Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Helps guys. Pls include calculations. Apply Your Skills Create Financial Statements for Titan Industries In this exercise, you will create a monthly income statement, statement

Helps guys. Pls include calculations. image text in transcribed
image text in transcribed
image text in transcribed
Apply Your Skills Create Financial Statements for Titan Industries In this exercise, you will create a monthly income statement, statement of owner EA2-A1 's equity, and balance sheet in Excel for Titan Industries. With the exception of the William Buffalo, Capital account (the balance for which is from 11/1 balances as of 11/30/2016. /2016), the company had the following account Accounts Payable Accounts Receivable Building Cash Equipment Office Expense Notes Payable $3,500 Repair Expense $7,000 $13,000 Supplies $19,000 Supplies Expense $10,000 Utilities Expense $6,200 William Buffalo, Capital 11/1/2016 $40,200 $5,000 William Buffalo, Drawing $2,500 $13,000 $1,000 $700 $1,800 Service Revenue $500 1. Open a Blank Workbook and save the file in your Chapter 02 folder as: EA2-A1-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 for each, with bold formatting and the Orange, Accent 2, Lighter 80% 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 for the Income Statement 4. On the Income Statement tab, enter the data as described: In this cell or range: Cell A5 Cell D5 Cell A7 Range B8 B11 Range C11:C14 Cell A12 Cell D12 Cell A13 Cell D13 Enter the data for the: Revenue account name Revenue account amount Expenses header Expense account names (largest to smallest) Expense account amounts Total expenses description Total expenses Net income or loss entry Net income or loss amount 5. Apply the appropriate border to cells C11, D12, and D13

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting

Authors: Greg Shields

1st Edition

1647484286, 978-1647484286

More Books

Students also viewed these Accounting questions

Question

Do you believe that Matilda overreacted to James? Why or why not?

Answered: 1 week ago