B G Н к 3 Name 4 5 Instructions: The worksheet and the financial statements have been started and outlined. Where you see the word 6 "FORMULA", that is where a formula should be typed in. Cash and AR in rows 13 and 14 have been 7 įdone for you as an example. Sometimes the formula is just bringing a number over to the next area, in that case 8 itype = followed by the cell number it was in before (click on cell F13 to see the formula used there). Other times you 9 įmay have to add or subtract (see the formula in cell F14). When you are adding more than two numbers, use the 10 =sum formula. Complete and save. 11 Adj. Trial Balance Debit 12 Trial Balance Balance Sheet Adjustments Debit Income Statement Credit 13 14 !Cash 15 ÍAR Debit Credit Credit Credit Debit Credit Debit 5,000 1,000 500 5,000 5,000 1000 2,000 2,000 200 FORMULA 16 įSupplies 17 PP Rent 18 İPP Insurance 19 Office Equip. 20 Accum. Dep. 21 AP 22 Salaries Pay. 23 Unearned Fees 24 Retained Earnings 25 Common Stock 26 Dividends 27 Fees Earned 28 Salary Exp. 29 Rent Exp. 30 Supplies Exp. 31 Dep. Exp. FORMULA 100 FORMULA 150 FORMULA FORMULA 200 FORMULA 300 FORMULA 1,500 FORMULA 200 200 FORMULA FORMULA 500 FORMULA FORMULA 400 120 FORMULA FORMULA 1,200 1000 FORMULA i FORMULA FORMULA FORMULA 2,000 FORMULA 3,000 FORMULA 600 FORMULA FORMULA 3,000 2000 FORMULA FORMULA 500 120 FORMULA FORMULA 400 100 FORMULA FORMULA 200 FORMULA FORMULA FORMULA FORMULA FORMULA FORMULA 200 32 Insurance Exp. 33 (Misc. Exp. 150 FORMULA 300 FORMULA 34 2.770 FORMULA FORMULA FORMULA FORMULA FORMULA FORMULA 35 Total 36 İNet Income 37 (Total 10,300 10.300 2,770 FORMULA FORMULA FORMULA FORMULA FORMULA FORMULA 40 Quixote Consulting 41 Income Statement For month ended June 30, 20XX 42 43 44 Fees Earned 45 Operating Expenses: 46 Salary Exp. Rent Exp. 48 Supplies Exp. 49 Dep. Exp. Insurance Exp. Misc. Exp. 52 Total Expenses 53 Net Income Instructions: Use = followed by the cell number where it last appeared in the worksheet to bring numbers down. Cell C51 will need an =sum formula adding all expenses, cell c52 will need a FORMULA FORMULA 47 FORMULA subtraction formula. FORMULA Complete all three financial statements. FORMULA 50 FORMULA 51 FORMULA FORMULA FORMULA 54 55 56 Quixote Consulting Statement of Stockholders' Equity For month ended June 30, 20XX 57 58 59 Common Retained 60 Stock Earnings Total 61 Balance on June, 1, 20XX FORMULA FORMULA FORMULA Assume no additional 62 Issued Common Stock Common Stock was 63 Net Income 64 Dividends FORMULA FORMULA issued so zero has FORMULA FORMULA FORMULA FORMULA FORMULA been filled in. 65 Balance, June 30, 20XX 66 67 68
B G Н к 3 Name 4 5 Instructions: The worksheet and the financial statements have been started and outlined. Where you see the word 6 "FORMULA", that is where a formula should be typed in. Cash and AR in rows 13 and 14 have been 7 įdone for you as an example. Sometimes the formula is just bringing a number over to the next area, in that case 8 itype = followed by the cell number it was in before (click on cell F13 to see the formula used there). Other times you 9 įmay have to add or subtract (see the formula in cell F14). When you are adding more than two numbers, use the 10 =sum formula. Complete and save. 11 Adj. Trial Balance Debit 12 Trial Balance Balance Sheet Adjustments Debit Income Statement Credit 13 14 !Cash 15 ÍAR Debit Credit Credit Credit Debit Credit Debit 5,000 1,000 500 5,000 5,000 1000 2,000 2,000 200 FORMULA 16 įSupplies 17 PP Rent 18 İPP Insurance 19 Office Equip. 20 Accum. Dep. 21 AP 22 Salaries Pay. 23 Unearned Fees 24 Retained Earnings 25 Common Stock 26 Dividends 27 Fees Earned 28 Salary Exp. 29 Rent Exp. 30 Supplies Exp. 31 Dep. Exp. FORMULA 100 FORMULA 150 FORMULA FORMULA 200 FORMULA 300 FORMULA 1,500 FORMULA 200 200 FORMULA FORMULA 500 FORMULA FORMULA 400 120 FORMULA FORMULA 1,200 1000 FORMULA i FORMULA FORMULA FORMULA 2,000 FORMULA 3,000 FORMULA 600 FORMULA FORMULA 3,000 2000 FORMULA FORMULA 500 120 FORMULA FORMULA 400 100 FORMULA FORMULA 200 FORMULA FORMULA FORMULA FORMULA FORMULA FORMULA 200 32 Insurance Exp. 33 (Misc. Exp. 150 FORMULA 300 FORMULA 34 2.770 FORMULA FORMULA FORMULA FORMULA FORMULA FORMULA 35 Total 36 İNet Income 37 (Total 10,300 10.300 2,770 FORMULA FORMULA FORMULA FORMULA FORMULA FORMULA 40 Quixote Consulting 41 Income Statement For month ended June 30, 20XX 42 43 44 Fees Earned 45 Operating Expenses: 46 Salary Exp. Rent Exp. 48 Supplies Exp. 49 Dep. Exp. Insurance Exp. Misc. Exp. 52 Total Expenses 53 Net Income Instructions: Use = followed by the cell number where it last appeared in the worksheet to bring numbers down. Cell C51 will need an =sum formula adding all expenses, cell c52 will need a FORMULA FORMULA 47 FORMULA subtraction formula. FORMULA Complete all three financial statements. FORMULA 50 FORMULA 51 FORMULA FORMULA FORMULA 54 55 56 Quixote Consulting Statement of Stockholders' Equity For month ended June 30, 20XX 57 58 59 Common Retained 60 Stock Earnings Total 61 Balance on June, 1, 20XX FORMULA FORMULA FORMULA Assume no additional 62 Issued Common Stock Common Stock was 63 Net Income 64 Dividends FORMULA FORMULA issued so zero has FORMULA FORMULA FORMULA FORMULA FORMULA been filled in. 65 Balance, June 30, 20XX 66 67 68
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
Topic Video
Question
| Quixote Consulting | |||
| June 30, 20XX | |||
| Assets | |||
| Current Assets: | |||
| Cash | FORMULA | ||
| FORMULA | |||
| Supplies | FORMULA | ||
| PP Rent | FORMULA | ||
| PP Insurance | FORMULA | ||
| Total Current Assets | FORMULA | ||
| Property Plant and Equipment: | |||
| Office Equip. | FORMULA | ||
| Accum. Dep. | FORMULA | FORMULA | |
| Total Property Plant and Equip. | FORMULA | ||
| Total Assets | FORMULA | ||
| Liabilities | |||
| Current Liabilities | |||
| AP | FORMULA | ||
| Salaries Pay. | FORMULA | ||
| Unearned Fees | FORMULA | ||
| Total Liabilities | FORMULA | ||
| Common Stock | FORMULA | ||
| FORMULA | |||
| Total Stockholders' Equity | FORMULA | ||
| Total Liabilities & Stockholders' Equity | FORMULA |
Transcribed Image Text:B
G
Н
к
3 Name
4
5 Instructions: The worksheet and the financial statements have been started and outlined. Where you see the word
6 "FORMULA", that is where a formula should be typed in. Cash and AR in rows 13 and 14 have been
7 įdone for you as an example. Sometimes the formula is just bringing a number over to the next area, in that case
8 itype = followed by the cell number it was in before (click on cell F13 to see the formula used there). Other times you
9 įmay have to add or subtract (see the formula in cell F14). When you are adding more than two numbers, use the
10 =sum formula. Complete and save.
11
Adj. Trial Balance
Debit
12
Trial Balance
Balance Sheet
Adjustments
Debit
Income Statement
Credit
13
14 !Cash
15 ÍAR
Debit
Credit
Credit
Credit
Debit
Credit
Debit
5,000
1,000
500
5,000
5,000
1000
2,000
2,000
200 FORMULA
16 įSupplies
17 PP Rent
18 İPP Insurance
19 Office Equip.
20 Accum. Dep.
21 AP
22 Salaries Pay.
23 Unearned Fees
24 Retained Earnings
25 Common Stock
26 Dividends
27 Fees Earned
28 Salary Exp.
29 Rent Exp.
30 Supplies Exp.
31 Dep. Exp.
FORMULA
100 FORMULA
150 FORMULA
FORMULA
200
FORMULA
300
FORMULA
1,500
FORMULA
200
200
FORMULA
FORMULA
500
FORMULA
FORMULA
400
120
FORMULA
FORMULA
1,200
1000
FORMULA
i
FORMULA
FORMULA
FORMULA
2,000
FORMULA
3,000
FORMULA
600
FORMULA
FORMULA
3,000
2000
FORMULA
FORMULA
500
120
FORMULA
FORMULA
400
100
FORMULA
FORMULA
200
FORMULA
FORMULA
FORMULA
FORMULA
FORMULA
FORMULA
200
32 Insurance Exp.
33 (Misc. Exp.
150
FORMULA
300
FORMULA
34
2.770 FORMULA FORMULA FORMULA FORMULA FORMULA FORMULA
35 Total
36 İNet Income
37 (Total
10,300
10.300
2,770
FORMULA
FORMULA
FORMULA FORMULA FORMULA FORMULA
Transcribed Image Text:40
Quixote Consulting
41
Income Statement
For month ended June 30, 20XX
42
43
44 Fees Earned
45 Operating Expenses:
46 Salary Exp.
Rent Exp.
48 Supplies Exp.
49 Dep. Exp.
Insurance Exp.
Misc. Exp.
52 Total Expenses
53 Net Income
Instructions:
Use = followed by the cell number where it
last appeared in the worksheet to bring numbers
down. Cell C51 will need an =sum formula adding
all expenses, cell c52 will need a
FORMULA
FORMULA
47
FORMULA
subtraction formula.
FORMULA
Complete all three financial statements.
FORMULA
50
FORMULA
51
FORMULA
FORMULA
FORMULA
54
55
56
Quixote Consulting
Statement of Stockholders' Equity
For month ended June 30, 20XX
57
58
59
Common
Retained
60
Stock
Earnings
Total
61 Balance on June, 1, 20XX
FORMULA FORMULA FORMULA
Assume no additional
62 Issued Common Stock
Common Stock was
63 Net Income
64 Dividends
FORMULA FORMULA
issued so zero has
FORMULA FORMULA
FORMULA FORMULA FORMULA
been filled in.
65 Balance, June 30, 20XX
66
67
68
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