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Q Search Sheet AutoSum' , Z Insert Delete Format Conditional Format Formatting as Table Cell Styles Clear Sort & Filter DOO Workshop 1 Problems Student Home Insert Page Layout Formulas Data Review View Cut Calibri (Body) 12 - A- A- Wrap Text Number - Copy Paste BIUS Format Merge & Center $ - % ) . 042 x fc AB E F G H J K 1 1.2 Accounting Equation and Financial Statements 12 pts. 2 Directions: With the information provided below, fill in the amounts for all of the yellow highlighted cells. You will need to use the information 3 already provided in the financial statements below to fill in the yellow highlighted cells. As you complete yellow cells that 4 have missing information, you will gain the needed information to complete the remaining cells. When completing the assignment remember 5 to use the accounting equation (Assets=Liabilities+Equity) to help with the missing information. 6 Hint - Start with the Balance sheet in the area of liabilites and stockholder's equity. M N O P RS New Life Dance Company Income Statement For the Year Ending December 31, 2020 $ 200,000 13 Revenues 14 Services to Customers 15 Expenses 16 Wages 17 Interest 18 Net Income 3,000 New Life Dance Company Statement of Retained Earnings For the Year Ending December 31, 2020 $ 30,000 25 Beginning Retained Earnings 26 Plus: Net Income Less: Dividends 29 Ending Retained Earnings 30,000 60,000 $ New Life Dance Company Balance Sheet As of December 31, 2020 35 Assets 36 Cash 37 Accounts Receivable Problem 1.1 Problem 1.2 Problem 1.3 Problem 1.4 Problem 1.5 Problem 1.6 + Edit 0 - - + 114% Workshop 1 Problems Student Q Search Sheet Review View AutoSum' , Wrap Text Number Z DOO Home Insert Page Layout Formulas Data Cut Calibri (Body) 12 - A- A- - Copy Paste Format BIUS 042 x fx A B 29 Ending Retained Earnings $ 60,000 Merge & Center Insert Delete Format Conditional Format Formatting as Table Cell Styles Clear Sort & Filter HT L M N O P Q R S New Life Dance Company Balance Sheet As of December 31, 2020 Assets 36 Cash 37 Accounts Receivable 38 Land 39 Total Assets 65,000 180,000 41 Liabilities 42 Interest Payable 43 Loan Payable 44 Total Liabilities 10,000 11,000 46 Stockholders Equity 47 Capital Stock 48 Retained Earnings 60,000 49 Total Stockholders Equity 50 Total Liabilities and Stockholders Equity $ 299,000 Problem 1.1 Problem 1.2 Problem 1.3 Problem 1.4 Problem 1.5 Problem 1.6 + Edit @ - - + 114%