C In Excel prepare a balance sheet as of 063017 and a SINGLE STEP income

C in excel prepare a balance sheet as of 063017 and a

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have debit and credit control totals so that you can check after each entry to see if you are in balance.(C) In Excel, prepare a balance sheet as of 06/30/17 and a SINGLE-STEP income statement for the year ended 6/30/17. This should be completed through the use of Excel formulas rather than retyping the ending balances from your T-accounts in the financial statements. Note that you do not need to record closing entries to the General Journal, just use the T-account balances to create your balance sheet and income statement. You do NOT need to prepare a Statement of Shareholders’ Equity or Statement of Cash Flows. Income taxes should be ignored.
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General Ledger Account Name Unadjusted T/B 5/31/17 Debit Credit Cash 325,800 Accounts Receivable 211,543 Allowance for Doubtful Accounts 84,962 Inventory 1,641,300 Prepaid expenses 19,500 Building 700,000 Furniture & Equipment 125,000 Land 452,600 Accum Depreciation 205,564 Investments 185,200 Goodwill 630,000 Other Intangible Assets 115,600 Accounts Payable 1,056,340 Dividends Payable 0 Interest Payable 5,100 Unearned Revenue 158,660 Accrued Wages 41,630 Payroll Taxes Payable 8,850 Long Term Debt 650,000 Common Stock 920,000 Paid-in Capital 105,000 Treasury Stock 400,000 Retained Earnings 607,017 Sales Revenue 9,880,540 Cost of Goods Sold 6,145,876 Advertising Expense 185,000 Bad Debt Expense 0 Depreciation Expense 0 Insurance Expense 60,101 Interest Expense 53,214 Investment Income 13,230 Gain on sale of PPE 0 Legal and Accounting Expense 193,340 Office supplies Expense 187,613 Payroll Tax Expense 156,975 Property Tax Expense 104,570 Repair and Maintenance Expense 192,809 Utilities Expense 57,134 Wage Expense 1,593,718 Total 13,736,893 13,736,893 0.00
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Summer Corporation General Journal 1,968,227 1,968,227 # Transaction Debit Credit 1 Accounts Receivable 850,000 Revenue 850,000 Cost of Goods Sold 480,000 Inventory 480,000 To record sale of product 2 Cash 75,800 Accounts Receviable 75,800.00 3 Legal and Accounting Expense 22,000.00 Office Supplies Expense 6,500.00 Utilities Expense 15,200.00 Repair & Maintenance 21,300.00 Accounts Payable 65,000.00 4 5 Accounts Payable 88,750.00 Cash 88,750.00 6 Unearned Revenue 85,800.00 revenue 85,800.00 7 Wages Expense 81,650.00 cash 81,650.00 wages Expense 13,350.00 accrued wages 13,350.00 8 accum depreciation 7,000.00 cash 5,000.00 Furniture & Equipment 10,000.00 gain on sale of equipment 2,000.00 9 Unearned Revenue 16,875.00 Sales Revenue 16,875.00 10 Bad debt expense 21,500.00 allowance for doubtful accoun 21,500.00 11 Interest expense 6,235.00 interest Payable 6,235.00 12 Prepaid insurance 1,100.00 Insurance expense 1,100.00 13 Depreciation Expense 16,666.67 Accumulated Depreciation 16,666.67 Depreciation Expense 11,500.00 Accumulated Depreciation 11,500.00 14 Retained Earnings 142,000.00 Divendends Payable 142,000.00
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Summer Corporation Cash Accounts Receivable Allow for Doubtful Accts beg 211,543 1 850,000 Inventory Prepaid Expenses Building beg 1,641,300 480,000 1 Furniture & Equipment Accum Depreciation Land Investments Goodwill Other Intangible Assets Accounts Payable Dividends Payable Interest Payable ` Unearned Revenue Accrued Wages Payroll Taxes Payable Long Term Debt Common Stock Paid-in Capital Treasury Stock Retained Earnings Sales Revenue 9,880,540 beg 850,000 1 Investment Income Gain on Equipment Cost of Goods Sold beg 6,145,876 1 480,000 Advertising Expense
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