Horngren's Accounting, Student Value Edition (12th Edition)

12th Edition

ISBN: 9780134487151

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 entries, and the post-closing trial balance
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, adjusting entries were journalized and posted, and an adjusted trial balance was completed. A worksheet is to be used to help prepare the financial statements and the post-closing trial balance.
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.

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 4, Problem P4A.40BPGB

Chapter 4, Problem P4.42CP

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Chapter 4 Solutions

Horngren's Accounting, Student Value Edition (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...

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