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Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem P4.41CT
Using Excel to prepare financial statements, closing
Download an Excel template for this problem online in MyAccountingLab or athttp:www.pearsonhighered.com/Horngren. Cedar River Company started operations on July 1, 2018. On July 31, a trial balance was prepared,
Requirements
- Use Excel to complete the Income Statement and
Balance Sheet columns of the worksheet. Carry numbers from the adjusted trial balance columns of the worksheet to the income statement and balance sheet columns using Excel formulas. - Use formulas to total the columns.
- Use a formula to determine the amount of the net income or net loss.
- Format the cells requiring dollar signs.
- Boldface the totals.
- Prepare the income statement, the statement of owner's equity, and a classified balance sheet.
- Use the Increase Indent button on the Home tab to indent items.
- Use formulas to sum items.
- Format the cells requiring dollar signs.
- Format the cells requiring double underlines.
- Journalize the closing entries. The account titles are available when you click on the down-arrow. Indent the account to be credited.
- Post the closing entries to the T-accounts. Use cell references from the closing entries.
- Complete the post-closing trial balance using formulas referencing the T-accounts. The account tiles are available when you click the down-arrow.
- Format the cells requiring dollar signs.
- Boldface the totals. Format the cells requiring double underlines.
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Additional Activities
Directions: Do the task listed bélow using the transacions of Matapang Company
for Deccmber 2019. Writc your answers on a separate sheet of paper.
1. Prepare the journal entries.
2. Post each transaction to its ledger account.
3. Prepare the trial balance.
4. Use the provided account numbers.
Ralph Matapang cstablishcd Happy Repair Busincss. The following are the
transactions for the montb of Decembocr 2019.
Dec.
He invested P150,000 in the firm.
He paid P8,000 for monthly rent.
He bought supplies on account amounting to P7,200.
He purchascd office equipment amounting to P75,000. paid
P37,000 and the balance on account.
2.
2.
3.
He paid accounts payable for supplies purchased worth P7,200.
He paid P6,000 for the salary of an employec.
He received P20,000 for services rendered.
He billed clients P48,000 for services on account.
8.
14.
20.
28.
31.
Matapang withdrew P12,000 for his personal use.
302 Matapang, Drawings
401 Service Revenue
101 Cash
102 Accounts…
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grealty appreciated
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Question 30 of 42
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The information for preparing a trial balance on a worksheet is obtained from
general journal entries.
financial statements.
business documents.
general ledger accounts.
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Chapter 4 Solutions
Horngren's Accounting (12th Edition)
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of $600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Preparing an income statement Learning Objective 1Ch. 4 - Preparing a statement of owner’s equity. Learning...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Determine net loss using a worksheet Learning...Ch. 4 - Identifying temporary and permanent accounts...Ch. 4 - Prob. S4.10SECh. 4 - Posting closing entries directly to Taccounts...Ch. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Calculating the current ratio Learning Objective 6...Ch. 4 - Journalizing reversing entries Learning Objective...Ch. 4 - E416 Preparing the financial statements The...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet Learning Objective 2: Title...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Learning...Ch. 4 - Determining the effects of closing entries on the...Ch. 4 - Preparing a worksheet and closing entries Learning...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, closing entries, and a...Ch. 4 - Journalizing reversing entries. Learning Objective...Ch. 4 - Journalizing reversing entries Leaning Objectives...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Using Excel to prepare financial statements,...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Prob. 4.1TIATCCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSC
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