Question

Click on the "Multi-Step" tab and enter your name in Cell C1. If Cell Cl is left blank, you will not be able to see your score Each graded cell is highlighted in yellow. Select all account titles/labels using dropdowns. Enter formulas for all dollar amounts The formula must only contain cell addresses Each correct formula will begin with , The basic mathematical operators are, and Addition: To add the values in cells Al and B4, the formula is A1+34 8 Subtraction: To subtract the value in cell B4 from the value in cell A1, the formula is A1-84 9 Multiplication: To multiply the values in cells A1 and 34, the formula is 1954 10 Division to divide the value in cell Al by the value in all the formula 1/ 4 Instructions Mustep Type here to search

please if someone can help me out with this I would be very grateful I am not so good with excel and need this extra credit to pass the class thank you so much to anyone who helps

Answer 1

Liban Ahmed Company			Computation
Income Statement
For Year Ended December 31, 2019
Sales		$                  3,83,000	a
Sales discounts	$                        6,000		b
Sales returns and allowances	$                     19,200		c
Net Sales		$                  3,57,800	d = a - (b+c)
Cost of goods sold		$                  1,34,000	e
Gross profit		$                  2,23,800	f = d - e
Operating expenses
Selling expenses
Depreciation expense - Store equip.	$                     10,000
Sales salaries expense	$                     26,800
Rent expense - Store	$                     18,100
Store supplies expense	$                        6,900
Advertising expense	$                     32,500
Total selling expenses		$                     94,300	g
General and administrative expenses
Office salaries expense	$                     35,100
Insurance expense	$                     12,100
Rent expense - Office	$                        8,100
Total general and administrative expenses		$                     55,300	h
Total operating expenses		$                  1,49,600	i = g+h
Net income		$                     74,200	f-i

• Store related expenses are classified as selling expenses.

Liban Ahmed Company
Balance Sheet
As on December 31, 2019
ASSETS
Current Assets
Cash in Hand		$               12,500.00
Accounts receivable		$               24,000.00
Merchandise inventory		$               65,500.00
Stores supplies		$                  2,600.00
Total Current Assets		$            1,04,600.00
Fixed Assets
Store equipment	$               68,000.00
Less: Accumulated depreciation	$             (20,000.00)
Total Non-current Assets		$               48,000.00
Total Assets		$            1,52,600.00
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable		$               19,000.00
Salaries payable		$                  8,000.00
Total Current Liabilities		$               27,000.00
Owners' Equity
Common stock	$               83,400.00
Add: Net income	$               74,200.00
Less: Dividends	$             (32,000.00)
Total Owners' Equity		$            1,25,600.00
Total Liabilities and Equity		$            1,52,600.00