Excel in Action Listed below are account balances and other data for The Book Wermz at the close of November 30, 2004. Revenue and expense account balances are for the month of November. All amounts are dollars except shares of common stock. The Book Wermz operates as a corporation.
|
Accounts payable |
$6,131.77 |
|
Accounts receivable |
375 |
|
Accumulated depreciation |
13,891.82 |
|
Cash |
12,307.99 |
|
Contributed capital100,000.00 |
100,000,00 |
|
Cost of goods sold |
30,937.32 |
|
Depreciation expense |
817.2 |
|
Dividends paid |
1,500.00 |
|
Equipment |
57,650.00 |
|
Income tax expense |
897.45 |
|
Interest expense |
932.03 |
|
Inventory |
235,255.06 |
|
Notes payable, current portion |
1,122.77 |
|
Notes payable, long term |
120,084.57 |
|
Rent expense |
1,738.15 |
|
Sales |
43,312.25 |
|
Service revenues |
1,566.23 |
|
Shares of common stock |
1,000 |
|
Supplies |
2,130.12 |
|
Supplies expense |
2,411.53 |
|
Wages expense |
4,697.35 |
|
Wages payable |
1,150.68 |
Required Use the account balances to produce an income statement, a statement of stockholders” equity, and a balance sheet for The Book Wermz in a spreadsheet. The financial statements should follow the examples illustrated in Chapter F4. The balance sheet should contain columns for November and October. October 31 balances should be obtained from data provided in the Chapter F3 spreadsheet problem. Enter account titles in column A. Use columns B, C, and D as necessary for amounts. Use the Borders button to produce single and double lines by selecting the cell to be formatted, using the button down arrow to select the proper line type, and clicking on the button. Use the Indent button to indent titles and captions as needed by selecting the cell and clicking on the button. Use the Comma and Currency $ buttons to format amounts by selecting the cell and clicking on the appropriate buttons. The Comma button also formats numbers so that negative amounts appear in parentheses. The first and last amounts in a column of numbers should include dollar signs as illustrated in the chapter. Set column widths by placing the cursor at the right edge of a column header so the Change Width cursor appears. Then click and drag the column to the right or left as needed. Use functions to sum subtotals and totals, = SUM(B5:B8) for example, so the spreadsheet will automatically recalculate any changes in account numbers. To merge adjacent cells for titles, select the cells to be merged and click on the Merge Cells button. Put titles in bold type by selecting the cell containing the title and clicking on the Bold Type button B . Suppose sales for November had been $45,000 and the cash balance at November 30 had been $13,995.74. How much net income would the company report for November? How much total assets and stockholders” equity would it report at November 30?