Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show the income statement, statement of retained earnings, and the balance sheet as well. Thanks Requirement 1 Complete Myer's Home Supply Company's worksheet. In

image text in transcribedimage text in transcribedimage text in transcribedPlease show the income statement, statement of retained earnings, and the balance sheet as well. Thanks

Requirement 1 Complete Myer's Home Supply Company's worksheet. In the first worksheet tab at the bottom of the Excel workbook is the beginning of a worksheet. You are given the trial balance portion. You need to enter the adjustments below in the adjustment columns and then complete the remainder of the worksheet through the adjusting trial balance columns. When completing the adjusted trial balance, all numbers need to be brought over using formulas. No number should be entered manually. Also, format the worksheet so that it prints out onto one page. It can be portrait or landscape, whichever you find more attractive. Be sure that the header is centered. Also, be sure that all numbers are formatted the same. Do not have same numbers showing cents and others not. Do not have some numbers left justified and some right justified. Hints: - If you do not know how to format numbers in Excel, google "formatting numbers in excel". - If you do not know how to use formulas, google "using excel formulas, and you will find plenty of information on how to use a formula. Also click on the video tab and you will find plenty of videos. - If you do not know how to scale something down to a one page printout, google printing to one page in exce. Again you will find plenty of information and videos on how to achieve this. - Be sure when completing the worksheet that you appropriately use the single and double underline. If you do not know how to single or double underline a cell, google "underlines in excel. - You may want to look at the print layout before finishing to make sure you document appears as you wish. Adjustments: 1. After doing the year-end count of office supplies, Myers found that $330 of office supplies remained. 2. After doing the year-end count of inventory, Myers determined that there was $48,800 in ending inventory. 3. Of the $3,600 of prepaid store insurance, $2,200 had expired. 4. Depreciation of the office equipment for the year was $10,500. 5. Depreciation of the store equipment for the year was $20,000. 6. The $24,000 in unearned revenue was for orders that were paid for in advance. At year end, % of the prepaid orders were fulfilled. 7. Wages that have accrued for the year but have not been paid yet totaled $4,000. This should be split evenly between Sales Salaries and Office Salaries. Requirement 2 Prepare the multi-step income statement, statement of retained earnings, and the classified balance sheet for Myer's Home Supply Company for the year ended December 31, 2020. Each statement should be done on the appropriate Excel spreadsheet tab. Each report should use formulas for each of the numbers. The numbers for the reports should be linked to the adjusted trial balance. So each number should be brought over from the adjusted trial balance using a formula. Numbers cannot just be entered manually. Be sure to do each statement in proper format including all headings and report titles. Note, the income statement should be the multi-step format and the balance sheet should be classified. Also, set up each report so that it prints onto one page. Make sure that each report prints out looking professional. Make sure that the header (report title) is centered and appropriately stated. The header needs to be centered over the report. When centering the header, be sure to use the merged cells or other methods that creates a centered header. Do not just try to eye it. Be sure to use dollar signs, single underlines and double underlines appropriately. Reports need to look appropriate. December 31, 2020 Trail Balance Debit Credit Adjustments Debit Credit Adjusted Trial Balance Debit Credit Account 32,000 45,000 1,200 3,600 52,000 120,000 80,000 88,000 32,000 28,000 0 Cash Accounts Receivable Office Supplies Prepaid Store Insurance Inventory Store Equipment Accumulated Depreciation - Store Equipment Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Salaries Payable Unearned Revenue Note Payable (Due in 3 years) Common Stock Retained Earnings Dividends Sales Sales Returns and Allowances Cost of Goods Sold Advertising Expense Depriciation Expense - Office Equipment Depreciation Expense - Store Equipment Sales Salaries Expense Office Salaries Expense Sells Department Rent Expense Administration Rent Expense Store Insurance Expense Office Supplies Expense 24,000 50,000 20,000 32,300 10000 860,000 26,000 460,000 26,000 0 0 88,500 120,000 27,000 27,000 0 0 1,126,300 1,126,300

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Courageous Auditing Beyond Compliance Towards Being A Catalyst For Change

Authors: Kathy Rees

1st Edition

0648958108, 978-0648958109

More Books

Students also viewed these Accounting questions

Question

Why We Listen?

Answered: 1 week ago