Balance Sheet May 31 108,554 =849 5,152 =SUM(Journa 3,450 -SUM(Journal 2,875 SUM(lournal 120,031 -SUM(B56:B59 135,700 SUMlournal 255,731 -SUM(860,B61 13,800 =SUM(Journal 1,554 =Journal!G21 111,000 =JournallG5 1,110 =SUMUournal! 127,464 =SUM(B63:866 Cash Accounts Receivable Inventory Prepaid Insurance Total Current Assets Equipment, Net of Accumulated Depreciation Total Assets Accounts Payable Wages Payable E Notes Payable 5 Interest Payable - Total Current Liabilities B Stock 9 Retained Earnings 0 Total Liabilities and Shareholders' Equity 116,000 =Journal!15 12,267 =B27 255,731 =SUM(B67:B69) $4 1 2 3 Link to the line item amount in the financial statement above: 74 75 Amount charged customers from selling inventory 76 Cash collected from customers 77 Earned but not yet collected from customers 78 Cash paid for insurance 79 Insurance paid for in advance but not yet used 80 Insurance used Amount n/a n/a n/a n/a n/a n/a 81 82 83 84
Balance Sheet May 31 108,554 =849 5,152 =SUM(Journa 3,450 -SUM(Journal 2,875 SUM(lournal 120,031 -SUM(B56:B59 135,700 SUMlournal 255,731 -SUM(860,B61 13,800 =SUM(Journal 1,554 =Journal!G21 111,000 =JournallG5 1,110 =SUMUournal! 127,464 =SUM(B63:866 Cash Accounts Receivable Inventory Prepaid Insurance Total Current Assets Equipment, Net of Accumulated Depreciation Total Assets Accounts Payable Wages Payable E Notes Payable 5 Interest Payable - Total Current Liabilities B Stock 9 Retained Earnings 0 Total Liabilities and Shareholders' Equity 116,000 =Journal!15 12,267 =B27 255,731 =SUM(B67:B69) $4 1 2 3 Link to the line item amount in the financial statement above: 74 75 Amount charged customers from selling inventory 76 Cash collected from customers 77 Earned but not yet collected from customers 78 Cash paid for insurance 79 Insurance paid for in advance but not yet used 80 Insurance used Amount n/a n/a n/a n/a n/a n/a 81 82 83 84
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
help fill out the bottom chart please

Transcribed Image Text:Net Change in Cash
Plus Beginning Cash Balance
Ending Cash Balance
21,088-SUM(B39,841,845)
87,466-lournaltES
108,554-SUM(847, 848)
***When preparing your Balance Sheet, do not forget your beginning balances!
Karry no Key, Inc.
Balance Sheet
May 31
2$
108,554 =849
Cash
Accounts Receivable
5,152 =SUM(JournallE13,Je
3,450 =SUMJournal!E9,Jou
2,875 -SUM(JournallE10,Jc
120,031 =SUM(856:B59)
135,700 SUMUournal!E7,Jou
255,731 =SUM(B60,B61)
13,800 =SUMJournal!G9,Jou
1,554 =Journal!G21
111,000 =JournallG5
1,110 -SUMJournal!G6,Jou
127,464 =SUM(B63:B66)
Inventory
Prepaid Insurance
Total Current Assets
Equipment, Net of Accumulated Depreciation
Total Assets
2$
Accounts Payable
Wages Payable
E Notes Payable
5 Interest Payable
7 Total Current Liabilities
2$
B Stock
9 Retained Earnings
0 Total Liabilities and Shareholders' Equity
116,000 =Journal!15
12,267 =B27
255,731 =SUM(B67:B69)
2
3 Link to the line item amount in the financial statement above:
74
Amount
75 Amount charged customers from selling inventory
76 Cash collected from customers
n/a
n/a
n/a
n/a
n/a
n/a
77 Earned but not yet collected from customers
78 Cash paid for insurance
79 Insurance paid for in advance but not yet used
80 Insurance used
81
82
83
84
85
86
87
88
89
Instructions
lournal

Transcribed Image Text:1 12 Project (continued)
2 b NOT INSERT/DELETE ANY CELLS, ROWS OR COLUMNS IN THIS WORKBOOK; DOING SO WILL RESULT IN A SCORE OF 0.
3
Karry no Key, Inc.
Income Statement
For the Month Ended May 31
51,520 =Journall13
(36,800) =Journal!114
14,720 =SUM(B6,B7)
(1,554) =Journal!121
(1,150) =Journal!120
(575) =Journal!119
11,441 =SUM(B8:B11)
(555) -Journal!122
10,886 =SUM(B12,B13)
6 ales Revenue
7 ost of Goods Sold
8 ross Profit
9 ages Expense
10 epreciation Expense
11 surance Expense
12 perating Income
13 terest Expense
14 et Income
15
16
17
Karry no Key, Inc.
18
Statement of Shareholders' Equity
19
For the Month Ended May 31
116,000 =Journal!15
20 eginning Stock
21 ock Issued
-=0
22 hding Stock
116,000 =SUM(B20:B21)
23
2,511 =Journal!16
10,886 =B14
24 eginning Retained Earnings
25 et Income
26 jvidends
- 27 hding Retained Earnings
(1,130) =Journal!118
12,267 =SUM(B24;B26)
28
29 ptal Shareholders' Equity
2$
128,267 =SUM(B22,B27)
30
31
32
Karry no Key, Inc.
33
Statement of Cash Flows
34
For the Month Ended May 31
35 ash from Operating Activities:
36 ash Collected from Customers
37 ash Paid for Inventory
38 ash Paid for Insurance
39 ptal Cash from Operating Activities
2$
46,368 =Journal!E15
(20,700) =Journal!E17
(3,450) =Journal!E11
22,218 =SUM(836:B38)
40
41 ash from Investing Activities
-=0
42
43 ash from Finandng Activities
44 ash Paid for Dividends
45 et Cash from Financing Activities
(1,130) =Journal!E18
(1,130) =SUM(B44)
46
21,088 =SUM(B39,B41,B45)
47 et Change in Cash
48 us Beginning Cash Balance
87,466 =JournallES
Instructions
A Journal
A Statements
Ready
Expert Solution

Step 1
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education