Accounting Homework Help

hw20ch20420b-04.02student.xls

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Problem

Reagan Sakai is in charge of financial management for Land Monitrix. Land Monitrix utilizes satellite technology and sophisticated mapping software to alert its customers to trespassing, illegal dumping, and other encroachments on property these customers own around the globe. Customers typically purchase one-year contracts for this service, and the pricing depends on the number and size of sites monitored.
Mr. Sakai desires to review financial reports -- an income statement, statement of retained earnings, and balance sheet. Prepare these reports from the following adjusted trial balance. Mr. Sakai needs this information for internal review purposes, and does not require a classified balance sheet. The operating data relate to the full year, and the blank worksheet already includes partial data.
	LAND MONITRIX CORPORATION
	Adjusted Trial Balance
	As of December 31, 20X5
			Debits	Credits
		Cash	$ 834,221	$ -
		Accounts receivable	345,909	-
		Prepaid expenses	45,787	-
		Supplies	66,665	-
		Satellite equipment	3,009,000	-
		Accumulated depreciation	-	1,222,199
		Accounts payable	-	544,190
		Unearned revenues	-	455,000
		Loan payable	-	1,000,000
		Capital stock	-	560,000
		Retained earnings, Jan. 1	-	228,892
		Dividends	50,000	-
		Revenues	-	2,373,402
		Selling expenses	476,445	-
		Interest expense	80,000	-
		Salaries expense	677,667	-
		Maintenance and supplies expense	222,989	-
		Depreciation expense	575,000	-
			$ 6,383,683	$ 6,383,683

&R&"Myriad Web Pro,Bold"&20B-04.02

B-04.02

Worksheet


	Income Statement
		Revenues
		Services to customers		$ -
		Expenses
			$ -
			-
			-
			-
			-	-
		Net income		$ -
Note -- The "Excel" tip uses macros, and your security settings may limit access.
	LAND MONITRIX CORPORATION
	Statement of Retained Earnings
		Beginning retained earnings		$ -
		Plus: Net income		-
				$ -
				-
				$ -
	LAND MONITRIX CORPORATION
	Balance Sheet
		Assets
				$ -
				-
				-
				-
		Satellite equipment	$ -
		Less: Accumulated depreciation	-	-
		Total assets		$ -
		Liabilities
			$ -
			-
			-
		Total liabilities		$ -
		Stockholders' equity
			$ -
			-
		Total stockholders' equity		-
		Total liabilities and equity		$ -

&L&"Myriad Web Pro,Bold"&12Name: Date: Section: &R&"Myriad Web Pro,Bold"&20B-04.02

B-04.02

This worksheet includes a macro. You can run the macro by hitting "ctrl-shift-I" Macros are customized imbedded "programs". In this case, the routine calculates the net income from the trial balance and returns it to a designated cell in this spreadsheet. Macros are easy to create -- under the tools menu are instructions on creating and saving macros. Macros are very useful accounting applications. Examine the macro for calculating net income (you don't have to write the program steps, you can use the "record" and "stop" record function and the computer will write the code to emulate your steps). Once you have a general sense of the net income macro, create your own macro for caculating ending retained earnings! What other accounting applications would benefit from macros?