Prepare the income statement for the year ended 30-noc-17

Question

Assignment Task - Need manual solution for question 7, 8, 10, 15 of Assignment.

Q7. PALER

Spreadsheet - check the assignment and spreadsheet requirements.

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Create a spreadsheet solution.

Data -

The assets, liabilities and owner's equity revenues and expenses of Trump Design Studio have the following balance at 30-Nov-17 the end of its first year of operation. During the year, the owner invested $15,000

	$			$
Loan payable	5,900		Office furniture	17,600
Rent expense	12,400		Electricity and gas expense	5,500
Cash	26,450		Accounts payable	12,300
Office supplies	5,600		Trump Capital	40,000
Salary expense	34,000		Service revenue	134,500
Salaries accrued	2,450		Accounts receivable	1,900
Property tax expense	1,200		Supplies expense	3,480
Prepaid expenses	7,600		Investments	1,500

Requirements -

1. What type of account is each of the above accounts? See the Topic notes in interact.

2. Prepare the income statement for the year ended 30-Noc-17.

3. What was the amount of owner drawings for the year?

4. Prepare a balance sheet as at 30-Nov-17. Include an IF function to tests that it balances.

Q8. Balance Sheet Equation

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Spreadsheet required. Note that Interact2 resources including the Spreadsheet Advice PDF and the worksheet video may assist in completing this assignment question.

In this case, the Report section will look just like the data section but will contain only formulas. In some cases, the cells in the report will be, for example  =D8. The yellow highlighted cells will contain the answers.

C. For each number calculated, briefly explain how you derived the answer.

For each of the following independent cases, computes the amounts (in thousands) for the items indicated by letters. Check figure: the answer in Case 3 M is 10,220.

For each number calculated, briefly explain how you derived the answer.

DATA
	Case 1		Case 2		Case 3
Revenue		800	K			4,800
Expenses		400		800		1,250
Dividends declared		0		200	Q
Additional Investment by stockholders		0		190		450
Net income	E			660	P
Retained earnings
Beginning of year		300		225		2,350
End of year	D		J			2,750
Paid-in-capital
Beginning of year		190		445	N
End of year	C		H
Total assets
Beginning of year		640	F		L
End of year		900		1,500	M
Total liabilities
Beginning og year	A			370		1,500
End of year	B		G			870
REPORT
	Case 1		Case 2		Case 3
Revenue		800	K	1,460		4,800

Q10. Trial balance

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Create a spreadsheet solution. Paste normal and formula views.

C. Change 2 numbers such that the trial balance still balances. Paste this new normal view. There should be no need to paste a new formula view. Ensure that you choose the 2 changes yourself. Highlight the data changes with the yellow highlighter in Excel.

Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.

Data -

The accounts of Trogir Deliveries follow with their balances at 30 June 2017.

The accounts are listed in no particular order.

Required - Prepare the trial balance.

	$			$
Capital	1,088,036		Trucks	404,000
Insurance expense	5,900		Truck expenses	158,000
Accounts payable	46,700		Drawings	27,500
Service revenue	234,560		Electricity expense	8,760
Building	567,000		Accounts receivable	38,700
Supplies expense	2,780		Notes payable	34,900
Cash	35,600		Supplies	13,456
Salary expense	14,500		Equipment	128,000

Q15. Worksheet and financial reports

Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Spreadsheet. Add a ten column worksheet beneath the following data. Below that report, create the three financial reports. Paste the normal and formula view.

B. In a second version, make four changes to the data such that a loss is reported. Paste the second normal view.

Data section -

Gravel Motors Trial Balance at 30 June 2017

Account	Debit $	Credit $
Cash	44,500
Accounts Receivable	132,000
Supplies	24,500
Prepaid Insurance	3,456
Equipment	447,000
Accumulated Depreciation		107,890
Accounts Payable		145,890
Wages Accrued		16,789
Unearned Service Revenue		12,345
Capital		308,012
Drawings	28,900
Service Revenue		267,890
Depreciation Expense
Wages Expense	165,900
Insurance Expense
Utilities Expense	12,560
Supplies Expense
Total	858,816	858,816

Additional Data -

	$
Depreciation on equipment	1,290
Accrued wage expense	600
Supplies on hand	780
Prepaid insurance expired during June	780
Unearned service revenue earned in June	6,754
Accrued service revenue	800

Required -

1. Spreadsheet a ten column worksheet.

2. Also spreadsheet the Financial Reports.

3. Make three changes to the data such that a loss occurs.

Attachment:- Assignment File.rar