Fluent Essays

Sheet1 Template 19 Balance Sheet and Income Statement Derived from Template 18 See Chapter 20 for a discussion of this topic. Below are Financial Statements that are linked to Template 18. The data you insert in Template 18 will be used to update this template automatically. When Excel asks if you wish to update this file automatically with values from Template 18, you should click on Yes. Be sure to have both Templates 18 and 19 open at the same time. Executive Corporation Income Statement For the Year Ending December 31, 2018 Revenue $0.00 Less Expenses: Cost of Goods Sold $10,000.00 Labor 0.00 Interest 0.00 Insurance 0.00 Depreciation 0.00 Total Expenses 10,000.00 Net Income ($10,000.00) Retained Earnings Balance 1/1/18 xx Dividends Declared 2003 0.00 Retained Earnings Balance 12/31/18 ($10,000.00) Executive Corporation Balance Sheet As of December 31, 2013 ASSETS Current Assets: Cash $325,000.00 Prepaid Insurance 0.00 Accounts Receivable 0.00 Inventory 0.00 Total Current Assets $325,000.00 Fixed Assets: Plant and Equipment, net 0.00 TOTAL ASSETS $325,000.00 EQUITIES LIABILITIES Current Liabilities: Accounts Payable $0.00 Wages Payable 0.00 Total Current Liabilities $0.00 Long-Term Liabilities Mortgage Payable 0.00 TOTAL LIABILITIES $0.00 STOCKHOLDERS EQUITY Common Stock $0.00 Retained Earnings (10,000.00) TOTAL STOCKHOLDERS EQUITY ($10,000.00) TOTAL LIABILITIES & STOCKHOLDERS EQUITY ($10,000.00) Sheet2 Sheet3Sheet1 Trial Balance Debit Credit Cash and equivalents 325,000 Short Term Investments 165,000 Accounts Receivables 120,000 Notes receivable 55,000 Inventories 85,000 Prepaid expenses 10,000 Long Term Investments 120,000 Property, Plan, and Equipment 950,000 Accumulated Depreciation 80,000 Goodwill 5,000 Accounts Payable 175,000 Accrued Interest 5,000 Current Materities of LT debt 80,000 Accrued salaries and wages 12,500 Income taxes payable 65,000 Bonds payable 450,000 Long-term notes payable 105,000 Deferred income taxes 5,000 Common stock $1 par 400,000 Additional paid-in capital 175,000 Retaied Earnings 100,000 Sales 1,222,750 Sales discounts 135,000 Sales returns and allowances 110,000 Other Revenues cost of goods sold 545,000 sales salaries and commissions 20,000 travel 32,000 advertising 12,000 office supplies expense 15,000 execuitive salaries 45,000 office staff salaries 19,500 depreciation 8,500 interest expense 36,000 gain on investments 25,000 income tax expense 87,250 2,900,250 2,900,250 - 0Sheet1 Template 18 Journal/Ledger Worksheet See Chapter 20 for a discussion of this topic. This worksheet may be used to record journal entries, and post the amounts to ledger accounts. The last row in the worksheet may then be used to prepare financial statements. Open Template 19 before entering data in this template and the financial statements in Template 19 will update as you enter data here. To customize the worksheet, start by replacing the xxs in the Beginning Balance row with the values from your ending balance sheet for the prior time period. Then record each transaction in chronological order. You may replace the transactions numbers shown on the left side with actual dates. Insert rows before the ending balance row, if you have more transactions than the number shown in the current worksheet. Change the titles of the ledger accounts as needed, and add additional columns if you have more ledger accounts than the number currently shown. The beginning balance is added to all transactions posted to a specific ledger account to get the ending balance in that ledger accounts column. Be sure to copy the formula from the last row to any new columns that you add. To make a column wider, so your numbers fit, move your cursor to the top of the column, just above Row 1, to highlight the column and double click on the vertical line that separates the column from the next column. If you have trouble with that, click on Format in the menu and then on autofit column width. Ledger Account Assets + Expenses + Div. = Liabilities Stockholders + Equity + Rev. Cash Prepaid Insurance Accounts Receivable Inventory Plant & Equipment Cost of Goods Sold Labor Interest Insurance Depreciation Dividends Accounts Payable Wages Payable Mortgage Payable Common Stock Retained Earnings Revenue Beginning Balance $325,000 xx xx xx xx $10,000 xx xx xx xx xx = xx xx xx xx xx xx 1 N 2 O 3 I 4 T 5 C 6 A 7 S 8 N 9 A 10 R 11 T 12 13 14 15 16 17 18 19 20 Ending Balance $325,000 $0 $0 $0 $0 $10,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sheet3 Sheet2