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Q: in an Excel worksheet to income statement, a balance sheet and a statement

of changes in equity for a start-up business.

Scenario: You have started a valet parking business called First Class Valet. You have tracked your cash, supplies, revenues, expenses, and other items in a spreadsheet. The totals for each account at the end of your first month are as follows (ignore GST):

1. Sales Revenues, $400

2. Supplies on hand (asset account), $175

3. Cash, $300

4. Supplies expense, $225

5. Capital, 1 July 2019: $250

6. Salary payable, & Salary expense, $50.

7. Drawings: $20

8. Unearned revenue: $75

9. Accounts receivable: $5

a) In a new worksheet,

an income statement, a balance sheet, and a statement of changes in equity for 31 July 2019. Your statements should show the result of the following:

1. How well did your business do in its first month of operations? 2. How did this affect your capital account?

b) In a different worksheet draw a graph to visualise the financial performance of your company in an Excel spreadsheet.

Hint: Your graphs could visualise the following ratios:

1. Expense to sales ratio

2. profit margin ratio

c) provide a brief explanation about the financial performance of your company.

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Screenshot (78).png

Profit & Loss Statement
First Class Valet
On 31th July 2019
Particular
Amount
Sales Revenue
$400.0
- Supplies Expenditure
$225.0
Cost of Goods Sold
$175.0
- Salary Expanse
$50.0
Net Income
$125.0

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