FINAL PROJECT

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

General Review

Correct formulas and functions

Style, formatting, color, graphics, fill colors

Delete any blank worksheets

Print layout

It should be formatted in a way that when it prints, it reads logically. It is up to the student to decide if landscape or portrait is the best option. Remember, presentation counts!!!

Spell Check

Everything must be spelled correctly.

Ensure that the document is both presentable and accurate

Income Statement Smith & Company. LLC 443012013 Financial Statements in U.S. Dollars Hevenue Gross Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Beginning Inventory Add Inventory Available Less: Ending Inventory Purchases Cost of Goods Sold Gross Profit (Loss] Expenses Advertising Bank Charges Depreciation Dues and Subscriptions Insurance Legal and Professional Fees Licenses and Fees Office Expense Payroll Taxes Postage Rent Utilities Vehicle Expenses Wages Total Expenses Net Operating Income