01p3a by mahmoudashraf42

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									Instructions for the Microsoft Excel Templates

Be advised, the worksheet and workbooks are not protected.

Extensive detail and information is contained within the manual.

Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and bring up one of
several help menus.

You should enter your name, course ID, date, and instructor's name into the cells at the top of the page.

Each page contains a page footer with a Page # of Page ## as well as time and date to assist in assembly of multiple pages.


Each worksheet contains the identification of the problem or exercise.

All formatting should have been accomplished to provide satisfactory presentation. See the text for additional assistance in
formating.

If more than one page is required by the problem, the page breaks are preset.

In general, the yellow highlighted cells are the cells which work and effort should be presented.

Place the proper account title in the cell where the word "Account title" appears on the template.

Place the value in the cell where the word "Value" or "Amount" appears on the template. A formula may be placed in some
of these cells.

Write a formula into cells where the word "Formula" appears. In these cells, an amount calculated can be entered. An amount
can be placed in these cells.

Place the explanation for the entry in the cell where the word "Text Explanation" appears on the template.

Insert the account number where "Acct Nbr" appears on the template during posting.

Insert the journal reference where "JOURN #" appears on the template during posting.

Insert the title in the cell where "TITLE" appears on the template.

The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required.

The gray filled cells define the perimeter of the problem and the print area.

The problem is formatted for whole dollars with comma separations (no cents) except where required.

The display may have "Freeze Pane" invoked so column titles remain visible during data entry.

Negative values may be shown as ($400) or -$400.

Consider using "Split" panes to assist in copy and paste of data.



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Much of the exercises and problems can have data entered by the "look to" or "=A34" type formula where cell A34 contains
the data to be entered. This precludes typing and data entry errors.




                      91ea487e-15a8-44b0-9f4e-177f41342101.xls, Page 2 of 6, 3/24/20125:54 PM
Name:
Exercise:             Problem P1-3A
Course:
Date:
P1-3A
On June 1 Fix-It-Up Service Co. was started with an initial investment in the company of $26,200 cash. Here are the
assets and liabilities of the company at June 30, and the revenues and expenses for the month of June, its first month of
operations:
                      Cash                         $4,600                Notes payable               $14,000
                      Accounts receivable           4,000                Accounts payable                  500
                      Revenue                       8,000                Supplies expense                1,000
                      Supplies                      2,400                Gas and oil expense               600
                      Advertising expense             400                Utilities expense                 300
                      Equipment                    32,000                Wage expense                    1,400
In June, the company issued no additional stock, but paid dividends of $2,000.

Instructions:
                (a)   Prepare an income statement and a retained earnings statement for the month of June and a balance
                      sheet at June 30, 2007.
                                              FIX-IT-UP SERVICE CO.
                                                   Income Statement
                                           For the month ended June 30, 2007
                      Revenues
                        Account title                                                     Amount
                      Expenses
                        Account title                                        Amount
                        Account title                                        Amount
                        Account title                                        Amount
                        Account title                                        Amount
                        Account title                                        Amount
                         Total expenses                                                  Formula
                      Net income                                                         Formula

                                             FIX-IT-UP SERVICE CO.
                                             Retained Earnings Statement
                                          For the month ended June 30, 2007
                      Retained earnings, June 1                                          Amount
                      Add:         Title                                                 Amount
                                                                                         Formula
                      Less:        Account title                                         Amount
                      Retained earnings, June 30                                         Formula




                         91ea487e-15a8-44b0-9f4e-177f41342101.xls, Page 3 of 6, 3/24/20125:54 PM
                            FIX-IT-UP SERVICE CO.
                                  Balance Sheet
                                  June 30, 2007
                                     Assets
   Account title                                                       Amount
   Account title                                                       Amount
   Account title                                                       Amount
   Account title                                                       Amount
    Total assets                                                       Formula

                        Liabilities and Stockholders' Equity
   Liabilities
     Account title                                         Amount
     Account title                                         Amount
      Total liabilities                                                Formula
   Stockholders' equity
     Account title                                         Amount
     Account title                                         Amount
      Total stockholders' equity                                       Formula
         Total liabilities and stockholders' equity                    Formula

(b) Briefly discuss whether the company’s first month of operations was a success.
    Enter text answer here.




(c) Discuss the company’s decision to distribute a dividend.
    Enter text answer here.




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