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Need help with requirement 1-5 thank you in advance! Schrute Farms has completed its year-end adjusting entries and prepared an adjusted trial balance. It now
Need help with requirement 1-5 thank you in advance!
Schrute Farms has completed its year-end adjusting entries and prepared an adjusted trial balance. It now needs to create an income Statement, Statement of Owner's Equity, and Balance Sheet This is the first year of operations so all account beginning balances are zero. Requirements 1 Complete the income Statement and Balance Sheet section of the Worksheet 2 In a separate sheet within this workbook, create and complete an income Statement from the financial data in the Worksheet Appropriate underlining and dollar signs must be included. A double underline should be under the Net income (Loss) amount Expenses should be listed in order of amount largest to smallest with interest expense listed as the last expense even if it is not the smallest amount. 3 In a separate sheet within this workbook, create and complete a Statement of Owner's Equity from the financial data in the Worksheet Appropriate underlining and dollar signs must be included. A double underline should be under the Ending Owner's Equity amount 4 in a separate sheet within this workbook, create and complete a Balance Sheet from the financial data in the Worksheet Appropriate underlining and dollar signs must be included. A double underline should be under the Total Assets and the Total tiabilities and Equity amounts. 5 All amounts should be in comma formatting with no decimals and parenthese for negative numbers. And proper title indenting must be used. Excel Skills 1 Create new sheets within a workbook 2 Format cells using number formats, bold font, cell underlining, etc. 3 Use merge function to create headers for financial statements 4 Use cell referencing within and among worksheets 5 Use SUM function to calculate totals 6 View the workbook as two separate windows Hint The Owner's Equity balance in the adjusted triai balance is the beginning balance plus and owner contributions. When completing the Statement of Owner's Equity, owner contributions are equal to the adjusted trial balance Owner's Capital amount only for the first year of operationsStep by Step Solution
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