60.1K

Verified Solution

Link Copied!

M2 Service Company Financial Statements (Excel Accounting)

The Ledger of Skitch Corp. Showed the following balances after adjustment on June 30, 2012. the end of the current fiscal year.

Accounts payable $55,600 General expenses $112,350

Accounts receivable $103,890 Interest expenses $ 6,750

Accu Depre-equip $26,250

Notes payable $46,335

Cash $80,370 Prepaid insurance $10,125

Common Stock $300,000 Retained Earn. July 1, 2011 $0

Salaries expense $621,450 Sales $943,500

Dividends $18,000 Advertising Exp $138,750

Equipment $280,000

The President of Skitch has asked you to develop a financial Statement worksheet that includes a single-step income statement, a statement of retained earnings, and a balance sheet. This worksheet will allow the financial statements to be prepared quickly by entering account balances in the appropriate cells on the worksheets. Use the information provided as input for your worksheet.

Total Assets $448,135

To test your model use the following data for the year ended June 30,2013:

Accounts Payable $67,050 General exp $ 108,150

Accounts receivable $ 92,700 Interest exp $ 9000

Accu. Dep Equip $ 52,500

Notes Payable $ 44,085

Cash $ 72,400 Prepaid Insurance $ 10,800

Common Stock $ 300,000 Retained earnings July 1,2012 $ 46,200

Salaries $ 659,835 Sales $892,500

Dividends $ 0 Advertising $129,450

Equipment $320,000

Total Assets $ 443,400

Create Pie chart to inlcude percentages of each expense to total expenses

Answer & Explanation Solved by verified expert

See Answer