EA2-E1 Create Financial Statements for Frozen Fractals Corp. In this exercise, y

Question

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 Jacqueline Elise, Capital 12/1/2016 $73,200 Telephone Expense $6,100 Jacqueline Elise, Drawing $6,000 S4,100 office Expense $9,400 Rent Revenue S61,000 Sales Revenue S8,000 Supplies Expense $2,500 Land $27,000 $4,000 $8,500 $41,000 $3,000 Utilities Expense $3,600 When creating the financial statements, be certain to use the techniques from this chapter to present each in good form.

Explanation / Answer

Forzen Factales corp Income Statement As on 12/31/2016 Rent Revenue 8500 Sales Revenue 41000 Total Revenue 49500 Expenses Supplies Expense 2500 Telephone Expense 6100 Utilities Expense 3600 Auto Expense 9400 Office Expense 4000 12200 Net Income 23900 Forzen Factales corp Statement of Owners Equity As on 12/31/2016 Jacqueline Elise Capital at the Beginning 73200 Add Net Income 23900 Less Drawing 3000 Jacqueline Elise Capital at the end 94100 Forzen Factales corp Balance Sheet As on 12/31/2016 Assets Current Asset Cash 61000 Account Receivable 4100 Total current Asset 65100 Furniture 8000 Land 27000 Total Assets 100100 Liabilities and Equity Account Payable 6000 Owners Equity 94100 Total Liabilities and Equity 100100

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