account name Beginning equity amount Net income or loss title Net income or loss amount Appropriate account name Amount associated with cell A7 Ending equity account name Ending equity amount 9. Apply the appropriate border to cells C7 and C8 and use line breaks to display the account names in cells A5 and A8 Apply the Accounting number format with zero decimal places to all amounts 11. A pply appropriate column widths to columns A-C and appropriate row heights to rows 5 and 8 Enter Data Within the Balance Sheet 12. On the Balance Sheet tab, enter the data as described: In this cell or range:Enter the data for the Cell A5 Range A6:A8 Asset header Asset account names in order of liquidity (Cash, Accounts Receivable, Range C6:C8 Cell A9 Cell C9 Land) Asset account amounts Total assets name Total assets amount 13. Apply the appropriate border to cells C8 and C9. 14. Wrap the text in cell A7 15. Enter the data as described In this cell or range: Enter the data for the Cell A11 Range A12:A13Liability account names (from short- to long-term) Range C12:C13 Cell A14 Cell C14 Cell A16 Cell A17 Cell C17 Cell A19 Cell C19 Liabilities header Liability account amounts Total liability name Total liability amount Owner's equity header Equity account name Equity account amount Total liabilities and owner's equity name Total liabilities and owner's equity amount Hint: In this instance, the order of liabilities from short- to long-term is also the order from smallest to largest. 16. Indent the account names twice in the ranges A6:A8 and A22:A13. 17. Apply the appropriate border to cells C13, C17, and C19 and add a line break to the entry in cell A19 Apply the Accounting number format with zero decimal places to all amounts 18. . 19. Apply appropriate column widths to columns A-C and appropriate row heights as needed. 20. Save and close your file