Question

Hello, can someone help with this please?
Q Search Sheet Σ AutoSum' ΑΘ, Z Insert Delete Format Conditional Format Formatting as Table Cell Styles Clear Sort & Filter DOO Workshop 1 Problems Student Home Insert Page Layout Formulas Data Review View Cut Calibri (Body) 12 - A- A- Wrap Text Number - Copy Paste BIUS Format Merge & Center $ - % ) . 042 x fc AB E F G H J K 1 1.2 Accounting Equation and Financial Statements 12 pts. 2 Directions: With the information provided below, fill in the amounts for all of the yellow highlighted cells. You will need to use the information 3 already provided in the financial statements below to fill in the yellow highlighted cells. As you complete yellow cells that 4 have missing information, you will gain the needed information to complete the remaining cells. When completing the assignment remember 5 to use the accounting equation (Assets=Liabilities+Equity) to help with the missing information. 6 Hint - Start with the Balance sheet in the area of liabilites and stockholder's equity. M N O P RS New Life Dance Company Income Statement For the Year Ending December 31, 2020 $ 200,000 13 Revenues 14 Services to Customers 15 Expenses 16 Wages 17 Interest 18 Net Income 3,000 New Life Dance Company Statement of Retained Earnings For the Year Ending December 31, 2020 $ 30,000 25 Beginning Retained Earnings 26 Plus: Net Income Less: Dividends 29 Ending Retained Earnings 30,000 60,000 $ New Life Dance Company Balance Sheet As of December 31, 2020 35 Assets 36 Cash 37 Accounts Receivable Problem 1.1 Problem 1.2 Problem 1.3 Problem 1.4 Problem 1.5 Problem 1.6 + Edit 0 - - + 114%

Answer 1

Excel formulas

HOME INSERT FILE PAGE LAYOUT FORMULAS DATA REVIEW VIEW A X Cut - 11 E Wrap Text Calibri General Ee Copy - Paste E E E Merge & Center - BIU - Format Painter Clipboard Font Alignment Number fe G23 D 8 New Life Dance Company Income Statement 10 For the Year Ending December 31, 2020 11 12 13 Revenues Services to Customers 14 200,000 15 Expenses 137,000 16 Wages 3,000 17 Interest 18 Net Income 60,000 19 20 New Life Dance Company 21 Statement of Retained Earnings 22 For the Year Ending December 31, 2020 23 24 25 Beginning Retained Earnings 30,000 26 Plus: Net Income 60,000 90,000 27 28 Less: Dividends 30,000 2$ 29 Ending Retained Earnings 60,000 30 31 New Life Dance Company 32 Balance Sheet 33 As of December 31, 2020 34 35 Assets Cash 36 54,000 65,000 37 Accounts Receivable 38 Land 180,000 39 Total Assets 299,000 40 41 Liabilities Interest Payable 42 1,000 Loan Payable 10,000 43 44 Total Liabilities 11,000 45 46 Stockholders' Equity 228,000 Capital Stock 47 Retained Earnings 60,000 48 49 Total Stockholders' Equity 288,000 $ 50 Total Liabilities and Stockholders' Equity 299,000 51 52

X Cut E Copy Format Painter E AutoSum - - |11 - A A= Wrap Text Calibri General U Fill- Fill- Conditional Format as Cell Formatting Table Styles Styles Paste Insert Delete Format Sort & Find BIU-E• A- E=E EE FMerge & Center - e Clear Filter- Selec Clipboard Font Alignment Number Cells Editing г AS New Life Dance Company Income Statement 10 For the Year Ending December 31, 2020 11 12 13 Revenues Services to Customers 200000 14 15 Expenses Wages =+D14-C17-D18 16 3000 17 Interest 18 Net Income =+D26 19 20 New Life Dance Company 21 Statement of Retained Earnings 22 23 For the Year Ending December 31, 2020 24 25 Beginning Retained Earning 30000 26 Plus: Net Income =+D27-D25 27 =+D28+D29 30000 28 Less: Dividends 29 Ending Retained Earnings 60000 30 31 New Life Dance Company 32 Balance Sheet 33 As of December 31, 2020 34 35 Assets =D39-SUM(D37:D38) 36 Cash Accounts Receivable 65000 37 Land 38 180000 39 Total Assets =+D50 40 41 Liabilities Interest Payable 42 =+D44 C43 Loan Payable 10000 43 44 Total Liabilities 11000 45 46 Stockholders' Equity =+D50-SUM(D44,C48) 47 Capital Stock Retained Earnings 48 =+D29 =SUM(C47:C48) 49 Total Stockholders' Equity 50 Total Liabilities and Stockh 299000 51 52 53 54 55 56 57 Sheet1 READY

• Step 1: Ending retained earnings = $60,000 given in 'D29'. Input this to 'C48'
• Step 2: Interest payable = Total liabilities - Loan payable = $1,000
• Step 3: Find capital balance. Capital stock = Total liabilities and stockholders' equity - (total liabilities + retained earnings) = $228,000
• Step 4: Find total assets. Total assets = Total liabilities
• Step 5: Find Cash. Cash = Total assets - (accounts receivable+land) = $54,000
• Step 6: Beginning retained earnings + Net income - Dividends = Ending retained earnings.
  • i.e. Beginning retained earnings + Net income = Ending retained earnings + Dividends = 60000+30000 = $90,000
  • Now, Beginning retained earnings + Net income = $90,000
  • Net income = $90,000 -  Beginning retained earnings = $90,000 - $30,000 = $60,000
• Step 7: Net income in the income statement = 'D26' i.e. as found above
• Step 8: Revenue - Expenses = Net income
  • Revenue - (Wages+Interest) = Net income
  • Wages = Revenue - (Interest+Net income) = $200,000 - ($3,000+$60,000) = $137,000