Excel Applications for Accounting Principles 4th Edition by Gaylord Smith

Exercise 6

PROBLEM DATA
The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows:

Adjustment information is as follows:
a. Supplies on hand as of June 30, 2013, $450.
b. Insurance premiums that expired during the year, $2,420.
c. Depreciation on equipment during the year, $1,500.
d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
e. Salaries accrued but not paid at June 30, 2013, $1,440.
f. Merchandise inventory on June 30, 2013, $68,864.
REQUIREMENT
Complete the income statement and balance sheet by entering formulas in columns J, K, L, and M that reference the appropriate cells in column H or I. Net income will be automatically calculated at the bottom of the income statement and balance sheet columns. Check to be sure that these numbers are the same. Enter your name in cell A1. Save the completed file as P2WORK3. Print the worksheet. Also print your formulas using landscape orientation and fit-to-1 page scaling. Check figure: Net income (cell J34), $37,902.