Excel Applications for Accounting Principles

4th Edition

ISBN: 9781111581565

Author: Gaylord N. Smith

Publisher: Cengage Learning

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The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Textbook Question

Chapter 3, Problem 3R

The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows:

Chapter 3, Problem 3R, The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as

Adjustment information is as follows:

a. Supplies on hand as of June 30, 2013, $450.
b. Insurance premiums that expired during the year, $2,420.
c. Depreciation on equipment during the year, $1,500.
d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
e. Salaries accrued but not paid at June 30, 2013, $1,440.
f. Merchandise inventory on June 30, 2013, $68,864.

Complete the income statement and balance sheet by entering formulas in columns J, K, L, and M that reference the appropriate cells in column H or I. Net income will be automatically calculated at the bottom of the income statement and balance sheet columns. Check to be sure that these numbers are the same. Enter your name in cell A1. Save the completed file as P2WORK3. Print the worksheet. Also print your formulas using landscape orientation and fit-to-1 page scaling. Check figure: Net income (cell J34), $37,902.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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Chapter 3, Problem 2R

Chapter 3, Problem 4R

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Chapter 3 Solutions

Excel Applications for Accounting Principles

Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - Open P2WORK4 and click the Chart sheet tab. On the...

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Solution Summary: The author explains how to complete the worksheet by determining the net income, providing balance sheet, and identifying the Net Income and showing the formulas.

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