Preparing an Income Statement using Excel's SUM, Basic Math Functions and Cell Referencing

Great Taste Restaurants, Inc. has provided a list of select accounts as of March 31, 2016. The Controller has asked you to prepare the companys income statement at the month ended March 31, 2016. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.

• Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, =C3 was entered, the formula would output the result from cell C3, or 35,000 in this example.
• Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell =C3+C4 was entered, the formula would add the values from those cells and output the result, or 100,000 in this example. If using the other math symbols the result would output an appropriate answer for its function.
• SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell =SUM(C9,C10,C11) was entered, the formula would output the result of adding those three separate cells, or 198,000 in this example. Similarly, if in a blank cell =SUM(C9:C11) was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 198,000 in this example.

FILE HOME INSERT PAGE LAYOUT Preparing an income statement ter FORMULAS DATA REVIEW A X Color Paste Alignment Number BIU. .S A Fonts Conditional Format as Cell Formatting Table Styles Styles pboard X The list below shows select accounts for Great Tast 1 The list below shows select accounts for Great Taste Restaurants Inc. on March 31, 2016 $ 35,000 65,000 20,625 | Accumulated Depreciation Accounts Payable Advertising Expense Prepaid Advertising Common Stock Depreciation Expense Dividend Payable Dividends Income Tax Expense Income Tax Payable Interest Expense Interest Revenue Loss on Disposal of Assets Prepaid Rent Rent Expense Retained Earnings Sales Revenue Utilities Expense utilities Payable Wage Expense Wages Payable 61,875 50,000 12,500 50,000 100,000 48,000 35,000 3,750 500 10,000 56,250 18,750 836,875 300,000 8,750 7,000 41,250 10,125 . . Sheet1 ... READY Attempts Chapter 3 Excel Simulation X + heducation.com/flow/connect.html mulation Saved 5 FILE % Paste pboard . Preparing an income statement - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri -11 AA % E BIU . B A Alignment Number Conditional Format as Cell Cells Editing - Formatting Table Styles - Font Styles X The list below shows select accounts for Great Taste Restaurants inc. on March A1 DE 25 Required: 26 Complete the income statement below using Excel skills as directed 27 Note that there are extra rows in each section of the income statement. Use cell references to list the revenue accounts on the income statement using the account list above. Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column C. Use a cell reference to show the Total Revenues in column C. Use cell references to list the operating expense accounts on the income statement using the account list above Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column C. Use the SUM function to show the Total Operating Expenses. Do NOT include blank cell locations in your SUM function. Use a formula to calculate the income from Operations. Use cell references to list the other items accounts on the income statement using the account list above. Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column C. If a value should be a negative number, your cell reference should be preceded with a minus sign. Use a formula to calculate the income before income Taxes. Sheet1 ... 20 - READY Attempts) Sucation.com/flow/connect.html ulation 6 5 .- Preparing an income statement - Excel FORMULAS DATA REVIEW BLE HOME INSERT PAGE LAYOUT VIEW Calibri 11 . - A Alignment Number - aste B I U . . Conditional Format as Cell Formatting Table Styles - Styles Cells - Editing pboard A72 SO Use cell references to list the accounts that fall below the income before Income Taxes line on the ind statement using the account list above. Your accounts must be listed in order of highest value to low Use cell references to show the value of each account in column C. Use a formula to calculate the Net Income. Great Taste Restaurants Inc. Income Statement For the month ended March 31, 2016 Total Revenues Operating Expenses: Attempt(s) 3 5.. HOME Preparing an income statement - Excel FORMULAS DATA REVIEW FILE INSERT PAGE LAYOUT Paste BIU. E A Alignment Number Conditional Format as ce Formatting Table Style Styles Opboard Font 5 D62 Total Revenues Operating Expenses: Total Operating Expenses Income from Operations other items: income before income Taxes Net Income RADY Attempt FILE HOME INSERT PAGE LAYOUT Preparing an income statement ter FORMULAS DATA REVIEW A X Color Paste Alignment Number BIU. .S A Fonts Conditional Format as Cell Formatting Table Styles Styles pboard X The list below shows select accounts for Great Tast 1 The list below shows select accounts for Great Taste Restaurants Inc. on March 31, 2016 $ 35,000 65,000 20,625 | Accumulated Depreciation Accounts Payable Advertising Expense Prepaid Advertising Common Stock Depreciation Expense Dividend Payable Dividends Income Tax Expense Income Tax Payable Interest Expense Interest Revenue Loss on Disposal of Assets Prepaid Rent Rent Expense Retained Earnings Sales Revenue Utilities Expense utilities Payable Wage Expense Wages Payable 61,875 50,000 12,500 50,000 100,000 48,000 35,000 3,750 500 10,000 56,250 18,750 836,875 300,000 8,750 7,000 41,250 10,125 . . Sheet1 ... READY Attempts Chapter 3 Excel Simulation X + heducation.com/flow/connect.html mulation Saved 5 FILE % Paste pboard . Preparing an income statement - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri -11 AA % E BIU . B A Alignment Number Conditional Format as Cell Cells Editing - Formatting Table Styles - Font Styles X The list below shows select accounts for Great Taste Restaurants inc. on March A1 DE 25 Required: 26 Complete the income statement below using Excel skills as directed 27 Note that there are extra rows in each section of the income statement. Use cell references to list the revenue accounts on the income statement using the account list above. Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column C. Use a cell reference to show the Total Revenues in column C. Use cell references to list the operating expense accounts on the income statement using the account list above Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column C. Use the SUM function to show the Total Operating Expenses. Do NOT include blank cell locations in your SUM function. Use a formula to calculate the income from Operations. Use cell references to list the other items accounts on the income statement using the account list above. Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column C. If a value should be a negative number, your cell reference should be preceded with a minus sign. Use a formula to calculate the income before income Taxes. Sheet1 ... 20 - READY Attempts) Sucation.com/flow/connect.html ulation 6 5 .- Preparing an income statement - Excel FORMULAS DATA REVIEW BLE HOME INSERT PAGE LAYOUT VIEW Calibri 11 . - A Alignment Number - aste B I U . . Conditional Format as Cell Formatting Table Styles - Styles Cells - Editing pboard A72 SO Use cell references to list the accounts that fall below the income before Income Taxes line on the ind statement using the account list above. Your accounts must be listed in order of highest value to low Use cell references to show the value of each account in column C. Use a formula to calculate the Net Income. Great Taste Restaurants Inc. Income Statement For the month ended March 31, 2016 Total Revenues Operating Expenses: Attempt(s) 3 5.. HOME Preparing an income statement - Excel FORMULAS DATA REVIEW FILE INSERT PAGE LAYOUT Paste BIU. E A Alignment Number Conditional Format as ce Formatting Table Style Styles Opboard Font 5 D62 Total Revenues Operating Expenses: Total Operating Expenses Income from Operations other items: income before income Taxes Net Income RADY Attempt