Question
M2 Service Company Financial Statements (Excel Accounting) The Ledger of Skitch Corp. Showed the following balances after adjustment on June 30, 2012. the end of
M2 Service Company Financial Statements (Excel Accounting)
The Ledger of Skitch Corp. Showed the following balances after adjustment on June 30, 2012. the end of the current fiscal year.
Accounts payable $55,600 General expenses $112,350
Accounts receivable $103,890 Interest expenses $ 6,750
Accu Depre-equip $26,250
Notes payable $46,335
Cash $80,370 Prepaid insurance $10,125
Common Stock $300,000 Retained Earn. July 1, 2011 $0
Salaries expense $621,450 Sales $943,500
Dividends $18,000 Advertising Exp $138,750
Equipment $280,000
The President of Skitch has asked you to develop a financial Statement worksheet that includes a single-step income statement, a statement of retained earnings, and a balance sheet. This worksheet will allow the financial statements to be prepared quickly by entering account balances in the appropriate cells on the worksheets. Use the information provided as input for your worksheet.
Total Assets $448,135
To test your model use the following data for the year ended June 30,2013:
Accounts Payable $67,050 General exp $ 108,150
Accounts receivable $ 92,700 Interest exp $ 9000
Accu. Dep Equip $ 52,500
Notes Payable $ 44,085
Cash $ 72,400 Prepaid Insurance $ 10,800
Common Stock $ 300,000 Retained earnings July 1,2012 $ 46,200
Salaries $ 659,835 Sales $892,500
Dividends $ 0 Advertising $129,450
Equipment $320,000
Total Assets $ 443,400
Create Pie chart to inlcude percentages of each expense to total expenses
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