ZuoTi.Pro
Question

EA2-A2 Create Financial Statements for Metropolitan Corp In this exercise, you will create a monthly income statement, statement of owners 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 Accounts Receivable Cash Land Maintenance Expense Notes Payable Printing Expense $27,000 Sales Revenue $24,000 Service Revenue $57,000 Supplies Expense $41,000 Tax Expense $17,000 $9,000 $11,000 $23,000 $4,000 $6,000 $13,000 $10,000 $118,000 $2,000 Telephone Expense Terry Mattingly, Capital - 5/1/2016 Terry Mattingly, Drawing 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 completed3. In the range A1:A3 on each tab: Enter the appropriate three-line header with bold formatting and the Green Accent 6, Lighter 60% fill color Merge and center the header rows across columns A-D (Income Statement) or columns A-C (Statement of O.E. and Balance Sheet). . Enter Data Within the Income Statement e Income Statement tab, enter the data as described: In this cell or range: Enter the data for the Cell A5 Range B6:B7 Range C6:C7 Cell A8 Cell D8 Cell A10 Range B11:B15 Range C11:C15 Cell A16 Cell A17 Range D16:D17 4. On th Header for revenues Revenue account names (largest to smallest) Revenue account amounts Total revenue entry Total revenue amount Header for expenses Expense account names (largest to smallest) Expense account amounts Total expenses entry Net income or loss entry Amounts associated with cells A16 and A17 5. Apply the appropriate border to cells C7, C15, D16, and D17 6. In cell A19, type a comment that indicates the largest revenue item and apply a 15% Orientation to the cell. 7. Apply the Accounting number format with zero decimal places to all amounts within the statement and apply appropriate column widths to columns A-D. Enter Data for the Statement of Owners Equity 8. On the Statement of O.E. tab, enter the data as described: In this cell: Cell A5 Cell C5 Cell A6 Cell C6 Cell A7 Cell C7 Cell A8 Cell C8 Enter the data for the Beginning equity account name Beginning equity amount Net income or loss title Net income or loss amount Appropriate account name Amount associated with cell A7 Ending equity account name Ending equity amount 9. Apply the appropriate border to cells C7 and C8 and use line breaks to display the account names in cells A5 and A8Apply the Accounting number format with zero decimal places to all amounts 11. A pply appropriate column widths to columns A-C and appropriate row heights to rows 5 and 8 Enter Data Within the Balance Sheet 12. On the Balance Sheet tab, enter the data as described: In this cell or range:Enter the data for the Cell A5 Range A6:A8 Asset header Asset account names in order of liquidity (Cash, Accounts Receivable, Range C6:C8 Cell A9 Cell C9 Land) Asset account amounts Total assets name Total assets amount 13. Apply the appropriate border to cells C8 and C9. 14. Wrap the text in cell A7 15. Enter the data as described In this cell or range: Enter the data for the Cell A11 Range A12:A13Liability account names (from short- to long-term) Range C12:C13 Cell A14 Cell C14 Cell A16 Cell A17 Cell C17 Cell A19 Cell C19 Liabilities header Liability account amounts Total liability name Total liability amount Owners equity header Equity account name Equity account amount Total liabilities and owners equity name Total liabilities and owners equity amount Hint: In this instance, the order of liabilities from short- to long-term is also the order from smallest to largest. 16. Indent the account names twice in the ranges A6:A8 and A22:A13. 17. Apply the appropriate border to cells C13, C17, and C19 and add a line break to the entry in cell A19 Apply the Accounting number format with zero decimal places to all amounts 18. . 19. Apply appropriate column widths to columns A-C and appropriate row heights as needed. 20. Save and close your file.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

✔ Recommended Answer
Answer #1

Raw no Income statement 5 Revenues Sales revenue 23000 Service revenue 4000 8 Total revenues 27000 10 Expenses 12 13 14 15 16 Total expenses 17 Net Profit/(loss) Maintenance expense Tax expense Printing expense Supplies expense Telephone expense 17000 13000 11000 10000 57000 Statement of Owners equit 5 Beginning balance of Terry mattingly, capital Net loss 118000 30000 2000 86000 7 Terry Mattingly, drawing 8 Ending balance of Terry Mattingly, capital Balance sheet Assets Cash Accounts receivable Land Total assets 57000 24000 41000 10 Liabilities Accounts payable Notes payable Total liabilit 12 13 14 15 16 17 18 19 27000 36000 Owners equity Terry Mattingly, capital 86000 Total Liabilities & Owners equity

1 0
Add a comment
Know the answer?
Add Answer to:
EA2-A2 Create Financial Statements for Metropolitan Corp In this exercise, you will create a monthly income...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • EA2-A2 Create Financial Statements for Metropolitan Corp. In this exercise, you will create a monthly income...

    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...

  • There’s 3 sections to this Question: Apply Your Skills EA3-A1 Create the Statement of Cash Flows...

    There’s 3 sections to this Question: Apply Your Skills EA3-A1 Create the Statement of Cash Flows for Tight Flying Co. In this exercise, you will use the indirect method to create the statement of cash flows in Excel for Tight Flying Co. The following amounts relate to June of 2016. Net income $28,000 Sale of Equipment $1,700 Depreciation Expense $2,000 Sale of Furniture 59,300 Accounts Receivable beginning) 59,600 Notes Payable beginning) $15,800 Accounts Receivable (ending) $13,200 Notes Payable (ending) $4,800...

  • EA5-A2 Create a Bank Reconciliation for Tasters Club Corp. In this exercise, you will create a...

    EA5-A2 Create a Bank Reconciliation for Tasters Club Corp. In this exercise, you will create a bank reconciliation for Tasters Club Corp. for the month ended December 31, 2016. The reconciliation should be partly based on these figures: Bank Statement Balance (12/31/2016) equals $16,200; Notes Receivable equals $395; NSF Check equals $4,000; Bank Charges equals $550. During the month, the bank erroneously deposited a $505 check written to Pepper Products into the bank account of Tasters Club Corp. 1. Open...

  • Reindor 100 EA3-R2 Create the Statement of Cash Flows for Hailstorm Co. is exercise, you will...

    Reindor 100 EA3-R2 Create the Statement of Cash Flows for Hailstorm Co. is exercise, you will use the indirect method to create a statement of cash flows in Excel for Hailstorm Co. The following amounts relate to January of 2016. Net Income 53,100 Sale of Machinery $1,900 Depreciation Expense $400 Purchase of Equipment $2,100 Accounts Receivable beginning) $1.900 investment by Owner $1,000 Accounts Receivable ending) $1,100 Lucas Schmidt, Drawing $300 Accounts Payable (beginning) $2,900 Cash (beginning balance) $7,800 Accounts Payable...

  • EA3-R2 Create the Statement of Cash Flows for Hailstorm Co. In this exercise, you will use...

    EA3-R2 Create the Statement of Cash Flows for Hailstorm Co. In this exercise, you will use the direct method to create a statement of cash flows Hailstorm Co. The followme amounts relate to January of 2016. direct method to create a statement of cash flows in Excel for Net income $3,100 Sale of Machinery $1.900 Depreciation Expense 5400 Purchase of Equipment $2,100 Accounts Receivable beginning) $1.000 investment by Owner $1,000 Accounts Receivable (ending) $1,100 Lucas Schmidt, Drawing $300 Accounts Payable...

  • In this exercise, you will complete a bond amortization schedule for Minute Construction. You will calculate...

    In this exercise, you will complete a bond amortization schedule for Minute Construction. You will calculate the bond characteristics and generate a schedule with key components. You will protect worksheet elements and create a macro. Start a new file. Reduce the width of column A to 0.75 and the height of row 1 to 7.20. Enter the bond details in the range B2:C8. Include a centered header and appropriate titles. Enter the details for a bond with a $310,000 face...

  • Extend You Extend Your Skills EA2-E1 Create Financial Statements for Frozen Fractals Corp. In this exercise,...

    Extend You Extend Your Skills EA2-E1 Create Financial Statements for Frozen Fractals Corp. In this exercise, you will create an income statement, statement of owner's equity, and balance sheet in Excel for Frozen Fractals Corp. With the exception of the Jacqueline Elise, Capital account (the balance for which is from 12/1/2016), the company had the following account balances as of 12/31/2016. Accounts Payable Accounts Receivable Auto Expense Cash Furniture $27,000 $4,000 $8,500 $41,000 Land $6,000 $4,100 Office Expense S9,400 Rent...

  • EA6-A2 Complete a Depreciation Schedule for Furniture Resellers In this exercise, you will create a depreciation...

    EA6-A2 Complete a Depreciation Schedule for Furniture Resellers In this exercise, you will create a depreciation schedule for Furniture Resellers as of 12/31/2016 using an Excel table. You will then sort, filter, and analyze the data in the table. These fixed assets, with associated data as of 12/31/2015, were acquired prior to the current year. Fixed Asset Date of Cost Salvage Useful Life Accumulated Acquisition Value (years) Depreciation Machinery 1/1/2007 $8,200 $700 10 $6,750 1/1/2009 $8,400 Garage Equipment $11,000 $200...

  • COMPLETE THE FOLLOWING USING THE ATTACHED DOCUMENTS In this exercise, you will perform a financial statement...

    COMPLETE THE FOLLOWING USING THE ATTACHED DOCUMENTS In this exercise, you will perform a financial statement analysis for Water Feature Designers Inc. You will perform horizontal/vertical analyses and create charts to highlight key information from these analyses. You will also calculate financial ratios and insert cell comments. Use this information to complete the ratio analysis. Ratio Current Ratio Debt-to-Equity Ratio Profit Margin 2016 7.62 0.17 .186 2015 3.45 0.28 292 2014 8.21 0.18 255 1. Open EA9-A2-FSA from your Chapter...

  • EA1-A2 Record Journal Entries us exercise, you will record four journal entries in Excel. The four...

    EA1-A2 Record Journal Entries us exercise, you will record four journal entries in Excel. The four transactions you will use, all of which took place during 2016, are as follows: • February 4: Purchased $1,100 of supplies on account • February 12: Received $2,600 of Service Revenue February 17: Paid $3,100 for Rent Expense • February 27: Recorded an adjusting journal entry for Supplies Expense after determining that the value of remaining supplies is $350 (the company had no supplies...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT