Guidelines:

Create excel workbook with two tabs:

1.Income Statement (1^st tab)

2.Balance Sheet (2^nd tab)

Use the word bank provided below to create the rows of your statements.For the income statement create columns for 2018 Budget and 2018 Actual.Use the financial statement information and exhibits from your textbook reading as a guideline.

Once you have sorted out the word list into financial statements in Excel, insert formulas to show how you would calculate various items (such as Current Assets or Total Personnel Expense). You do not need to plug in values, but insert the formulas that would calculate them in Excel.

Word Bank: Section headings are in Mixed Case Italics Bold, totals are in UPPERCASE BOLD.

Contribution Margin

Online Sales Revenue

Managerial Salaries Expense

Managerial Benefits Expense

NET PROPERTY PLANT & EQUIPMENT

Long Term Investment

TOTAL LONGTERM ASSETS

Sales returns

Bad Debt Adjustment

TOTAL OPERATING EXPENSES

Utilities Expense

Other Accounts Payable

Salaries Payable

Interest Expense

Property Plant & Equipment

Less:Accumulated Depreciation

TOTAL OPERATING INCOME

Net Income

NET REVENUE

Instore Sales Revenue

TOTAL CURRENT LIABILITIES

Long Term Liabilities

Employee Benefits Expense

Revenues

Contributions & community support

TOTAL PERSONNEL EXPENSE

TOTAL LIABILITIES

Owner's Equity

Drugs & Supply Expense

TOTAL ASSETS

TOTAL CURRENT ASSETS

Current Liabilities

TOTAL OPERATING REVENUES

TOTAL LIABILITIES AND NET ASSETS

Employee Wages Expense

Expenses

Income before Income Taxes

Net Accounts Receivable

Inventory

Depreciation Expense

Retained Earnings

Prepaid expenses

Current Assets

Cash

Short Term Investments

Non-Operating Income

Long Term Assets

Accrued Expenses Payable

Long Term Loans Payable

TOTAL LONG TERM LIABILITIES

Statement of Operations- Budget and Actual 2018

Balance sheet-12/31/18

Cost of Goods Sold

Marketing costs