90.2K

Verified Solution

Link Copied!

File Home Insert Draw Formulas Data Review View Help A1 1 B C D F G H I J K L M N PP Great Taste Restaurants, Incorporated has provided a list of select accounts as of March 31, Year 1. The Controller has asked you 2 to prepare the company's income statement at the month ended March 31, Year 1. Use the information included and the Excel functions described below to complete the task. \begin{tabular}{|c|c|c|} \hline 3 & & \\ \hline 4 & Accumulated Depreciation & 35,000 \\ \hline 5 & Accounts Payable & 65,000 \\ \hline 6 & Advertising Expense & 20,625 \\ \hline 7 & Prepaid Advertising & 61,875 \\ \hline 8 & Common Stock & 50,000 \\ \hline 9 & Depreciation Expense & 12,500 \\ \hline 10 & Dividend Payable & 50,000 \\ \hline 11 & Dividends & 100,000 \\ \hline 12 & Income Tax Expense & 48,000 \\ \hline 13 & Income Tax Payable & 35,000 \\ \hline 14 & Interest Expense & 3,750 \\ \hline 15 & Interest Revenue & 500 \\ \hline 16 & Loss on Disposal of Assets & 10,000 \\ \hline 17 & Prepaid Rent & 56,250 \\ \hline 18 & Rent Expense & 18,750 \\ \hline 19 & Retained Earnings & 836,875 \\ \hline 20 & Sales Revenue & 300,000 \\ \hline 21 & Utilities Expense & 8,750 \\ \hline 22 & Utilities Payable & 7,000 \\ \hline 23 & Wage Expense & 41,250 \\ \hline 24 & Wages Payable & 10,125 \\ \hline 25 & & \\ \hline \end{tabular} File Home Insert Draw Formulas Data Review View Help A1 28 Basic Math functions: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation 27 Cell Reference: below, if in a blank cell, "=C3" was entered, the formula would output the result from cell C3, or 35,000 in this example. Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell " =C3+C4 " was entered, the formula would add the values from those cells and output the result, or 100,000 in this example. If using the other math symbols the result would output an appropriate answer for its function. Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell "=SUM (C9,C10,C11) " was entered, the formula would output the result of adding those three separate cells, or 198,000 in this example. Similarly, if in a blank cell "=SUM(C9:C11)" was entered, the formula would output the same result of adding those cells, except they are SUM function: expressed as a range in the formula, and the result would be 198,000 in this example. 30 31 Required: Complete the income statement below using Excel skills as directed. Note that there are extra rows in each section of the income statement. 33 34 a. Use cell references to list the revenue accounts on the income statement using the account list above. Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column B. 35 b. Use a cell reference to show the Total Revenues in column B. c. Use cell references to list the operating expense accounts on the income statement using the account list above. Your 36 accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in File Home Insert Draw Formulas Data Review View Help A1 A B C D E F G c. Use cell references to list the operating expense accounts on the income statement using the account list above. Your 36 accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column B. 37 d. Use the SUM function to show the Total Operating Expenses. Do NOT include blank cell locations in your SUM function. 38 e. Use a formula to calculate the Income from Operations. f. Use cell references to list the Other Items accounts on the income statement using the account list above. Your accounts must 39 be listed in order of highest value to lowest value. Use cell references to show the value of each account in column B. If a value should be a negative number, your cell reference should be preceded with a minus sign. 40 g. Use a formula to calculate the Income before income taxes. h. Use cell references to list the accounts that fall below the Income before income taxes line on the income statement using the 41 account list above. Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column B. 42 i. Use a formula to calculate the Net Income. File Home Insert Draw Formulas Data Review View Help A1 File Home Insert Draw Formulas Data Review View Help Calibri (Body) 11 B General 0 .00 A1 C D G H M P

Answer & Explanation Solved by verified expert

See Answer