Prepare the companys income statement and balance sheet
Assignment
Make a balance sheet and income statement in Excel
Using the following data in the attached PDF, create a Balance Sheet and an Income Statement
Post your completed financial statements as an excel spreadsheet (one tab for the Balance Sheet, one tab for the Income Statement).
PREPARING FINANCIAL STATEMENTS
As the accountant for Wheatley International, it is your job to prepare the company's income statement and balance sheet. Use the accounts listed below to construct the statements. Assume that the tax rate is 25%.
|
List of Accounts for |
|
|
Accounts Receivable |
$ 120,600 |
|
Land |
1,500,000 |
|
Notes Receivable |
61,200 |
|
Insurance Expenses |
54,000 |
|
Accounts Payable |
45,000 |
|
Interest Expenses |
24,600 |
|
Common Stock |
1,896,000 |
|
Depreciation |
400,000 |
|
Net Sales |
1,053,000 |
|
Ending Inventory |
126,600 |
|
Notes Payable (Long-Term) |
210,000 |
|
Beginning Inventory |
154,800 |
|
Retained Earnings |
1,459,800 |
|
Advertising Expense |
90,000 |
|
Cash |
72,000 |
|
Salaries |
180,000 |
|
Short-Term Notes Payable |
15,600 |
|
Merchandise Purchased (for Inventory) |
316,800 |
|
Buildings |
1,050,000 |
|
Rent |
13,800 |
|
Utilities |
8,400 |
|
Equipment & Vehicles |
1,066,000 |
|
Goodwill |
90,000 |
|
Bonds Payable |
60,000 |
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