1 Instructions for Requirement 3 tab 2 3 4 5 6 7 8 9 10 11 12 23 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 1. In Req 3, you will prepare the following 3 financial statements. 1. Income Statement 2. Statement of Owner's Equity 3. Balance Sheet Be sure to follow the steps in sequence starting with STEP 1. You need the Income Statement to build the Statement of Owner's Equity which is required to build the Balance Sheet. 2. You will need General Ledger Account descriptions. This information is in the Chart of Accounts tab. 3. You will need the following list of labels. For Month Ended April 30, 20-- April 30, 20-- Revenues Expenses Total Expenses Net Income Jack Zeeman, Capital, April 1, 20-- Investments During April Total Investments Less: Withdrawals for April Increase in Capital Jack Zeeman, Capital, April 30, 2020 Current Assets: Property, Plant, and Equipment: Total Assets Current Liabilities: Total Current Liabilites Jack Zeeman, Capital Total Liabilities and Owner's Equity 4. These are very simple financial statements. Refer to Chapter 4 for help. Look at Exhibit 15, Financial Statements Kelly Consulting for an example of geh 17 18 A 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 B Revenues Expenses Total Expenses Net Income Jack Zeeman, Capital, April 1, 20-- Investments During April Total Investments Less: Withdrawals for April Increase in Capital Jack Zeeman, Capital, April 30, 2020 Current Assets: Property, Plant, and Equipment: Total Assets Current Liabilities: Total Current Liabilites Jack Zeeman, Capital Total Liabilities and Owner's Equity 4. These are very simple financial statements. Refer to Chapter 4 for help. Look at Exhibit 15, Financial Statements, Kelly Consulting, for an example of each financial statement. A12 AB 1 Requirement 3 2 3 STEP 1: fx (label) D Create the Income Statement 4 STEP 2: Create the Statement of Owner's Equity 5 STEP 3: Create the Balance Sheet 6 Key in the yellow cells only. 7 8 After completing the 3 Financial Statements, go to Req 4 tab. 9 Hook & Sinker Resort Income Statement G H 10 11 12 (label) 13 (label) Hook & Sinker Resort Balance Sheet (label) Assets 14 (account description) 15 (label) (label) (account description) 16 (account description) (account description) 17 (account description) 18. (account description) 19 (account description) 20 (account description) 21 (account description) (account description) (account description) (account description) (account description) (label) (label) (account description) (account description) (label) 24 (account description) Liabilities 25 (label) 26 (label) (label) (account description) 27 (account description) 28 (label) 29 30 Hook & Sinker Resort Owner's Equity 31 Statement of Owner's Equity (account description) (label) 32 (label) $ 33 (label) 34 (label) 35 (label) $ 36 (label) 37 (label) 38 (label) S 39 (label) $ TACCOUNTS Reg 2 WO 18 (account description) 19 (account description) 20 21 22 23 24 (account description) (account description) (account description) (account description) (account description) 25 (label) 26 (label) 27 28 29 30 Hook & Sinker Resort 31 Statement of Owner's Equity 32 (label) 33 (label) 34 (label) 35 (label) 36 (label) 37 (label) 38 (label) 39 (label) 40 41 42 43 Check Figures: 44 Income Statement-Net Income 54,250 45 46 Jack Zeeman, Capital, April 30, 2020 Balance Sheet - Assets 138,250 205,250 47 48 10 (account description) (account description) (label) (label) (account description) (account description) (label) Liab $ (label) (account description) (account description) (label) Owner (account description) (label) $