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# Problem 1-1 # Incorrect N-box and B-box entries COUNTIF(B7:AT41,&quot;~*&quot;) 0 # N-box Incorrects due to blanks COUNTIF(B7:AT41,&quot; &quot;) 38...

The amounts of the assets and liabilities of Padre Travel Service as of June 30,
2010, the end of the current year, and its revenue and expenses for the year are
listed below. The retained earnings were \$210,000, and the capital stock was
\$90,000 as of July 1, 2009, the beginning of the current year. Dividends of
\$180,000 were paid during the current year.

Accounts payable \$71,500
Accounts receivable 188,100
Cash 318,300
Fees earned 1,579,200
Miscellaneous expense 16,000
Rent expense 226,800
Supplies 20,100
Supplies expense 42,600
Taxes expense 33,600
Utilities expense 135,000
Wages expense 790,200

Instructions

1. Prepare an income statement for the current year ended June 30, 2010.
2. Prepare a retained earnings statement for the current year ended June 30,
2010.
3. Prepare a balance sheet as of June 30, 2010.

Please see attached. This class requires the information to be put into the Excel spreadsheet provided. It is very thorough and easy to follow.

THANK YOU.
Problem 1-1 # Incor ect N-box and B-box entries COUNTIF(B7:AT41,"~*") Name: 0 Section: # N-box Incor ects due to blanks COUNTIF(B7:AT41," ") 38 Score: 0% # N-box +B-box cor ects COUNTIF(B7:AT41," ") 0 Total SUM(AV13:AV15) 38 Answers are entered in the cel s with gray backgrounds. Percentage =(AV16-AV13-AV14)/AV16 Cel s with non-gray backgrounds are protected and cannot be edited. 0% A red asterisk (*) wil appear in the column to the right of an incor ect answer. Notes: If number-entry box is blank (this would be an incor ect answer for N-boxes), er or check returns two spaces, " " If number-entry or blank-entry box is incor ect, returns "*" 1. If number-entry or blank-entry box is cor ect, returns single space, " " PADRE TRAVEL SERVICE Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as cor ect. Income Statement Conditional format ing might be used but wasn't here, to hide some of the er or check return symbols. If A1 = "~*", then font = red, if something else, then font = background color. For the Year Ended June 30, 2010 Fees earned Operating expenses: Total operating expenses Net income 2. PADRE TRAVEL SERVICE Retained Earnings Statement For the Year Ended June 30, 2010 Retained earnings, July 1, 2009 Retained earnings, June 30, 2010 3. PADRE TRAVEL SERVICE Balance Sheet June 30, 2010 Assets Total assets Liabilities Stockholders' Equity Total liabilities and stockholders' equity Instructions

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