Question
EXCEL INCOME STATEMENT & BALANCE SHEET Create an Income Statement and Balance Sheet for April: Insert Smith & Company, LLC under Name in B2 on
EXCEL INCOME STATEMENT & BALANCE SHEET
Create an Income Statement and Balance Sheet for April:
Insert Smith & Company, LLC under Name in B2 on the template
Enter the following information to create Aprils Income Statement and Balance Sheet:
Gross Sales: 500,000
Sales Returns and Allowances: 1,000
Net Sales (Subtract Sales Returns and Allowances from Gross Sales)
Cost of Goods Sold: 175,000
Gross Profit (Loss): (Subtract Cost of Goods sold from Net Sales)
Advertising: 1,250
Bank Charges: 50
Dues & Subscriptions: 400
Insurance: 2,000
Legal & Professional Fees: 3,200
Licenses & Fees: 750
Office Expense: 4,000
Mortgage Payment $2,000
Depreciation $500 (Plant & Equipment), $1,000 (Building)
Payroll Tax Expense: 3,000
Postage: 450
Utilities: 3,200
Vehicle Expenses: 5,000
Wages: 250,000
Total Expenses: (Sum all expenses starting in row 16)
Net Operating Income: [Subtract Total Expenses from Gross Profit (Loss)]
Cash increased by $1, 500
Accounts Payable decreased by $1,000
Accrued Payroll decreased by $500
Accounts Receivable Increased by $2,200
Purchase New Equipment worth $43,500
Balance Sheet Smith & Company, LLC 31-Mar-13 ASSETS Current Assets Cash Accounts receivable LIABILITIES Current Liabilities Accounts payable Short-term notes Taxes payable Accrued payroll 25,000 7,500 500 ,200 $21,200 5 Inventory 7,500 $42,500 Total Current Assets Total Current Liabilities Long-term Liabilities Mortgage $800,000 Fixed Assets Other long-term liabilities 100,000 1,250,500 25,000 750,000 15,000 $1,960,500 Buildings Total Long-Term Liabilities (less accumulated depreciation) Common Stock Retained earnings $500,000 581,800 Plant and equipment (less accumulated depreciation) Total Net Fixed Assets Total Shareholders' Equity $2,00.,00TOTALLIAB 7TOTAL ASSETS TOTAL LIABILITIES & EQUITY $2,003,000 March Balance Sheet Income Statement April Balance Sheet +
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