Miller-Nobles (12e) - Using Excel Ch01

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Office 2016 – myitlab:grader – Instructions Accounting Project

Miller-Nobles (12e) - Using Excel Ch01

Project Description: <Project Description>

Instructions: For the purpose of grading the project you are required to perform the following tasks: Step Instructions Points Possible 1 Download and open the excel spreadsheet, Miller-Nobles_12e-Using_Excel_Ch01_Start.xlsx. This spreadsheet includes 6 tabs; you will enter all answers on the tabs from the second to the sixth ones, ENTERANSWERS1-ENTERANSWERS5. (All answers should be entered in the blue highlighted cells.) 0.000 2 Echo Lake Company started operations on November 1, 2018. Nine transactions occurred during November. Financial statements are prepared at the end of the month. Use Excel to prepare a transaction analysis of the nine transactions. Use the blue shaded areas for inputs. (28 pts) a. For each transaction, record the amount (either an increase or decrease) under the correct account. Enter only non-zero amounts. If an account is not affected by the transaction, leave the amount blank. Be sure to use a minus sign (-) if the amount is a decrease. Enter dividends and expenses as negative amounts. Do not use an equal sign (=) when entering a numeric value. b. The row totals will be calculated automatically. c. The accounting equation (Assets = Liabilities + Equity) should remain in balance after each transaction. The accounting equation is calculated automatically to the right of the transaction table. 28.000 3 Prepare the income statement. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the ENTERANSWERS1 tab. (11 pts) (Always use cell references and formulas where appropriate to receive full credit.) 11.000 4 Prepare the statement of owner’s equity. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the ENTERANSWERS1 and the ENTERANSWERS2 tabs. (13 pts) (Always use cell references and formulas where appropriate to receive full credit.) 13.000 5 Prepare the balance sheet. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the ENTERANSWERS1 and the ENTERANSWERS3 tabs. (16 pts) (Always use cell references and formulas where appropriate to receive full credit.) 15.000 6 Prepare the statement of cash flows. Fill in the blue shaded areas using a formula that references the changes in the account balances due to the corresponding transaction in the ENTERANSWERS1 tab. Do not use an equal sign (=) when entering a numeric value. Enter value in all answer boxes, even if answer is 0. (22 pts) (Always use cell references and formulas where appropriate to receive full credit.) 22.000 7 Once completed, save the project to the desktop. File name can be anything, but DO NOT include spaces. Return to auto-graded excel activity window, and progress to Step 3. Follow on screen instructions. (To review score, navigate to Results in the MyLab and click on Review link.) 0.000 Total Points 89.000

Updated: 08/11/2017 1 Current_Instruction.docx

patel_Miller-Nobles_12e-Using_Excel_Ch01_Start.xlsx

Instructions

Accounting and the Business Environment
Using Excel to Prepare Transaction Analysis
Echo Lake Company started operations on November 1, 2018. Nine transactions occurred during November. Financial statements are prepared at the end of the month.
Use the blue shaded areas on the ENTER-ANSWERS tab for inputs.
ALWAYS use cell references and formulas where appropriate to receive full credit. Copy/pasting values will NOT earn full points.
Requirements Possible Points
1 Use Excel to prepare a transaction analysis of the nine transactions. Use the blue shaded areas for inputs. 28
a. For each transaction, record the amount (either an increase or decrease) under the correct account. Enter only non-zero amounts. If an account is not affected by the transaction, leave the amount blank. Be sure to use a minus sign (-) if the amount is a decrease. Enter withdrawals and expenses as negative amounts. Do not use an equal sign (=) when entering a numeric value.
b. The row totals will be calculated automatically.
c. The accounting equation (Assets = Liabilities + Equity) should remain in balance after each transaction. The accounting equation is calculated automatically to the right of the transaction table.
2 Prepare the income statement (11 pts), statement of owner's equity (13 pts), balance sheet (16 pts), and statement of cash flows (22 pts) for the company. Each financial statement appears on a separate worksheet tab. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the ENTERANSWERS1 tab. 62
Excel Skills
1 Enter numbers into cells. Enter text into cells.
2 Use Excel to prepare the income statement, statement of retained earnings, balance sheet and statement of cash flows.
Excel Hints
Expenses are entered as negative numbers in the transactional analysis table (because they reduce total equity), but entered as positive numbers in the income statement (they will be subtracted from revenues).
Add a negative sign in front of each formula for expense on the income statement to reverse the sign.
Cell F29 below contains the formula with a negative sign (= - C29).
Rent Expense Income Statement
-1,500 Rent Expense 1,500
Saving & Submitting Solution
1 Save file to desktop.
a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS
b. Save your solution in the folder you just created; add -solution-date to end of file name
2 Upload and submit your file to be graded.
a. Navigate back to the activity window - screen where you downloaded the initial spreadsheet
b. Click Choose button under step 3; locate the file you just saved and click Open
c. Click Upload button under step 3
d. Click Submit button under step 4
Viewing Results
1 Click on Results tab in MyAccountingLab
2 Click on the Assignment you were working on
3 Click on Project link; this will bring up your Score Card
4 Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback

Data

Header Income Statement Statement of Owner's Equity Statement of Cash Flows Balance Sheet
ECHO LAKE COMPANY Net Income Net Income for the month Acquisition of land Cash
Month Ended November 30, 2018 Rent Expense Owner contribution Cash balance, November 1, 2018 Accounts Payable
November 30, 2018 Salaries Expense Owner withdrawal Cash balance, November 30, 2018 Accounts Receivable
Service Revenue Stefanni, Capital, November 1, 2018 Collections from customers Land
Stefanni, Capital, November 30, 2018 Net increase in cash Office Supplies
Owner contribution Stefanni, Capital
Owner withdrawal Stefanni, Withdrawals
To employees
To suppliers

ENTERANSWERS1

Use Excel to prepare a transaction analysis of the nine transactions. Use the blue shaded areas for inputs.
a. For each transaction, record the amount (either an increase or decrease) under the correct account. Enter only non-zero amounts. If an account is not affected by the transaction, leave the amount blank.
Be sure to use a minus sign (-) if the amount is a decrease. Enter withdrawals and expenses as negative amounts.
Do not use an equal sign (=) when entering a numeric value.
b. The row totals will be calculated automatically.
c. The accounting equation (Assets = Liabilities + Equity) should remain in balance after each transaction. The accounting equation is calculated automatically to the right of the transaction table.
Description Assets Liabilities Owner's Equity
Stefanni, Capital Stefanni, Withdrawals Service Revenue Rent Expense Salaries Expense
Cash Accounts Receivable Office Supplies Land Accounts Payable Total Assets Total Liabilities Total Owner's Equity A = L + OE
1 Received $50,000 cash from the owner, Luigi Stefanni.
Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 TRUE
2 Purchased land for $23,000 cash.
Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 TRUE
3 Purchased $300 of office supplies on account.
Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 TRUE
4 Received $7,500 cash for services performed.
Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 TRUE
5 Performed services on account, $2,000.
Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 TRUE
6 Paid in cash: $1,500 for rent & $1,100 for employees' salaries
Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 TRUE
7 Paid $250 to creditor on account.
Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 TRUE
8 Collected $1,600 from customers on account.
Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 TRUE
9 Stefanni withdrew $4,000 cash from the business.
Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 TRUE

ENTERANSWERS2

Prepare the income statement. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the ENTERANSWERS1 tab.
(Always use cell references and formulas where appropriate to receive full credit.)
Income Statement
Revenues:
Expenses:
Total Expenses - 0
$ - 0
HINTS
Cell | Hint:
D12:D13 | Expenses should be entered as positive numbers in the income statement. Add a negative sign in front of each formula for expense on the income statement to reverse the sign.

ENTERANSWERS3

Prepare the statement of retained earnings. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the ENTERANSWERS1 and the ENTERANSWERS2 tabs.
(Always use cell references and formulas where appropriate to receive full credit.)
Statement of Owner's Equity
$ 0
- 0
$ - 0

ENTERANSWERS4

Prepare the balance sheet. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the ENTERANSWERS1 and the ENTERANSWERS3 tabs.
(Always use cell references and formulas where appropriate to receive full credit.)
Balance Sheet
Assets
Total Assets $ - 0
Liabilities
Owner's Equity
Total Liabilities and Owner's Equity $ - 0

ENTERANSWERS5

Prepare the statement of cash flows. Fill in the blue shaded areas using a formula that references the changes in the account balances due to the corresponding transaction in the ENTERANSWERS1 tab. Be sure that the amount is entered as a negative number if it is an outflow.
Do not use an equal sign (=) when entering a numeric value. Enter value in all answer boxes, even if answer is 0.
(Always use cell references and formulas where appropriate to receive full credit.)
Statement of Cash Flows
Cash Flows from operating activities:
Receipts:
Payments:
Total Payments - 0
Net cash provided by operating activities - 0
Cash flows from investing activities:
Net cash used by investing activities - 0
Cash flows from financing activities:
Net cash provided by financing activities - 0
- 0
$ - 0
HINTS
Cell | Hint:
E13:E24 | Be sure that the amount is entered as a negative number if it is an outflow.