Trial Balance and Inventory

 

 

Using the data provided,  prepare a trial balance, an income statement, a statement of changes in owner’s equity and a balance sheet. First, set up your trial balance by putting the accounts in the proper order, next enter the amounts in the proper column and then input a formula to total the columns. Begin by creating a trial balance in the correct order. Then create the income statement, a statement of changes in owners equity and a balance sheet using cell reference for the amounts. In the cell that you want the amount to appear, be sure to put the cell reference from the amount on the trial balance. Therefore, EVERY data entry (amount) into the financial statements will be a cell reference or a formula. (35 points) Accounts payable 45 Accounts receivable 57 Accumulated depreciation 50 Cash  10 Depreciation expense  5 Drawing 7 Equipment 100 Insurance expense  1 Prepaid Insurance  5 Repair expense  2 Owners Equity (beginning)  50 Salaries expense  10 Salaries payable 30 Service revenue 25 Utilities expense  3