EA 2 R 2 CREATE FINANCIAL STATEMENTS FOR DEEP FREEZE CO In this exercise, you will create a monthly income statement, statement of owner s equity, and balance sheet in Excel for Deep Freeze Co With the exception of the Alistair Rowe, Capital account ( the balance for which is from 6 1 2 0 2 6 ) , the company had the following account balances as of 6 3 0 2 0 2 6 Accounts Payable $ 1 , 1 0 0 Rent Revenue $ 2 , 0 0 0 Alistair Rowe, Capital 6 1 2 0 2 6 $ 2 1 , 7 0 0 Sales Revenue $ 8 , 1 0 0 Alistair Rowe, Drawing $ 1 , 6 0 0 Shipping Expense $ 1 , 0 0 0 Building $ 9 , 5 0 0 Supplies $ 6 0 0 Cash $ 1 4 , 0 0 0 Telephone Expense $ 1 , 8 0 0 Insurance Expense $ 2 , 1 0 0 Utilities Expense $ 2 , 3 0 0 Open a Blank Workbook and save the file in your Chapter 0 2 folder as EA 2 R 2 FinancialStatements If necessary, use the New Sheet button to add worksheet tabs for a total of three Follow these steps to rename the tabs Double click the first worksheet tab and type Income Statement Right click the second worksheet tab, choose Rename, and type Statement of O E Select the third worksheet, choose Home Cells Format Rename Sheet, and type Balance Sheet On the Income Statement tab, type the company name in cell A 1 , the statement name in cell A 2 , and the date in an appropriate format in cell A 3 Highlight the range A 1 D 3 , choose Home Alignment Merge Center Merge Across, and then center the text On the Statement of O E tab, type the company name in cell A 1 , the statement name in cell A 2 , and the date in an appropriate format in cell A 3 Merge and center the contents in the ranges A 1 C 1 , A 2 C 2 , and A 3 C 3 Copy the range A 1 C 3 , click the Balance Sheet tab, select cell A 1 , and press Ctrl V Change the entry in cell A 2 to the correct statement name and change the entry in cell A 3 to an appropriate date format Enter Data for the Income Statement On the Income Statement tab, type a revenue header in cell A 5 Enter the data as described In this cell or range Enter the data for Range B 6 B 7 Revenue account names ( largest to smallest ) Range C 6 C 7 Revenue account balances Cell A 8 Total revenue description Cell D 8 Total revenue amount Cell A 1 0 Expenses header Range B 1 1 B 1 4 Expense account names ( largest to smallest ) Range C 1 1 C 1 4 Expense account balances Cell A 1 5 Total expenses description Cell D 1 5 Total expenses amount Cell A 1 6 Net income or loss description Cell D 1 6 Net income or loss amount Select cells C 7 , C 1 4 , and D 1 5 and then choose Home Font Borders Bottom Border Apply a bottom double border to cell D 1 6 In cell A 1 8 , type Review rent revenue to maximize profitand then choose Home Alignment Orientation Format Cell Alignment and change the number in the Degrees field to 8 Highlight the range C 6 D 1 6 , choose Home Number Accounting Number Format , and then click Decrease Decimal twice Right click the column A header and change the column width to 6 Highlight the headers for columns B D and double click the border between the columns B C headers Select the range A 1 A 3 and choose Home Font Bold CHECK FIGURE Net Income $ 2 , 9 0 0 Enter Data for the Statement of Owner s Equity On the Statement of Owner s Equity tab, enter the data as described In this cell Enter the data for the Cell A 5 Beginning equity account name Cell C 5 Beginning equity amount Cell A 6 Name of the item to be added Cell C 6 Amount to be added Cell C 7 Subtotal of cells C 5 and C 6 Cell A 8 Name of the item to be deducted Cell C 8 Amount to be deducted Cell A 9 Ending equity account name Cell C 9 Ending equity amount Apply a bottom border to cells C 6 and C 8 and apply a bottom double border to cell C 9 Select cells A 5 and A 9 and choose Home Alignment Wrap Text Set the range C 5 C 9 in the Accounting number format and with no decimal places Using the right click method, set the width of column A to 2 2 and the width of column B to 2 Double click the border between the columns C D headers Select the headers for rows 5 and 9 , choose Home Cells Format Row Height, and set the height to 3 0 Set the range A 1 A 3 in bold formatting CHECK FIGURE Alistair Rowe, Capital ending balance $ 2 3 , 0 0 0 Enter Data for the Balance Sheet On the Balance Sheet tab, enter the data as described In this cell or range Enter the data for the Cell A 5 Asset header Range A 6 A 8 Asset account names ( in the order Cash, Supplies, Building ) Cell A 9 Total asset description Cell A 1 1 Liability header Cell A 1 2 Liability account name Cell A 1 4 Owner s equity header Cell A 1 5 Equity account name Cell A 1 7 Total liability and owner s equity description Type the appropriate asset amount in cell C 6 Continue by entering appropriate amounts in the range C 7 C 9 as well as in cells C 1 2 , C 1 5 , and C 1 7 Highlight the range A 6 A 8 and choose Home Alignment Inc

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Question: EA 2 - R 2 CREATE FINANCIAL STATEMENTS FOR DEEP FREEZE CO . In this exercise, you will create a monthly income statement, statement of

2 -

2

CREATE FINANCIAL STATEMENTS FOR DEEP FREEZE CO

.

In this exercise, you will create a monthly income statement, statement of owner

s equity, and balance sheet in Excel for Deep Freeze Co

.

With the exception of the Alistair Rowe, Capital account

(

the balance for which is from

6 / 1 / 2026),

the company had the following account balances as of

6 / 30 / 2026

Accounts Payable

1, 100

Rent Revenue

2, 000

Alistair Rowe, Capital

6 / 1 / 2026

21, 700

Sales Revenue

8, 100

Alistair Rowe, Drawing

1, 600

Shipping Expense

1, 000

Building

9, 500

Supplies

600

Cash

14, 000

Telephone Expense

1, 800

Insurance Expense

2, 100

Utilities Expense

2, 300

Open a Blank Workbook and save the file in your Chapter

02

folder as: EA

2 -

2 -

FinancialStatements

If necessary, use the New Sheet button to add worksheet tabs for a total of three.

Follow these steps to rename the tabs:

Double

-

click the first worksheet tab and type: Income Statement

Right

-

click the second worksheet tab, choose Rename, and type: Statement of O

.

.

Select the third worksheet, choose Home

- >

Cells

- >

Format

- >

Rename Sheet, and type: Balance Sheet

On the Income Statement tab, type the company name in cell A

1,

the statement name in cell A

2,

and the date in an appropriate format in cell A

3 .

Highlight the range A

1

3,

choose Home

- >

Alignment

- >

Merge & Center

- >

Merge Across, and then center the text.

On the Statement of O

.

.

tab, type the company name in cell A

1,

the statement name in cell A

2,

and the date in an appropriate format in cell A

3 .

Merge and center the contents in the ranges A

1

1,

2

2,

and A

3

3 .

Copy the range A

1

3,

click the Balance Sheet tab, select cell A

1,

and press Ctrl

+

.

Change the entry in cell A

2

to the correct statement name and change the entry in cell A

3

to an appropriate date format.

Enter Data for the Income Statement

On the Income Statement tab, type a revenue header in cell A

5 .

Enter the data as described:

In this cell or range...

Enter the data for...

Range B

6

7

Revenue account names

(

largest to smallest

)

Range C

6

7

Revenue account balances

Cell A

8

Total revenue description

Cell D

8

Total revenue amount

Cell A

10

Expenses header

Range B

11

14

Expense account names

(

largest to smallest

)

Range C

11

14

Expense account balances

Cell A

15

Total expenses description

Cell D

15

Total expenses amount

Cell A

16

Net income or loss description

Cell D

16

Net income or loss amount

Select cells C

7,

14,

and D

15

and then choose Home

- >

Font

- >

Borders

- >

Bottom Border.

Apply a bottom double border to cell D

16 .

In cell A

18,

type Review rent revenue to maximize profitand then choose Home

- >

Alignment

- >

Orientation

- >

Format Cell Alignment and change the number in the Degrees field to:

8

Highlight the range C

6

16,

choose Home

- >

Number

- >

Accounting Number Format

,

and then click Decrease Decimal twice.

Right

-

click the column A header and change the column width to:

6

Highlight the headers for columns B

D and double

-

click the border between the columns B

C headers.

Select the range A

1

3

and choose Home

- >

Font

- >

Bold.

CHECK FIGURE Net Income

=

2, 900

Enter Data for the Statement of Owner

s Equity

On the Statement of Owner

s Equity tab, enter the data as described:

In this cell...

Enter the data for the...

Cell A

5

Beginning equity account name

Cell C

5

Beginning equity amount

Cell A

6

Name of the item to be added

Cell C

6

Amount to be added

Cell C

7

Subtotal of cells C

5

and C

6

Cell A

8

Name of the item to be deducted

Cell C

8

Amount to be deducted

Cell A

9

Ending equity account name

Cell C

9

Ending equity amount

Apply a bottom border to cells C

6

and C

8

and apply a bottom double border to cell C

9 .

Select cells A

5

and A

9

and choose Home

- >

Alignment

- >

Wrap Text.

Set the range C

5

9

in the Accounting number format and with no decimal places.

Using the right

-

click method, set the width of column A to

22

and the width of column B to:

2

Double

-

click the border between the columns C

D headers.

Select the headers for rows

5

and

9,

choose Home

- >

Cells

- >

Format

- >

Row Height, and set the height to:

30

Set the range A

1

3

in bold formatting.

CHECK FIGURE Alistair Rowe, Capital ending balance

=

23, 000

Enter Data for the Balance Sheet

On the Balance Sheet tab, enter the data as described:

In this cell or range...

Enter the data for the...

Cell A

5

Asset header

Range A

6

8

Asset account names

(

in the order Cash, Supplies, Building

)

Cell A

9

Total asset description

Cell A

11

Liability header

Cell A

12

Liability account name

Cell A

14

Owner

s equity header

Cell A

15

Equity account name

Cell A

17

Total liability and owner

s equity description

Type the appropriate asset amount in cell C

6 .

Continue by entering appropriate amounts in the range C

7

9

as well as in cells C

12,

15,

and C

17 .

Highlight the range A

6

8

and choose Home

- >

Alignment

- >

Inc

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