End-of-Period Spreadsheet For the Year Ended December 31, 20Y1 Required: 1. Prepare an income statement for the year ended December 31 . Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (:) on the income statement. 2. Prepare a statement of owner's equity for the year ended December 31 . No additional investments were made during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Enter all values as positive amounts. 4. Based upon the end-of-period spreadsheet, joumalize the closing entries. Explanations should be omitted. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Labels Current assets Current liabilities December 31, 20Y1 Expenses For the Year Ended December 31, 20Y1 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Inez Villanueva, capital, January 1, 20Y1 Inez Villanueva, capital, December 31, 20Y1 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Total revenues Withdrawals 1. Prepare an income statement for the year ended December 31. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (:) on the income statement. 2. Prepare a statement of owner's equity for the year ended December 31 . No additional investments were made during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. to complete the statement heading. Refer to the Chart of Accounts and the Ist of Labels and Amount Descriptions for the exact wording of the answor choices for text entries. You will not need to enter colons (J) or the word "Loss" on the balance 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the chart of accounts for the exact word use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automati is entered
