Question
Need help with this asap! Can anyone help? Instructions Step 1: Download theGuided Practice for Financial Statement template. Read the template for carefully. Step 2:
Need help with this asap! Can anyone help?
Instructions
Step 1: Download theGuided Practice for Financial Statement template. Read the template for carefully.
Step 2: Using the data from the adjusted trial balance provided in the template workbook, populate the cells to create the following financial statements:
The Income Statement:
Calculate the total expenses in Cell D35 using the AutoSum function.
Compute net income by usinga formula in cell D36 to subtract the revenues and total expense to arrive at net income.
Statement of Owner's Equity:
Please key in the net income amount that goes into Cell J10.
Calculate the J. Smith Capital balance as of June 30, 2017 in Cell J12.
Balance Sheet:
Use the equalto sign in Cell J37. Thenselect the equity balance from J12.
Calculate the balance for the Total Liabilities and Equity using the equal to sign. Select the balances for the total liabilities and add the balance for equity.
HINT:You can verify your answer with the"Check Balance" numbers.
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