Required information

[The following information applies to the questions displayed below.]

While working at your computer, you notice Mr. Castle heading toward you. Adding another stack of papers to your overflowing inbox, he says, "I need a profit & loss statement and a balance sheet for November as soon as possible. I haven't seen any financial statements since our former accountant left. As he walks away, Mr. Castle calls over his shoulder, "From now on I'd like a P&L and balance sheet by the first of each month."

Complete Exercise 1.1 by following the steps shown on Pages 56 through 57 All applicable reports prepared in Exercise 1.1 should be exported to Excel using the Go Digital Reports Excel template for Chapter 1.

Using the Profit and Loss (P&L) Statement, Detail for Rock Castle Construction (E1.1.3) that you prepared and exported on Page 57, enter the balances for the accounts shown below.(Round your answers to 2 decimal places.)

P&L ItemAmountTotal IncomeTotal Cost of Goods SoldTotal InsuranceTotal Payroll ExpensesNet Ordinary IncomeNet Income