Paste BIUV A 41 BC x fx D E F G H Merge & Center LA $ ACCT 251 EXCEL PROJECT 2-PREPARING FINANCIAL STATEMENTS IN EXCEL Instructions for Completion of Assignment: Part 1: Prepare a trial balance, income statement, statement of retained earnings, and balance sheet for Pale Ale Inc. as of Dece Part 2: Prepare financial analyses for Pale Ale Inc and Porter Co as of December 31, 2021 11 12 Income Statement: 13 8 Part 1: Detailed Instructions 9 10 1. Open Excel Project 1 and ensure all label and amounts are correct Trial Balance: Row 28-cells E and F: Row 16-cells H and J: 14 Statement of Retained Earnings: 15 16 Balance Sheet: 17 Row 11-cell M Row 19-cells O and P: 18. Row 14-cells Q and R: 19 Row 18-cells Q and R: 22 20 Row 19-cells Q and R: 3,252,570 3,252,570 Net Income 193,910 Ending balance, December 31 759,770 Total Assets 2,214,080 Total Liabilities 1,352,950 Total Stockholders Equity 861,130 Total Liablities & Stockholders Equity 2,214,080 21 22 23 24 25 26 27 28 MAS610 4. Update the Pale Ale Inc worksheet as follows: 29 30 31 32 33 34 Instructions 61,535,580 Utilities Expense Cash 6,406,620 7,719,360 Porter Co Pale Ale Inc + 2. Copy the Porter Co worksheet from Excel Project 1 to the Porter Co worksheet in Excel Project 2 This copies all of the first assignment into the second assignment. 3. Copy the data from the Porter Co worksheet into the Pale Ale Inc worksheet At this point, you will have worksheets with two different names but IDENTICAL data a. Update titles to reflect Pale Ale Inc instead of Porter Co b. Change the amounts in Column B for each account to: Pale Ale Inc. Scenario #1 Amounts: Service Revenue