Account Name $Amount Account Type $($Element$)$ Financial Statement

Cash $36,000$ Asset Balance Sheet

Accounts Receivable $15,000$ Asset Balance Sheet

Inventory $16,000$ Asset Balance Sheet

Prepaid Insurance $3,000$ Asset Balance Sheet

Land $18,000$ Asset Balance Sheet

Buildings $57,000$ Asset Balance Sheet

Equipment $26,000$ Asset Balance Sheet

Office Furniture $4,000$ Asset Balance Sheet

Accounts Payable $15,000$ Liability Balance Sheet

Unearned Revenue $8,000$ Liability Balance Sheet

Long$-$term Note Payable $60,000$ Liability Balance Sheet

Common Stock $50,000$ Equity Balance Sheet and Statement of Stockholders' Equity

Retained Earnings $16,000$ Equity Balance Sheet and Statement of Stockholders' Equity

Dividends $6,000$ Contra$-$Equity $($to RE$)$ Statement of Stockholders' Equity

Product Revenue $98,000$ Revenue Income Statement

Interest Income $1,000$ Revenue Income Statement

Cost of Goods Sold $39,000$ Expense Income Statement

Salary Expense $11,000$ Expense Income Statement

S$,$ G$,$ & A Expense $7,000$ Expense Income Statement

Insurance Expense $2,000$ Expense Income Statement

Interest Expense $5,000$ Expense Income Statement

Income Tax Expense $3,000$ Expense Income Statement

PROPER FORMATTING REQUIRED both worksheets

warning: not watching video tutorial for this SLA often results in poor performance on this & future assignments

$--->$ use an $"$IF$"$ formula instead of typing "Net Income". The fx functions button explains the logic.

$-->$ Note: retained earnings for #$2$ should link to your requirement #$1$ worksheet

BEFORE submitting your SLA make sure all your worksheets work! For example,

$*$have you calculated the new ending balance of Retained Earnings? $($by doing account rollforward$)$

$*$does your Retained Earnings $($RE$)$ balance on the worksheet A$,$L$,$SE link to the worksheet where you calculated it$?$

$*$is the Accounting Equation in balance? It definitely will not be if you did not properly link RE$.$

$-->$if any of above are not "yes", then go back to the tutorials to determine solution OR contact your Peer Leader to discuss what you may have missed.

Required $-$ prepare linked but separate worksheet for each requirement:

$1.$ Make a listing of all revenue accounts and expense accounts $($one column for each$),$ including amounts for each account; then total all revenue and total all

expense accounts.

As part of your solution to requirement #$1,$ calculate Net Income $($Revenue $-$ Expenses$)$ and resulting ending balance of Retained Earnings $($complete a retained

earnings rollforward$).$

$2.$ Make a listing of all asset accounts, liability accounts, & equity accounts $($one column for each$),$ including amounts for each account; then total asset, total

liability and total equity accounts.

As part of your solution to requirement #$2,$ prove the Accounting Equation $($Assets $=$ Liabilities $+$ Equity$)$; document, show your work

$3.$ Be sure to properly format your worksheets, including what is shown in tutorial.