60.1K

Verified Solution

Link Copied!

Formatting lable Shves Clipboard Alignment Font Number Styles Cells 1 Echo Lake Corporation A C D G Echo Lake Corporation Transaction Analysis INFORMATION Echo Lake Corporation started operations on November 1, 2018. The nine transactions that occurred during November appear belo Requirements 1. Use Excel to prepare a transaction analysis of the nine transactions. Use the blue shaded areas for inputs. a. For each transaction, record the amount (either an increase or decrease) under the correct account. Enter only non-zero amounts. If an account is not affected by the transaction, leave the amount blank. Be sure to use a minus sign (-) if the amount is a decrease. Enter dividends and expenses as negative amounts. b. The row totals will be calculated automatically. c. The accounting equation (Assets Liabilities+Equity) should remain in balance after each transaction. The accounting equation is calculated automaticallly to- the right of the transaction table. 2. Prepare the income statement, statement of retained earnings, balance sheet, and statement of cash flows for the company. Each financial statement appears on a separate worksheet tab. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the Transaction Analysis tab. 1 12 13 14 Description Assets Liabilities Equity Contributed Capital 15 Retained Earnings Accounts Office Accounts Common Service Rent Expens Total al Total A- 16 Cash Receivable Supplies Land Payable Stock Dividends Revenue Expense Assets Liabilities tquity L SE e Received $50,000 cash from Luigi Stefanni and issued 17 stock 17 Balance Purchased Iland for $23,000 Transaction Analysis Income Statement Statement of RE Balance Sheet Statement of Cash Flows Type here to search Calibri 11 A A 2 Wrap Text T General Paste BIU .A - Conditional Format as EMerge & Center $ % Cell insert Delete Format Formatting Table Styles Clipboard Font Alignment Number Styles Cells B1 Echo Lake Corporation 4A C D G HI M N O Purchased land for $23,000 2 cash 19 20 Balance Purchased $300 of office 3 supplies on account 21 22 Balance Received $7,500 cash for services performed 23 4 24 Balance Performed services on 25 5 account, $2,000 26 Balance Paid in cash: $1,500 for rent & S1,100 for employees 27 6 salaries 28 Balance Paid $250 to creditor on 29 7 account 30 Balance Collected $1,600 from customers on account 31 32 Balance 33 9 Paid $4,000 cash dividend 34 Balance 35 36 37 Transaction Analysis Statement of RE Balance Sheet Statement of Cash Flows Income Statement * Type here to search homgrens fin-mgr6-fin_excel- O Tell me Formulas Review View Help Home Insert Page Layout Data Calibri A A Wrap Text Number 11 A BIU EE Merge & Center Font Alignment Numbe x =SUM(D9:D10) A C D E G H Income Statement Revenues: Expenses: Total Expenses 0 $ Transaction Analysis Income Statement Statement of RE Balance Sheet Statement of O Type here to search E e homgrens fin-mgr6-fin_excel O Tell me Help View Review Data Formulas Page Layout nsert Custom Wrap Text A A 11 $ % Merge & Center . A Numb Alignment Font F D C Statement of Retained Earnings 0 0 $ 0 nsaction Analysis Income Statement Statement of RE Balance Shee LI Wrap Text A A 11 libri Merge& Center A I U Alignment Font X Balance Sheet Assets Total Assets 0 Liabilities Stockholder's Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity C $ Transaction Analysis Income Statement Statement of RE Balance Sheet e here to search lil homgrens fin-mg6-fin_excel -template O Tell me what yo Help View Review Data Formulas Page Layout Insert Custom Wrap Text A A 11 Calibri $.% 9 Merge & Center -A BIU Number Alignment Font G F E D C Statement of Cash Flows Cash Flows from operating activities: Receipts: Payments: 0 Net cash provided by operating activities Cash flows from investing activities: Net cash used by investing activities 0 Cash flows from financing activities: Net cash provided by financing activities Transaction Analysis Income Statement Statement of RE Balance Sheet Statement of Cas Type here to search homgrens fin-mgrt-fin,ewcel-template chotc) )-Exce Sign in File Home Page Layout Insert Formulas Data Review View Help p Tell me what you want to dos 4 share aComment Calb A A Wiap Test General Autolum A E Mege & Center Conditional fomat as Cell Fomating TleStyles $-% nsert Delete Format Sort & Find &r Clear Fiber Select Cipbeard Fent Agnment Number Styles Celi tdeing B1 C D E G H L M N 1 Echo Lake Corporation 2 Transaction Analysis 4 INFORMATION 5 Echo Lake Corporation started operations on November 1, 2018. The nine transactions that occurred during November appear below 6 7 Requirements 8 1. Use Excel to prepare a transaction analysis of the nine transactions. Use the blue shaded areas for inputs. a. For each transaction, record the amount (either an increase or decrease) under the correct account. Enter only non zero amounts. If an account is not affected by the transaction, leave the amount blank. Be sure to use a minus sign () if the amount is a decrease. Enter dividends and expenses as negative amounts. b. The row totals will be calculated automatically c. The accounting equation (Assets Liabilities Equity) should remain in balance after each transaction The accounting equation is calculated automatically to the right of the transaction table. 2. Prepare the income statement, statement of retained earnings, balance sheet, and statement of cash flows for the company. Each financial staterment appears on a 12 separate worksheet tab. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the Transaction Analysis tab. 10 11 13 Assets Liabilities Equity 14 Description Contributed Capital Retained Earnings 15 Statement of RE Balance Sheet Statement of Cash Flows Transaction Analysis income Statement 10.24 PM Type here to search Merge & Center $.9% 9 Conditional Format as Ce Formatting Table- Styles 8.98 Clipboard Font Alignment Number Styles B1 f 4 A D G K 14 Description Assets Liabiliti Equity Contribut ed Account 15 Accounts Receivabl Office Retained Eanings Service Revenu Total Common Rent Espens Expensel Total Assets 16 Cash Supplies Land Payable Liabiliti Total A - Stock Dvidends e Equity L+SE Received $50,000 cash from Luigi Stefanni and 1 issued stock Balance Purchased land for 2 $23,000 cash es 17 19 20 Balance Purchased $300 of office 3 supplies on account Balance Received $7,500 cash for 4 services pedformed. 21 22 23 24 Balance Performed services one 5 account, $2,000. Balance 25 26 Paid in cash: $1,500for rent & $1,100 for employees 6 salaries 27 28 Balance Paid $250 to creditor on 29 account 30 Balance Collected $1,600 from 8 01 oustomers on account Balances 32 Transaction Analysis Income Statement Statement of RE Balance Sheet Statement of Cash Flows Type here to search homgrens fin-mgr6-fin_excel-template ch01(1) (3) Excel File Home Insert Page Layout Formulas Data Review View Help O Tell me what you want to do X Calibri 11 A A Wrap Text General Paste -. A BIU EE Conditional Format as Formatting Table Styl Ce Merge & Center $ % 9 843 Clipboard Font Alignment Number Styles B1 X A C N C Purchased land for 2 $23,000 cash Balance 19 20 Purchased $300 of office 3 supples on accoun Balance Received $7,500 cash for 4 services performed Balance 21 22 23 24 Performed services on 5 account, $2.000 Balance 25 26 Paid in cath $1500 for rent & $1,100 for employees 6 salaries 27 28 Balance Paid $250 to orediror on 7 account. 29 30 Balance Collected $1,600 from 8 oustomers on account Balance 31 32 33 9 Paid $4,000 cash dividend 34 Balance 35 36 37 38 39 40 41 42 horngrens_fin-mgr6-fin O Te View Help Review Data Formulas Insert Page Layout Home A A Numb Wrap Text Calibri 11 $ Merge & Center A BIU Alignment Font rd -SUM(D9:D10) G B C A Income Statement Revenues: Expenses: Total Expenses 0 Transaction Analysis Income Statement Statenent of RE Balance Sheet Stat horngrens_fin-mgr6-fin_excel O Tell me Help View Review Formulas Data Page Layout Insert Wrap Text Custom A A 11 alibri S % Merge & Center Cr.A IU Numb Alignment Font XV fe C Statement of Retained Earnings 0 0 0 Transaction Anaysis hli homgrens_fin-mgr-fin_excel -tw O Tell me w Help View Review Data Formulas Page Layout Insert General 2 Wrap Text A A bri 11 A EE EE CMerge & Center I U Number Alignment Font E D B C Balance Sheet Assets Total Assets $ Liabilities Stockholder's Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Transaction Anal Income Statement Statement of RE Balance Sheet Statement e here to search X hormgrens_fin-mgr-fin_e OTel Help View Review Formulas Data Page Layout lome Insert Custom Wrap Text A A Calibri 11 A Merge & Center I V Alignment Font E F G Statement of Cash Flows Cash Flows from operating activities: Receipts: Payments: Net cash provided by operating activities 0 Cash flows from investing activities: Net cash used by investing activities Cash flows from financing activities: Net cash provided by financing activities 0 0 Transaction Analysis Income Statement Statement of RE Balance Sheet State Type here to search 11