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
Chapter22: Master Budget (master)
Section: Chapter Questions
Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...
Related questions
Question
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781285867977
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning