EXCEL INCOME STATEMENT & BALANCE SHEET

Create an Income Statement and Balance Sheet for April:

Insert Smith & Company, LLC under Name in B2 on the template

Enter the following information to create Aprils Income Statement and Balance Sheet:

Gross Sales: 500,000

Sales Returns and Allowances: 1,000

Net Sales (Subtract Sales Returns and Allowances from Gross Sales)

Cost of Goods Sold: 175,000

Gross Profit (Loss): (Subtract Cost of Goods sold from Net Sales)

Advertising: 1,250

Bank Charges: 50

Dues & Subscriptions: 400

Insurance: 2,000

Legal & Professional Fees: 3,200

Licenses & Fees: 750

Office Expense: 4,000

Mortgage Payment $2,000

Depreciation $500 (Plant & Equipment), $1,000 (Building)

Payroll Tax Expense: 3,000

Postage: 450

Utilities: 3,200

Vehicle Expenses: 5,000

Wages: 250,000

Total Expenses: (Sum all expenses starting in row 16)

Net Operating Income: [Subtract Total Expenses from Gross Profit (Loss)]

Cash increased by $1, 500

Accounts Payable decreased by $1,000

Accrued Payroll decreased by $500

Accounts Receivable Increased by $2,200

Purchase New Equipment worth $43,500

Balance Sheet Smith & Company, LLC 31-Mar-13 ASSETS Current Assets Cash Accounts receivable LIABILITIES Current Liabilities Accounts payable Short-term notes Taxes payable Accrued payroll 25,000 7,500 500 ,200 $21,200 5 Inventory 7,500 $42,500 Total Current Assets Total Current Liabilities Long-term Liabilities Mortgage $800,000 Fixed Assets Other long-term liabilities 100,000 1,250,500 25,000 750,000 15,000 $1,960,500 Buildings Total Long-Term Liabilities (less accumulated depreciation) Common Stock Retained earnings $500,000 581,800 Plant and equipment (less accumulated depreciation) Total Net Fixed Assets Total Shareholders' Equity $2,00.,00TOTALLIAB 7TOTAL ASSETS TOTAL LIABILITIES & EQUITY $2,003,000 March Balance Sheet Income Statement April Balance Sheet +