Reference no: EM13825210
The ledger of Skitch Corp. showed the following balances after adjustment on June 30, 2012, the end of the current fiscal year: Accounts payable $ 55,600General expenses $112,350 Accounts receivable 103,890Interest expense 6,750 Accumulated depreciation—equipment 26,250Notes payable 46,335 Cash 80,370Prepaid insurance 10,125 Common stock 300,000Salaries expense 621,450Retained earnings, July 1, 2011 0 Dividends 18,000Sales 943,500 Equipment 280,000Advertising expense 138,750 The president of Skitch has asked you to develop a financial statement worksheet (file name FFS) that includes a single-step income statement, a statement of retained earnings, and a balance sheet. This worksheet will allow the financial statements to be prepared quickly by entering account balances in the appropriate cells on the worksheet. Use the information provided as input for your worksheet. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: Total assets, $448,135. To test your model, use the following data for the year ended June 30, 2013: Accounts payable $ 67,050General expenses $ 108,150 Accounts receivable 92,700Interest expense 9,000 Accumulated depreciation—equipment 52,500Notes payable 44,085 Cash 72,400Prepaid insurance 10,800 Common stock 300,000Salaries expense 659,835Retained earnings, July 1, 2012 46,200 Dividends 0Sales 892,500 Equipment 320,000Advertising expense 129,450 Print the worksheet when done. Check figure: Total assets, $443,400. CHART (optional) utilizing the test data worksheet, prepare a pie chart
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