7-M Mastery Problem: Preparing financial statements with a net loss 1, 2, 3 Forms are given in the Working Papers. The following information is obtained from the work sheet of Eiler Copy Service for the month ended September 30 of the current year. INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE CREDIT CREDIT DEBIT 348 000 75.00 98.00 3 90 00 400.00 3 5 30.6.00 466 800 Cash Petty Cash Accounts Receivable S. Romano Supplies Prepaid Insurance Accounts Payable-Supplies Plus Cheryl Eiler, Capital Cheryl Eiler, Drawing Income Summary 10 Sales Advertising Expense Cash Short and Over Insurance Expense Miscellaneous Expense Supplies Expense Utilities Expense 30 000 1 63 5.00 12 2 2 5.00 1 00 78 00 4 200 700.00 8 20.00 1 8 6 6.00 (23 100) 1 6 3 5 00 1 635.00 4743 00 Net Loss 49 74.00 12 123 1 00) 47 43 00 1 63 5.00 4743 00 20 Instructions: 1. Prepare an income statement for the month ended September 30 of the current year. 2. Calculate and record the ratios for total expenses and net loss. Place the percentage for net loss in parentheses to show that it is for a net loss. Round percentage calculations to the nearest 0.196. 3. Prepare a balance sheet for September 30 of the current year. OB X Peachtree 1. From the menu bar, select Reports & Forms Financial Statements 2. Make the selections to print the income statement and balance sheet 1. From the menu bar, select Reports Company & Financial 2. Make the selections to print the proht and loss statement and balance sheet. 1. Complete the income state balance sheet spreadsheet Make the selections to prie