Question

Prepare a Trial Balance, Multi Step Income Statement, Retained Earnings Statement, and Classified Balance Sheet

ACCT 251 EXCEL ASSIGNMENT - PREPARING FINANCIAL STATEMENTS IN EXCEL (see instructions tab for detailed instructions) Prepare a multi-step income statement: Prepare a retained earnings statement: Prepare a classified balance sheet: 1,001,360 101,360 591,680 Service Revenue Utilities Expense Cash Accounts receivable Common stock Payroll Expense Buildings Other liabilities Interest payable Land Retained earnings Supplies expense Rent expense Dividends Accounts payable Equipment Supplies Salaries payable Notes payable 12/31/17 1,206,580 125.620 151.360 160.000 101.360 704,420 680,000 6,360 1.150 771,360 591,680 17,460 165.170 25,820 202.720 270,000 181,360 141.360 1,001,360 Prepare a trial balance for Porter Company: Porter Company Trial Balance December 31, 2017 1 Cash 151,360 1 Accounts Receivable 160,000 1 Accounts Payable 1 Notes Payable 1 Common Stock 1 Retained Earnings 1 Dividends 25,820 1 Service Revenue 1 Payroll Expense 704,420 1 Supplies Expense 17,460 1 Rent Expense 165,170 1 Buildings 680,000 1 Utilities Expense 125,620 1 Interest Payable 1 Land 771,360 1 Equipment 270,000 1 Supplies 181,360 1 Salaries Payable 1 Other Liabilities 3,252,570 NOTE: A retained earnings statement is the retained earnings column from a statement of stockholder's equity. See example below: 1,206,580 1,150 141,360 6,360 3,049,850 202,720

the values needed are all the way on the left in the photo. i started the trial balance (the green chart) but could not get both sides to equal.

Answer 1

Porter Company Account Names Cash Accounts Receivable Supplies Land Buildings Equipment Accounts Payable Salaries Payable Interest Payable Other Liabilities Notes Payable Common Stock Retained Earnings Dividends Service Revenue Utilities expense Payroll expense Rent expense Supplies expense Totals Trial Balance Debit Credit 151,360 160,000 181,360 771,360 680,000 270,000 202,720 141,360 1,150 6,360 1,001,360 101,360 591,680 25,820 1,206,580 125,620 704,420 165,170 17,460 3,252,570 3,252,570

1,206,580 Porter Company Income Statement For the Period Ended December 31, 2017 Revenues Service Revenue Expenses Utilities expense Payroll expense Rent expense Supplies expense Total Expenses Net Income 125,620 704,420 165,170 17,460 1,012,670 193,910

Porter Company Statement of Stockholders Equity For the Period Ended December 31, 2017 Common Stock Retained Earnings Total Stockholders Equity Beginning balance, Dec 1 101,360 591,680 693,040 Issuance of common stock Add Net Income for the period 193,910 193,910 Less Dividends (25,820) (25,820) Ending Balance, Dec 31 101,360 759,770 861,130 Note Have taken Common Stock value of $101,360 as opening balance as no info given on new stock issued

Porter Company Balance Sheet As of December 31, 2017 Assets Current Assets Cash Accounts Receivable Supplies Liabilities & Stockholders Equity Liabilities 151,360 Accounts Payable 160,000 Salaries Payable 181,360 Interest Payable Other Liabilities Notes Payable 492,720 Total Liabilties 202,720 141,360 1,150 6,360 1,001,360 1,352,950 Total Current Assets Property, Plant & Equipment Land Buildings Equipment Total Property, Plant & Equipment Stockholders Equity 771,360 Common Stock 680,000 Retained earnings 270,000 1,721,360 Total Stockholders Equity 101,360 759,770 861,130 Total Assets 2,214,080 Total Liabilities & Stockholders Equity 2,214,080