Part B: Owner's Equity Examine the following fictitious equity scenarios. Following the report form balance sheet format, prepare only the owner's equity section for each owner. Use spreadsheet software, such as Excel, and use the provided Total Liabilities value to determine the new capital balance and Total Liabilities and Owner's Equity value. Be sure to use formulas for all calculations. Save your workbook as "OESections_YourName". Label the individual tabs accordingly: "Sit1", "Sit2" and "Sit3". Situation Owner Fiscal Period Total Liabilities Beginning Capital Net Income/ Drawings Net Loss Year ended 1 H. Campbell December $10 000 $31 560 $42 500 $5 200 31, 20- Month 2 T. Smyth ended May $14 200 $78 256 -$2 100 $125 31, 20- Quarter ended 2 K. Dearing $59 250 March 31, 20- $125 645 $6 200 $1 250
Part B: Owner's Equity Examine the following fictitious equity scenarios. Following the report form balance sheet format, prepare only the owner's equity section for each owner. Use spreadsheet software, such as Excel, and use the provided Total Liabilities value to determine the new capital balance and Total Liabilities and Owner's Equity value. Be sure to use formulas for all calculations. Save your workbook as "OESections_YourName". Label the individual tabs accordingly: "Sit1", "Sit2" and "Sit3". Situation Owner Fiscal Period Total Liabilities Beginning Capital Net Income/ Drawings Net Loss Year ended 1 H. Campbell December $10 000 $31 560 $42 500 $5 200 31, 20- Month 2 T. Smyth ended May $14 200 $78 256 -$2 100 $125 31, 20- Quarter ended 2 K. Dearing $59 250 March 31, 20- $125 645 $6 200 $1 250
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 1M: The general ledger of Jay Consulting shows the following balances at July 31: Jay has asked you to...
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Transcribed Image Text:Part B: Owner's Equity
Examine the following fictitious equity scenarios. Following the report form balance sheet format, prepare
only the owner's equity section for each owner. Use spreadsheet software, such as Excel, and use the
provided Total Liabilities value to determine the new capital balance and Total Liabilities and Owner's Equity
value. Be sure to use formulas for all calculations.
Save your workbook as "OESections_YourName". Label the individual tabs accordingly: "Sit1", "Sit2" and
"Sit3".
Situation
Owner
Fiscal
Period
Total
Liabilities
Beginning
Capital
Net
Income/
Drawings
Net Loss
Year ended
1
H. Campbell December
$10 000
$31 560
$42 500
$5 200
31, 20-
Month
2
T. Smyth
ended May
$14 200
$78 256
-$2 100
$125
31, 20-
Quarter
ended
2
K. Dearing
$59 250
March 31,
20-
$125 645
$6 200
$1 250
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