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Assignment
Make a balance sheet and income statement in Excel
Using the following data in the attached PDF, create a Balance Sheet and an Income Statement
Post your completed financial statements as an excel spreadsheet (one tab for the Balance Sheet, one tab for the Income Statement).
PREPARING FINANCIAL STATEMENTS
As the accountant for Wheatley International, it is your job to prepare the company's income statement and balance sheet. Use the accounts listed below to construct the statements. Assume that the tax rate is 25%.
List of Accounts for WHEATLEY INTERNATIONAL
Accounts Receivable
$ 120,600
Land
1,500,000
Notes Receivable
61,200
Insurance Expenses
54,000
Accounts Payable
45,000
Interest Expenses
24,600
Common Stock
1,896,000
Depreciation
400,000
Net Sales
1,053,000
Ending Inventory
126,600
Notes Payable (Long-Term)
210,000
Beginning Inventory
154,800
Retained Earnings
1,459,800
Advertising Expense
90,000
Cash
72,000
Salaries
180,000
Short-Term Notes Payable
15,600
Merchandise Purchased (for Inventory)
316,800
Buildings
1,050,000
Rent
13,800
Utilities
8,400
Equipment & Vehicles
1,066,000
Goodwill
Bonds Payable
60,000
Financial Statement Analysis and Preparation
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