Show using an EXCEL Spreadsheet:

While your friend, the founder of XYZ consulting, is an extremely talented data scientist, she is terrible with accounting and at this point does not want to hire an external accountant or auditor. The founder friend believes that it is time to register her business, but is unsure if the filings will be strong enough to raise money from venture capitalists. Maybe she would be better off not registering the firm for another year which means no investor but also means little scrutiny. Below is her Trial Balance for the year can you help her create an Income Statement and Balance Sheet? (7.5 points each for the Income Statement and Balance Sheet).

Interface: Students will upload a spreadsheet with both the Income Statement and the Balance Sheet in one sheet.

XYZ Consulting Trial Balance December 31, 2016 \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Accounting Title } & Debit & Credit \\ \hline Cash & 20000 & \\ \hline Accounts Receivable & 12000 & \\ \hline Office Supplies & 3000 & \\ \hline Office Equipment & 30000 & \\ \hline Rent & 24000 & \\ \hline Salaries & 72000 & \\ \hline Supplies Used & 3000 & \\ \hline Accounts Payable & & \\ \hline Utilities Expense & 6000 & 15000 \\ \hline Bank Loan & & \\ \hline Common Stock & & \\ \hline \end{tabular}