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Please use Excel to complete the following use case: Please see attached Excel File: 1) Prepare a 12-column work sheet for the year ended 2010
Please use Excel to complete the following use case:
Please see attached Excel File:
1) Prepare a 12-column work sheet for the year ended 2010 December 31. You need not include account numbers or explanations of adjustments.
2) Prepare an income statement.
3) Prepare a statement of retained earnings.
4) Prepare a classified balance sheet.
5) Prepare adjusting and closing entries.
The following trial balance and additional data are for Roswell Interior Decorators, Inc.: | |||
ROSWELL INTERIOR DECORATORS, INC | |||
Trial Balance | |||
2019 December 31 | |||
Debits | Credits | ||
Cash | 85,100 | 0 | |
Accounts Receivable | 81,000 | 0 | |
Supplies on Hand | 4,600 | 0 | |
Prepaid Rent | 12,240 | 0 | |
Prepaid Advertising | 2,880 | 0 | |
Prepaid Insurance | 4,400 | 0 | |
Office Equipment | 5,400 | 0 | |
Accumulated DepreciationOffice Equipment | 0 | 2,760 | |
Office Furniture | 29,200 | 0 | |
Accumulated DepreciationOffice Furniture | 0 | 8,280 | |
Accounts Payable | 0 | 25,200 | |
Notes Payable (due 2020) | 0 | 4,000 | |
Capital Stock | 0 | 100,000 | |
Retained Earnings, 2019 January 1 | 0 | 22,400 | |
Dividends | 45,520 | 0 | |
Service Revenue | 0 | 250,000 | |
Salaries Expense | 98,800 | 0 | |
Utilities Expense | 20,000 | 0 | |
Miscellaneous Expense | 23,500 | 0 | |
412,640 | 412640 | ||
Financial Data | |||
Supplies on hand at 2019 December 31, are 1,000. | |||
Rent expense for 2019 is 10,000. | |||
Advertising expense for 2019 is 2,304. | |||
Insurance expense for 2019 is 2,400. | |||
Depreciation expense is office equipment, 912, and office furniture, 3,000. | |||
Accrued interest on notes payable is 150. | |||
Accrued salaries are 4,200 | |||
Questions | |||
1) Prepare a 12-column work sheet for the year ended 2010 December 31. You need not include account numbers or explanations of adjustments. | |||
2) Prepare an income statement. | |||
3) Prepare a statement of retained earnings. | |||
4) Prepare a classified balance sheet. | |||
5) Prepare adjusting and closing entries. |
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