FINAL PROJECT

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