Question
Suzie and Queenie Bailey are sisters that have opened a bakery and caf together, called Suzie Qs Bakery Caf. Prepare financial documents to help them
Suzie and Queenie Bailey are sisters that have opened a bakery and caf together, called Suzie Qs Bakery Caf. Prepare financial documents to help them analyze the financial health of their new business.
(33 points)
Prepare an income statement for Suzie Qs Bakery Caf.
Start Microsoft Excel, and open the BUS113_12_05.xlsx file from C:\ACTT1\Data\Unit_12.
Click the File tab, and click Save As. Save the file to C:\ACTT1\Student\Unit_12.
Navigate to the Income Statement spreadsheet tab.
Write the heading for the income statement for the fiscal period ending December 31, 20xx.
Use the information from the work sheet to complete the income statement. Some headings and amounts are done for you.
Calculate and record the net income or loss.
Calculate the component percentages for Cost of Merchandise Sold, Gross Profit on Sales, Total Expenses, and Net Income.
Save and close the spreadsheet or continue to question 2.
(25 points)
Prepare an owners equity statement for Suzie Qs Bakery Caf.
Open the BUS113_12_05.xlsx file you saved in C:\ACTT1\Student\Unit_12 or continue working from your open spreadsheet.
Navigate to the Owners Equity Statement spreadsheet tab.
Write the heading for the owners equity statement for the fiscal period ending December 31, 20xx.
Use the information from the work sheet and the income statement to complete the owners equity statement. Suzie receives 60% of net income and Queenie receives 40% of net income. Some headings are done for you.
Calculate and record total owners equity.
Save and close the spreadsheet.
Submit your file to your instructor for grading.
Im looking for the graph to be filled out
| Suzie Q's Bakery Caf | |||||||||||
| Work Sheet | |||||||||||
| For Year Ended December 31, 20xx | |||||||||||
| Trial Balance | Adjustments | Income Statement | Balance Sheet | ||||||||
| Account Title | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | |||
| Cash | $ 21,980.00 | $ 21,980.00 | |||||||||
| Petty Cash | $ 300.00 | $ 300.00 | |||||||||
| Accounts Receivable | $ 6,250.00 | $ 6,250.00 | |||||||||
| Merchandise Inventory | $ 25,300.00 | (c ) | $ 5,600.00 | $ 19,700.00 | |||||||
| Supplies | $ 1,100.00 | (a) | $ 500.00 | $ 600.00 | |||||||
| Insurance | $ 1,200.00 | (b) | $ 300.00 | $ 900.00 | |||||||
| Accounts Payable | $ 1,100.00 | $ 1,100.00 | |||||||||
| Suzie Bailey, Capital | $ 5,000.00 | $ 5,000.00 | |||||||||
| Suzie Bailey, Drawing | $ 4,000.00 | $ 4,000.00 | |||||||||
| Queenie Bailey, Capital | $ 5,000.00 | $ 5,000.00 | |||||||||
| Queenie Bailey, Drawing | $ 3,000.00 | $ 3,000.00 | |||||||||
| Income Summary | (c ) | $ 5,600.00 | $ 5,600.00 | ||||||||
| Sales | $ 69,000.00 | $ 69,000.00 | |||||||||
| Purchases | $ 8,100.00 | $ 8,100.00 | |||||||||
| Advertising Expense | $ 2,530.00 | $ 2,530.00 | |||||||||
| Insurance Expense | (b) | $ 300.00 | $ 300.00 | ||||||||
| Miscellaneous Expense | $ 780.00 | $ 780.00 | |||||||||
| Supplies Expense | (a) | $ 500.00 | $ 500.00 | ||||||||
| Utilities Expense | $ 5,560.00 | $ 5,560.00 | |||||||||
| $ 80,100.00 | $ 80,100.00 | $ 6,400.00 | $ 6,400.00 | $ 23,370.00 | $ 69,000.00 | $ 56,730.00 | $ 11,100.00 | ||||
| Net Income | $ 45,630.00 | $ 45,630.00 | |||||||||
| $ 69,000.00 | $ 69,000.00 | $ 56,730.00 | $ 56,730.00 | ||||||||
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Introduction To Government And Not For Profit Accounting
Authors: Martin Ives, Laurence Johnson, Joseph R. Razek, Gordon A. Hosch
6th Edition
0132366355, 978-0132366359
