80.2K

Verified Solution

Link Copied!

File Home Insert Draw Formulas Data Review View Help A1 fx Accessibility tab summary: The financial statements for Great Taste Restaurants Incorporated are presented in row 2 and tips for excel is presented in rows 4 to 7 . A statement for requirement 1 1 B C D E F G H A set of financial statements for Great Taste Restaurants Incorporated are presented with missing information. The Controller has asked you to 2 determine the missing amounts in the Income Statement, Statement of Stockholders' Equity, and Balance Sheet. Use the information included and the Excel functions described below to complete the task. 3 Here are some tips for using Excel: 5 Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "=C14" was entered, the formula would output the result from cell C14, or $1,200,000 in this example. Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell " =C17+C18 " was entered, the formula would add the values from those cells and output the result, or 110,000 in this example. If using the other math symbols the result would Basic Math Functions: output an appropriate answer for its function. Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell "=SUM(C17,C18,C19)" was entered, the formula would output the result of adding those three separate cells, or 192,500 in this example. Similarly, if in a blank cell "=SUM(C17:C19)" was entered, the formula would output the same result of adding those cells, SUM Function: except they are expressed as a range in the formula, and the result would be 192,500 in this example. 9 Required: 10 Solve for the missing amounts in the financial statements presented. Use formulas unless directed to use a function or cell reference. 11 12 1) Income Statement 13 a. Solve for the Total Operating Expenses. 14 b. Include the SUM function in your calculation to solve for the Wage Expense. 15 c. Solve for the Interest Revenue and the Net Income. d. Use a cell reference to display the Dividends Declared value you calculated in letter c. under the Total column. e. Use a SUM function to calculate the Total Stockholder's Equity. a. Solve for the Accounts receivable, Accumulated depreciation and Total Asset values. b. Use the SUM function to calculate the Total current liabilities. c. Use cell references to show values for the Common Stock, Additional paid-in capital, and Retained Earnings accounts. d. Solve for the Total Liabilities and Stockholders' Equity

Answer & Explanation Solved by verified expert

See Answer