Question

Problem 3 Chapter 4 Instructions On the Excel file, you will find two tabs: 1) Adjusted Trial Balance and 2) Financial Statements. The Adjusted Trial Balance is completed and correct. The Financial Statements tab shows an outline for the financial statements with all headings, accounts, columns, and lines correct. Note that this format is almost exactly the same as Problem 2 Chapter 3. The only difference is the inclusion of a couple more accounts. REQUIRED: Complete the financial statements using formulas in Excel. DO NOT just enter the numbers- enter formulas for ALL amounts. Referring back to Problem 2 Chapter 3 will be helpful.

Answer 1

Chegg - Microsoft Excel х FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW ACROBAT Microsoft account F16 Xfic A D E F. H 1 J 1 B с Cumberland City Cycles Inc. Income Statement G Cumberland City Cycles Inc. Income Statement 31-12-2021 2 3 44561 4 5 Revenues 6 Rental Revenues 7 Total Revenues 229200 Revenues Rental Revenues Total Revenues 229200 8 9 Expenses 10 Salaries Expense 23000 11 Advertising Expense 5000 12 Utilities Expense 6400 13 Insurance Expense 2300 14 Rent Expense 250 15 Supplies Expense 5000 16 Depreciation Expense-Equipment 10000 17 Depreciation Expense-Building 25000 18 Interest Expense 1000 19 Total Expenses =SUM(C10:C18) 20 Expenses Salaries Expense Advertising Expense Utilities Expense Insurance Expense Rent Expense Supplies Expense Depreciation Expense-Equipment Depreciation Expense-Building Interest Expense Total Expenses 23000 5000 6400 2300 250 5000 10000 25000 1000 77950 21 Net Income =C6-C19 Net Income 151250 22 Income Statement Balance Sheet Retained Earnings READY + 110% I Type here to search BI o x] ENG 21:54 14-09-2020

Chegg - Microsoft Excel х FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW ACROBAT Microsoft account H14 x x Accumulated Depreciation Building A B D E F G H 1 J K L 1 с Cumberland City Cycles Inc. Balance Sheet Cumberland City Cycles Inc. Balance Sheet 2 3 44561 31-12-2021 4 Assets 6 12500 25000 7500 750 Cash Accounts Receiovable Office Supplies Prepaid Rent Prepaid Insurance Equipments Accumulated Depreciation Equip Building Accumulated Depreciation Building 4200 50000 -10000 40000 250000 -25000 225000 =SUM(D6:D14) Total Assets 314950 32000 5 Assets Cash 12500 7 Accounts Receiovable 25000 8 Office Supplies 7500 9 Prepaid Rent 750 10 Prepaid Insurance 4200 11 Equipments 50000 12 Accumulated Depreciation Equip -10000 =SUM(C11:C12) 13 Building 250000 14 Accumulated Depreciation Building -25000 =SUM(C13:C14) 15 Total Assets 16 17 Liabilities 18 Accounts Payable 32000 19 Unearned Revenue 6500 20 Notes Payable 10000 21 Interest Payable 1000 22 Salaries Payable 1200 23 Notes Payable- Long Term 15000 24 Stockholders' Equity 25 Common Stock 100000 26 Retained Earnings ='Retained Earnings'!D8 27 Total Liabilities & Stockholders' Equity 28 29 30 31 Income Statement Balance Sheet Retained Earnings 6500 10000 1000 Liabilities Accounts Payable Unearned Revenue Notes Payable Interest Payable Salaries Payable Notes Payable- Long Term Stockholders' Equity Common Stock Retained Earnings Total Liabilities & Stockholders' Equity 1200 15000 100000 149250 =SUM(D18:D26) 314950 READY 80% Type here to search BI o x] ENG 21:54 14-09-2020

Chegg - Microsoft Excel ? _ х FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW ACROBAT Microsoft account 18 X fic B D E F G H j 1 A С Cumberland City Cycles Inc. Statement of Retained Earnings For the Year Ended December 31, 2021 2 3 4 5 Beginning Retained Earnings 0 6 Add: Net Income 151250 7 Less: Dividends 2000 8 Ending Retained Earnings =D5 D6-D7 9 10 Cumberland City Cycles Inc. 11 Statement of Retained Earnings 12 For the Year Ended December 31, 2021 13 14 Beginning Retained Earnings 0 15 Add: Net Income 151250 16 Less: Dividends 2000 17 Ending Retained Earnings 149250 18 19 20 21 22 23 24 25 Income Statement Balance Sheet Retained Earnings READY + 100% IN © Type here to search o x] ENG 21:54 14-09-2020