Financial statements soln.pdf

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18052008 109 AMhttpwwwperdiscocomelmsqsamhtmlqsamaspxBackground informationWorksheetTrial balance as at end of last monthTrial balance as at end of this monthGeneral ledger You will then see your final scorefinishNavigation mapAdditional informationTo answer this question you may need the following informationOriginal information complete this practice set by clicking Specialty Sports Store Practice SetBeing completed by Beanutto ensure that your final score is recordednearest whole dollarfeedback pageThis is your last feedback page in this practice setWhen you are ready On this page you can access the Income Statement the Statement of Changes in Equity and the Balance SheetThere are several tabs that allow you to view each financial statement individually The active tab by default isShow All but you may also select to view each statement by itselfIf you fill in any statement and change the view on this page by selecting a different tab the information that youhave entered will remain in that statement and be displayed whenever you can see that statementvalues as positive values since values to be subtracted are indicated on the income statement with brackets aroundthe input box Note that there are two instances where you are required to select profit or loss from a dropdown listBrackets will be displayed if you select lossvalues since values to be subtracted are already indicated on the statement with brackets around the input box Notethat you are required to select profitloss from a dropdown list Brackets will be displayed if you select lossPotential exceptions where you may be required to enter a value as a negative number are the line items for theopening and closing balance of RETAINED EARNINGS In order to be marked as correct a credit balance of RetainedEarnings must be entered as a positive number and a debit balance of Retained Earnings must be entered as anegative numberall values as positive values since values to be subtracted will be indicated on the balance sheet with brackets aroundthe input boxPrepare an income statement for the month Select the appropriate accounts using a popup link Then enter allPrepare a statement of changes in equity for the month Most values are to be entered in the input boxes as positivePrepare a balance sheet as at the end of the month Select the appropriate accounts using a popup link Then enter123Please note that any answers from previous pages carried through onto this page either on the page or in a popupinformation page are the correct answers not your particular answersRemember to enter all answers to the Instructions for financial statementsDisplaying selected financial statementsFinancial statements Financial statements1 of 1118052008 109 AMhttpwwwperdiscocomelmsqsamhtmlqsamaspxOverviewFurther informationThe information in the above links comes from the Overview andFurther information pages at the beginning of the practice set Ifyou did not print them out and you would like to refer to themyou may review them below91761602626049900Balance Sheet 126077420 Changes in EquityRenegade SportsIncome StatementselectselectselectselectselectFor the month ended 300608 Income StatementSales RevenueSales Returns and AllowancesDiscount ReceivedRevenueNet sales revenueOther IncomeINCOMECOST OF SALESGROSS Show All Financial statements2 of 11
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