Question

EA2-A2 Create Financial Statements for Metropolitan Corp. In this exercise, you will create a monthly income statement, statement of owner's equity, and balance sheet in Excel for Metropolitan Corp. With the exception of the Terry Mattingly, Capital account (the balance for which is from 5/1/2016), the company had the following account balances as of 5/31/2016. Accounts Payable $27,000 Sales Revenue $23,000 Accounts Receivable $24,000 Service Revenue $4,000 Cash $57,000 Supplies Expense $6,000 Land $41,000 Tax Expense $13,000 Maintenance Expense $17,000 Telephone Expense $10,000 Notes Payable $9,000 Terry Mattingly, Capital - 5/1/2016 $118,000 Printing Expense $11,000 Terry Mattingly, Drawing $2,000 1. Open a Blank Workbook and save the file in your Chapter 02 folder as: EA2-A2-Financialstatements-[YourName) 2. Set the workbook to contain a total of three tabs, one for each financial statement and arranged in the order they will be completed.

Answer 1

	TRIAL BALANCE
	ACCOUNT	DEBIT	CREDIT
	Accounts Payable		$27,000
	Accounts Receivable	$24,000
	Cash	$57,000
	Land	$41,000
	Maintenance expense	$17,000
	Notes payable		$9,000
	Printing Expense	$11,000
	Sales Revenue		$23,000
	Service Revenue		$4,000
	Supplies expense	$6,000
	Tax expense	$13,000
	Telephone expense	$10,000
	Terry Mattingly Capital(5/1/2016)		$118,000
	Terry Mattingly Drawings	$2,000
	TOTAL	$181,000	$181,000
	INCOME STATEMENT
	Sales Revenue		$23,000
	Service Revenue		$4,000
	Total Revenue		$27,000
	Expenses:
	Maintenance expense	$17,000
	Printing Expense	$11,000
	Supplies expense	$6,000
	Telephone expense	$10,000
	Tax expense	$13,000
	Total Expenses		$57,000
	Net Income/(Loss)		($30,000)
	STATEMENT OF OWNERS EQUITY
	Owners Equity at the beginning (5/1/2016)	$118,000
	Drawings	($2,000)
	Net Income/(Loss)	($30,000)
	Owners Equity at the End (5/31/2016)	$86,000
	BALANCE SHEET
	Assets:
	Cash	$57,000
	Accounts Receivable	$24,000
	Land	$41,000
	Total Assets	$122,000
	Liabilities:
	Accounts Payable	$27,000
	Notes payable	$9,000
	Total Liabilities	$36,000
	Owners Equity	$86,000
	Total Liabilities and Owners Equity	$122,000