INSTRUCTIONS: (READ CAREFULLY. POINTS TAKEN OFF FOR NOT FOLLOWING INSTRUCTIONS COMPLETELY) 1 Look at the list...

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INSTRUCTIONS: (READ CAREFULLY. POINTS TAKEN OFF FOR NOT FOLLOWING INSTRUCTIONS COMPLETELY) 1 Look at the list of accounts below and mark each one, whether it belongs on the balance sheet or the income statement. As an example, the account "cash" has been done for you. 2 After you have determined where each account goes, scroll down and create your Balance Sheet and Income Statement (both labled below) in EXCEL FORMAT WITH FORMULAS. For every cell that requires a formula, the formula MUST be used (i.e., the number cannot be hard keyed). To help you, I've shaded the accounts that do not contain numbers and will therefore require you to use a formula. Don't forget that your ENTIRE cash flow statement will be calculated using formulas, keying off of your Balance Sheet and Income Statement. 3 When you have your Balance Sheet and Income Statement complete, create a Cash Flow Statement (also labeled below). As we learned in class, your Cash Flow Statement is calculated from your Balance Sheet and Income Statements. 4 All work must be typed in Excel. No handwritten work accepted. 5 Pay close attention to whether an account is in the current or longterm section of the Balance Sheet and where items are located on the Income Statement. Points will be taken off if put in the wrong sections. 6 This is an open book exam. You may use the internet and class materials but you may not work with others. Any person caught sharing their work will receive a failing grade. Point Value 33 Account Name Year ending 12/31/20 Year ending 12/31/21 Balance Sheet or Income Statement? 1 Accounting expense $ 1,000 2 Property, Plant and Equipment $ 50,000 $58,000 3 Revenue $ 50,000 4 Bank Loan payable** $ 5 Advertising Expense 27,500 $33,500 2,000 $ 6 Accounts Payable $ 21,800 $ 32,113 7 Utilities $ 1,500 8 Rent $ 3,000 9 Less: Accumulated Depreciation $ 3,000 $ 3,833 10 Cash $ 20,400 $24,995 Balance Sheet 11 Cost of Goods Sold $ 18,000 12 Net Profit 13 Retained Earnings $ 16,400 $23,049 14 Total Assets 15 Gross Profit 16 Inventory $ 27,500 $ 41,250 17 Taxes Payable* $ 2,500 $ 1,850 18 Total Liabilities 19 Management Salaries $ 4,500 20 Interest Expense $ 750 21 Accounts Receivable $ 3,300 $ 2,100 22 Total Current Assets 23 Staff Salaries $ 10,000 24 Total Current Liabilities 25 Income Tax Expense $ 1,768 26 Common Stock 27 Profit Before Taxes 28 Total Equity 29 Total Property, Plant and Equipment 30 Depreciation Expense 31 Operating Profit 32 Total Longterm Liabilities 33 Total Liabilities and Equity $ 30,000 $ 32,000 $ 833 INSTRUCTIONS: (READ CAREFULLY. POINTS TAKEN OFF FOR NOT FOLLOWING INSTRUCTIONS COMPLETELY) 1 Look at the list of accounts below and mark each one, whether it belongs on the balance sheet or the income statement. As an example, the account "cash" has been done for you. 2 After you have determined where each account goes, scroll down and create your Balance Sheet and Income Statement (both labled below) in EXCEL FORMAT WITH FORMULAS. For every cell that requires a formula, the formula MUST be used (i.e., the number cannot be hard keyed). To help you, I've shaded the accounts that do not contain numbers and will therefore require you to use a formula. Don't forget that your ENTIRE cash flow statement will be calculated using formulas, keying off of your Balance Sheet and Income Statement. 3 When you have your Balance Sheet and Income Statement complete, create a Cash Flow Statement (also labeled below). As we learned in class, your Cash Flow Statement is calculated from your Balance Sheet and Income Statements. 4 All work must be typed in Excel. No handwritten work accepted. 5 Pay close attention to whether an account is in the current or longterm section of the Balance Sheet and where items are located on the Income Statement. Points will be taken off if put in the wrong sections. 6 This is an open book exam. You may use the internet and class materials but you may not work with others. Any person caught sharing their work will receive a failing grade. Point Value 33 Account Name Year ending 12/31/20 Year ending 12/31/21 Balance Sheet or Income Statement? 1 Accounting expense $ 1,000 2 Property, Plant and Equipment $ 50,000 $58,000 3 Revenue $ 50,000 4 Bank Loan payable** $ 5 Advertising Expense 27,500 $33,500 2,000 $ 6 Accounts Payable $ 21,800 $ 32,113 7 Utilities $ 1,500 8 Rent $ 3,000 9 Less: Accumulated Depreciation $ 3,000 $ 3,833 10 Cash $ 20,400 $24,995 Balance Sheet 11 Cost of Goods Sold $ 18,000 12 Net Profit 13 Retained Earnings $ 16,400 $23,049 14 Total Assets 15 Gross Profit 16 Inventory $ 27,500 $ 41,250 17 Taxes Payable* $ 2,500 $ 1,850 18 Total Liabilities 19 Management Salaries $ 4,500 20 Interest Expense $ 750 21 Accounts Receivable $ 3,300 $ 2,100 22 Total Current Assets 23 Staff Salaries $ 10,000 24 Total Current Liabilities 25 Income Tax Expense $ 1,768 26 Common Stock 27 Profit Before Taxes 28 Total Equity 29 Total Property, Plant and Equipment 30 Depreciation Expense 31 Operating Profit 32 Total Longterm Liabilities 33 Total Liabilities and Equity $ 30,000 $ 32,000 $ 833