A B D G H 1 jeration. With the exception of the adjusting entries for depreciation, assume that all transactions are cash 2 insactions. 3 4 Acquired $50,000 by issuing common stock. 5 6 Paid salaries of $4,400 to selling and administrative employees. Paid $8,000 for the materials used to make its products, all of which were started and completed ring the year. $50,000 $8,000 $4,400 7 Paid wages of $7,000 to production workers. $7,000 Paid $9,600 for furniture used in selling and administrative offices. The furniture was acquired on 8 huary 1. It had a $1,600 estimated salvage value and a four-year useful life. $9,600 $1,600 Paid $13,000 for manufacturing equipment. The equipment was acquired on January 1. It had a 9,000 estimated salvage value and a three-year useful life. $13,000 $1,000 10 Sold inventory to customers for $25,000 that had cost $14,000 to make. $25,000 $14,000 11 12 quired 13 mplete the financial statements model. Place formulas in row 36 to automatically add the columns. Also add rmulas in column Q to calculate net income after each event, and add formulas in row 38 to compute total 14 sets and equity. Notice that you must enter the events since only the first one is shown as an example. 15 mounts to be deducted should be indicated by a minus sign.) 16 se cell referencing to select account values. If nothing belongs in a cell, leave it blank.) 17 18 readsheet Tips 19 The sum function is an easy way to add a column or row. For example, the formula in cell B36 is -SUM(826:835) 20 As an example of the formulas in column Q (net income), the formula in cell Q26 is -M26-026. If you find that some of the columns are too far to the right to appear on your screen, you can set the zoom vel to show the entire spreadsheet. The zoom is set by choosing View, then Zoom, and then clicking on Custom d typing "100 percent" in the box. The shortcut method to set the zoom is to click in the box on the right side 21 the top tool bar that appears immediately below the menu. 22 23 24 BALANCE SHEET Assets 25 26 Event Number 1 Book Value Manufacturing Cash $50,000 + . Inventory 4. Equipment 27 2 (8,000) + 8,000 28 3 (4,400) 29 30 45 (7,000) 7,000 (9,600) 31 Depreciation (1,600) 32 6 (13,000) 33 Depreciation (100) 34 7 35 25,000 (14,000) + 36 Totals 37 38 39 40 Stockholders' Equity Book Value Office Furniture Common Stock Retained Earnings Revenue $50,000 Total Assets Total Equity 4 $50,000 $8,000 $4,400 $7,000 $9,600 $1,600 9 $13,000 $1,000 10 $25,000 $14,000 11 12 ns. Also add 13 pute total 14 mple. 15 16 k.) 17 18 19 SUM(B26:835). 20 t the zoom ng on Custom he right side 21 22 23 24 Stockholders' Equity INCOME STATEMENT Common Retained 25 Stock + Earnings Revenue Expenses Net Income 26 $50,000 + $0 27 = 28 29 30 31 = 32 33 = 34 = 35 = 36 = 37 38 39 s 40 Total Equity 50 2 points ATC 1-7 (Static) Spreadsheet Assignment: Mastering Excel Mantooth Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Acquired $50,000 by issuing common stock. 2. Paid $8,000 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $4,400 to selling and administrative employees. 4. Paid wages of $7,000 to production workers. 5. Paid $9,600 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,600 estimated salvage value and a four-year useful life. 6. Paid $13,000 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,000 estimated salvage value and a three-year useful life. 7. Sold inventory to customers for $25,000 that had cost $14,000 to make. Required Complete the financial statements model. Place formulas in row 36 to automatically add the columns. Also add formulas in column Q to calculate net income after each event, and add formulas in row 38 to compute total assets and equity. Notice that you must enter the events since only the first one is shown as an example. Spreadsheet Tips 1. The sum function is an easy way to add a column or row. For example, the formula in cell B36 is =SUM(B26:835). 2. As an example of the formulas in column Q (net income), the formula in cell Q26 is M26-026. 3. If you find that some of the columns are too far to the right to appear on your screen, you can set the zoom level to show the entire spreadsheet. The zoom is set by choosing View, then Zoom, and then clicking on Custom and typing "100 percent" in the box. The shortcut method to set the zoom is to click in the box on the right side of the top tool bar that appears immediately below the menu