Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem P5.48CT
Using Excel to prepare a multi-step income statement.
Download an Excel template for this problem online in My Accounting Lab or at htt://www.pearsonhighered.com/Horngren.
Cougar Mountain Sports has prepared an adjusted
Notes to the adjusted trial balance are located below the totals.
Use the blue shaded areas on the income statement worksheet for inputs.
Requirements:
- Use Excel to prepare a multi-step income statement based on the adjusted trial balance.
- Use formulas to link the balances on the adjusted trial balance to the amounts on the income statement. Note that some balances are split between two different areas of the Income Statement. For example. The Rent Expense is divided into two categories-Selling and administrative.
- Use a formula to add and subtract account amounts as indicated.
- Format the numbers in the dollar columns with a comma and no decimal places (e.g.5, 460) Use a dollar sign at the top of each column and at the total (e.g. $ 26,201). Make sure the decimal places align.
- Double-underline the total.
- Compute the gross profit margin percentage. Format percentages to two decimal places (e.g. 22.74%).
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The accountant wishes you to provide an analysis of the company’s annual operating expenses. Add an extra worksheet called “Expense analysis”, and add your 20Y3 data next to the given 20Y2 data.
You must link this new Expense Analysis table/worksheet (relevant cells in column “E”) with the respective data from your 20Y3 income statement. Do not hard code the 20Y3 data. Use appropriate formula to calculate the total expenses in cell E10, E12 and percentages in column F and G.
Use the following information to answer Exercises E1-31 through E1-33.
The account balances of Wilson Towing Service at June 30, 2018, Follow:
Preparing the income statement
Requirements
Prepare the income statement for Wilson Towing Service for the month ending June 30, 2018.
What does the income statement report?
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.)
For Question 36, how much revenue should be recorded on the Income Statement?
Elliptical Consulting
Adjusted Trial Balance
For the Year Ended June 30, 2019
Account Title
Debit
Credit
Cash
27,000
Accounts Receivable
53,500
Supplies
900
Office Equipment
30,500
Accumulated Depreciation – Office Equipment
6,000
Accounts Payable
3,300
Salaries Payable
375
Jayson Neese, Capital
82,200
Jayson Neese, Drawing
2,000
Fees Earned
60,000
Salary Expense
32,375
Supplies Expense
2,100
Depreciation Expense
1,500
Miscellaneous Expense
2,000
Totals
151,875
151,875
Notice that the accounts are listed in order of the accounting…
Chapter 5 Solutions
Horngren's Accounting (12th Edition)
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - 2. The two main inventory accounting system are...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC manufacturing purchased inventory for $5,300...Ch. 5 - Austin sold inventory for $2/10, n/30. Cost of...Ch. 5 - Prob. 6QCCh. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Assume Juniper Natural Dyes made Net Sales Revenue...Ch. 5 - Prob. 10AQC
Ch. 5 - (
11B_ The journal entry for the purchase of...Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Describe the operating cycle of a merchandiser.Ch. 5 - What is Cost of Goods (COGS), and where is it...Ch. 5 - How is gross profit calculated, and what does it...Ch. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - 8. What account is debited when recording a...Ch. 5 - Prob. 9RQCh. 5 - Prob. 10RQCh. 5 - Prob. 11RQCh. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14RQCh. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - 17. What is freight out and how is it recorded by...Ch. 5 - Prob. 18RQCh. 5 - Prob. 19RQCh. 5 - Prob. 20RQCh. 5 - Prob. 21RQCh. 5 - What financial statement is merchandise inventory...Ch. 5 - Prob. 23RQCh. 5 - Prob. 24ARQCh. 5 - Prob. 25BRQCh. 5 - Prob. 26BRQCh. 5 - Prob. 27BRQCh. 5 - Prob. 28BRQCh. 5 - Prob. 29BRQCh. 5 - Prob. 30BRQCh. 5 - Prob. 31BRQCh. 5 - Comparing periodic and perpetual inventory systems...Ch. 5 - Journalizing purchase transactions Learning...Ch. 5 - Prob. S5.3SECh. 5 - Journalizing sales transactions Learning Objective...Ch. 5 - Estimating sales returns Learning Objective 3 On...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Adjusting for inventory shrinkage Learning...Ch. 5 - ournalizing closing entries Learning Objective 4...Ch. 5 - Preparing a merchandiser’s income statement...Ch. 5 - Preparing a merchandiser’s statement of owner’s...Ch. 5 - Computing the gross profit percentage Learning...Ch. 5 - Prob. S5A.13SECh. 5 - Journalizing purchase transactions—periodic...Ch. 5 - Journalizing sales transactions—periodic inventory...Ch. 5 - Journalizing closing entries-periodic inventory...Ch. 5 - Computing cost of goods sold in a periodic...Ch. 5 - E5-18 Using accounting vocabulary Learning...Ch. 5 - Prob. E5.19ECh. 5 - Howie Jewelers had the following purchase...Ch. 5 - E5-21 Journalizing sales transactions Learning...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing closing entries Learning Objective 4...Ch. 5 - Preparing a single-step income statement Learning...Ch. 5 - Preparing a multi-step income statement. Learning...Ch. 5 - Journalizing adjusting entries including estimate...Ch. 5 - Prob. E5.27ECh. 5 - Journalizing multiple performance obligations and...Ch. 5 - Prob. E5B.29ECh. 5 - Prob. E5B.30ECh. 5 - Prob. E5B.31ECh. 5 - Prob. E5B.32ECh. 5 - Prob. E5B.33ECh. 5 - Prob. P5.34APGACh. 5 - Journalizing purchase and sale transaction...Ch. 5 - P5-36A Preparing a multi-step income statement,...Ch. 5 - Journalizing adjusting entries, preparing adjusted...Ch. 5 - Preparing Single-Step income statement, preparing...Ch. 5 - Journalizing purchase and sale...Ch. 5 - Preparing a multi-step income statement and...Ch. 5 - Journalizing purchase and sale transaction...Ch. 5 - Prob. P5.42BPGBCh. 5 - Prob. P5.43BPGBCh. 5 - Prob. P5.44BPGBCh. 5 - Prob. P5.45BPGBCh. 5 - Journalizing purchase and sale transation-periddic...Ch. 5 - Preparing a multi-step income statement and...Ch. 5 - Using Excel to prepare a multi-step income...Ch. 5 - Journalizing and posting purchase and sale...Ch. 5 - Prob. P5.50CP2Ch. 5 - Prob. P5.51PSCh. 5 - Tying It All Together Case 5-1 Before you begin...Ch. 5 - Prob. 5.1DCCh. 5 - Prob. 5.1EICh. 5 - Prob. 5.1FCCh. 5 - Financial Statement Case 51 This cause uses both...
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