ome Insert Page Layout Fomulas Data Review View Tell me what you want to do TED

Question

ome Insert Page Layout Fomulas Data Review View Tell me what you want to do TED VIEW Be careful files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected ments Use Excel to complete the Income Statement and Balance Sheet columns of the worksheet. a. Use cell references from the adjusted trial balance to the income statement and balance sheet columns. b. Use formulas to total the columns. c Use a formula to determine the amount of net income or net loss. d. Format the cells requiring dollar signs. e. Boldface the totals Prepare the Income Statement, the Statement of Retained Earnings, and a classified Balance Sheet. a. Use the Increase Indent button on the Home tab to indent items b. Use formulas to sum items. c. Format the cells requiring dollar signs. d. Format the cells requiring double underlines. Journalize the closing entries. The account titles are availabie when you click the down arrow. Post the closing entries to the T-accounts, using cell references from closing entries. Complete the post-closing trial balance using formulas referencing the T-accounts. The account titles are availai

Explanation / Answer

CEDAR RIVER CORPORATION July 31 2018 Income statement Balance Sheet Statement of Retained Earnings Amount($) Total($) Revenues computation Amount($) Total($) ASSETS Opening balance of retained earnings 0 Salary 39000+11000+700 50700 Current assets computation Amount($) Total($) Add: Net Income earned in current year 18725 Cash 355750 Sub total 18725 Expenses Accounts Receivable 8000+700 8700 Less: Dividend declared in current year 1500 Rent 4000 Prepaid Rent 16000-4000 12000 Closing Balance of retained earnings 17225 Salary expense 24000+2400 26400 Office supplies 950-325 625 Supplies expense 325 Total Current assets 377075 Utilities expense 300 Particulars Debit($) Credit($) Depreciation Property,plant & Equipment To close revenue a/c to income summary Building 400 Land 55000 Revenues A/c Dr 50700 Furniture 300 Building 120000 To Income Summary A/c 50700 Interest expense 250 Furniture 22000 Total Expenses 31975 197000 To close expense a/c's to income summary Profit 18725 Total Assets 574075 Income summary A/c Dr 31975 LIABILITIES To Expenses 31975 Current liabilities Accounts Payable 200 To close income summary to retained earnings Utilities Payable 300 Income Summary A/c Dr 18725 Salaries Payable 2400 To Retained Earnings A/c 18725 Interest payable 250 Unearned Revenue 22000-11000 11000 To close dividends to retained earnings Total current liabilities 14150 Retained Earnings A/c Dr 1500 To Dividend 1500 Non current liabilities Notes payable 120000 Posting of closing Entries to T-accounts Total non current liabilities 120000 Income summary Accumulated Depreciation (400+300) 700 Particulars Debit Particulars Credit To Expenses 31975 By Revenues 50700 STOCKHOLDERS EQUITY To retained earnings 18725 Common stock 422000 50700 50700 Retained Earnings 17225 439225 Retained Earnings Equity & Total liabilities 574075 Particulars Debit Particulars Credit To Dividend 1500 By Income summary 18725 To Balance C/d 17225 18725 18725 Post-closing Trial Balance Balance Dividend Account Title Debit Credit Particulars Debit Particulars Credit Cash 355750 To balance b/d 1500 By Retained Earnings 1500 Accounts Receivable 8700 1500 1500 Prepaid Rent 12000 Office supplies 625 Rent Expense Land 55000 Particulars Debit Particulars Credit Building 120000 To balance 4000 By Income summary 4000 Furniture 22000 4000 4000 Accumulated Depreciation 700 Accounts Payable 200 Salaries Expense Utilities Payable 300 Particulars Debit Particulars Credit Salaries Payable 2400 To Balance 26400 By Income summary 26400 Interest payable 250 (24000+2400) 26400 26400 Unearned Revenue 11000 Notes payable 120000 Supplies Expense Common stock 422000 Particulars Debit Particulars Credit Retained Earnings 17225 To Balance 325 By Income summary 325 Totals $574075 $574075 325 325 Utilities Expense Particulars Debit Particulars Credit To Balance 300 By Income summary 300 300 300 Service Revenue Particulars Debit Particulars Credit To Income Summary 50700 By balance 50700 50700 (39000+11000+700) 50700

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