Question: Please use Excel to complete the following use case: Please see attached Excel File: 1) Prepare a 12-column work sheet for the year ended 2010
Please use Excel to complete the following use case:
Please see attached Excel File:
1) Prepare a 12-column work sheet for the year ended 2010 December 31. You need not include account numbers or explanations of adjustments.
2) Prepare an income statement.
3) Prepare a statement of retained earnings.
4) Prepare a classified balance sheet.
5) Prepare adjusting and closing entries.
| The following trial balance and additional data are for Roswell Interior Decorators, Inc.: | |||
| ROSWELL INTERIOR DECORATORS, INC | |||
| Trial Balance | |||
| 2019 December 31 | |||
| Debits | Credits | ||
| Cash | 85,100 | 0 | |
| Accounts Receivable | 81,000 | 0 | |
| Supplies on Hand | 4,600 | 0 | |
| Prepaid Rent | 12,240 | 0 | |
| Prepaid Advertising | 2,880 | 0 | |
| Prepaid Insurance | 4,400 | 0 | |
| Office Equipment | 5,400 | 0 | |
| Accumulated DepreciationOffice Equipment | 0 | 2,760 | |
| Office Furniture | 29,200 | 0 | |
| Accumulated DepreciationOffice Furniture | 0 | 8,280 | |
| Accounts Payable | 0 | 25,200 | |
| Notes Payable (due 2020) | 0 | 4,000 | |
| Capital Stock | 0 | 100,000 | |
| Retained Earnings, 2019 January 1 | 0 | 22,400 | |
| Dividends | 45,520 | 0 | |
| Service Revenue | 0 | 250,000 | |
| Salaries Expense | 98,800 | 0 | |
| Utilities Expense | 20,000 | 0 | |
| Miscellaneous Expense | 23,500 | 0 | |
| 412,640 | 412640 | ||
| Financial Data | |||
| Supplies on hand at 2019 December 31, are 1,000. | |||
| Rent expense for 2019 is 10,000. | |||
| Advertising expense for 2019 is 2,304. | |||
| Insurance expense for 2019 is 2,400. | |||
| Depreciation expense is office equipment, 912, and office furniture, 3,000. | |||
| Accrued interest on notes payable is 150. | |||
| Accrued salaries are 4,200 | |||
| Questions | |||
| 1) Prepare a 12-column work sheet for the year ended 2010 December 31. You need not include account numbers or explanations of adjustments. | |||
| 2) Prepare an income statement. | |||
| 3) Prepare a statement of retained earnings. | |||
| 4) Prepare a classified balance sheet. | |||
| 5) Prepare adjusting and closing entries. |
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