Please create the financiel statements by creating a spreadsheet thanks.
Transactions, Financial Statements D'Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and common stock of the business on July 1, 2018, are as follows: Cash, $17,220; Accounts Receivable, $45,260, Supplies, $3,280; Land, $41,000; Accounts payable, $14,760; Common Stock, $10,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in exchange for common stock with a deposit of $33,000 in the business bank account. b. Pald 516,500 for the purchase of land adjacent to land currently owned by D'Lite Dry Cleaners as a future building site. c. Received cash from customers for dry cleaning revenue, $20,090 d. Paid rent for the month, $6,030 e. Purchased supplies on account, $2,810. 1. Paid creditors on account, $14,870. 9. Charged customers for dry cleaning revenue on account, $40,180. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $16,070. 1. Paid the following: wages expense, $8,840; truck expense, $3,210; utilities expense, $3,420; miscellaneous expense, $1,530. J. Received cash from customers on account, $32,140. k. Determined that the cost of supplies on hand was $2,210; therefore, the cost of supplies used during the month was $3,880 1. Paid dividends, 59,200. Required: 1. Determine the amount of retained earnings as of July 1, 2018 55,760 2. Use the attached spreadsheet to complete part 2. Click on the Spreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNow on this problem. The assets, liabilities, and stockholders' equity as of July 1 are presented in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction 3. Using the balances from the spreadsheet, prepare an Income statement for July, a retained earnings statement for July, and a balance sheet as of July 31. Income Statement D'Lite Dry Cleaners Income Statement For the Month Ended July 31, 2018 1 Dry cleaning revenue 2. Cash 3 4 Dry cleaning expense Dry cleaning revenue 5 Net Income 6 Common stock IIIIIII 7 Dividends 8 9 10 11 Retained Earnings Statement D'Lite Dry Cleaners Retained Earnings Statement For the Month Ended July 31, 2018 1 $ I s D'Lite Dry Cleaners Balance Sheet July 31, 2018 1 2 3 4 5 6 7 B 4. Prepare a statement of cash flows for July Use the minus sign to indicate cash outflows, decreases in cash, and cash payments. Statement of Cash Flows D'Lite Dry Cleaners Statement of Cash Flows For the Month Ended July 31, 2018 1 Cash flows from operating activities: 2 3 4 Net cash flows from operating activities 5 Cash flows used for investing activities: 6 7 Cash flows from financing activities: 8 II II 9 10 Net cash flows from financing activities 11 Net Increase in cash $ 12 Cash balance, July 1, 2018 13 Cash balance, July 31, 2018
