Make financial statements (Income Statement, Statement of Retained Earning, Balance Sheet)

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54 M10 . CORPORATE INCOME STATEMENT The following data were selected from the records of Magnus Incorporated for the month ended February 28 Advertising expense $10,100 Insurance expense $500 Depreciation expense-office 500 Interest expense 2,500 equipment Depreciation expense-store 2,500 Loss from disposal of a 23,000 equipment segment of business Merchandise inventory, 75,000 February 1 Extraordinary loss 10,000 Merchandise inventory, 68,000 February 28 Income tax: Office salaries expense 17.000 On continuing operations 15,000 Office 1,025 supplies expense Reduction applicable to loss 4,500 Purchases 300,000 from disposal of a segment of the business Rent expense 500 Sales 452,500 Reduction applicable to extra 1.100 Sales salaries expense 15,000 ordinary loss Store supplies expense 2,525 This firm's accounting system generates these totals on a monthly basis. You have been asked to develop a worksheet (file name IS) that will allow a monthly income statement to be prepared by entering monthly figures in the appropriate cells. The income statement should include a section for earnings per share. There were 20,000 shares of common stock (no preferred) outstanding throughout the month. Use the provided data as input for your worksheet. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: February net income, $50,950. To test your model, use the following data for the month ended March 31: Advertising expense $11,500 Insurance expense $ 500 Interest expense 6,000 Depreciation expense 810 Loss from disposal of a segment 1,000 office equipment of business (additional expenses from February disposal) Depreciation expense 3,325 Merchandise inventory, March 1 68,000 store equipment Extraordinary 7,500 Merchandise inventory, March 31 70,000 (additional expenses from February loss) loss 65 Income tax: Office salaries expense 20,000 On continuing operations 10,000 Office supplies expense 935 Reduction applicable to 400 Purchases 251,200 loss from disposal of a segment of the business Reduction applicable to 1,600 Rent expense 1,000 extraordinary loss Sales 350,000 Sales salaries expense 26,250 Store supplies expense 3,150 There was no change in the number of shares of common stock outstanding. Print the worksheet when done. Check figure: March net income, $10.920