Detailed Instructions A. Record transactions listed below in the horizontal worksheet. The company is the Columbo Security Services. This is the companys first year of operations. Note that column N is to be used to identify which retained earnings account is affected whenever a transaction involves an increase or decrease to retained earnings: enter Revenue, Expense, or Dividend in column N whenever an amount is keyed into column L. Transactions/events: 1. Acquired $25,000 from the issue of common stock. 2. Purchased $2,500 of supplies on account from the Gadget Supply Agency. 3. Performed security services at local sporting events during the year for $8,000 cash. 4. Paid salaries expense of $3,000 for the year. 5. Purchased land, paying $10,000 cash. 6. Paid utility expenses of $2,000 for the year. 7. Paid a cash dividend of $1,500 to the shareholders. 8. Found out from an appraiser that the market value of the land on 12/31 was $12,500. B. Using formulas, sum each of the quantitative columns to arrive at end-of- period amounts (row 15). One way to add a series of numbers is to use the Sum function. C. Prepare an income statement, a balance sheet and a cash flow statement using Excel. Prepare these statements on the bottom of the page underneath the blue line (row 16). You should use cell references and formulas in Excel when you create the statements. Tip: Using cell references allows you to make a change in a number one time without changing throughout the spreadsheet. Cell references are simple-click in the desired cell, type an _and then click in the cell you which to reference. Hir Enter and the desired amount will be referenced. As the Excel assignments are graded, we consider whether you have recorded the transactions correctly and created the correct financial statements. We also evaluate whether you have used cell references and formulas to make your Excel spreadsheet as efficient as possible. A few Excel Tips: o Single and double lines can be drawn usin
Detailed Instructions A. Record transactions listed below in the hori
Detailed Instructions A. Record transactions listed below in the horizontal worksheet. The company is the Columbo Security Services. This is the companys first year of operations. Note that column N is to be used to identify which retained earnings account is affected whenever a transaction involves an increase or decrease to retained earnings: enter Revenue, Expense, or Dividend in column N whenever an amount is keyed into column L. Transactions/events: 1. Acquired $25,000 from the issue of common stock. 2. Purchased $2,500 of supplies on account from the Gadget Supply Agency. 3. Performed security services at local sporting events during the year for $8,000 cash. 4. Paid salaries expense of $3,000 for the year. 5. Purchased land, paying $10,000 cash. 6. Paid utility expenses of $2,000 for the year. 7. Paid a cash dividend of $1,500 to the shareholders. 8. Found out from an appraiser that the market value of the land on 12/31 was $12,500. B. Using formulas, sum each of the quantitative columns to arrive at end-of- period amounts (row 15). One way to add a series of numbers is to use the Sum function. C. Prepare an income statement, a balance sheet and a cash flow statement using Excel. Prepare these statements on the bottom of the page underneath the blue line (row 16). You should use cell references and formulas in Excel when you create the statements. Tip: Using cell references allows you to make a change in a number one time without changing throughout the spreadsheet. Cell references are simple-click in the desired cell, type an _and then click in the cell you which to reference. Hir Enter and the desired amount will be referenced. As the Excel assignments are graded, we consider whether you have recorded the transactions correctly and created the correct financial statements. We also evaluate whether you have used cell references and formulas to make your Excel spreadsheet as efficient as possible. A few Excel Tips: o Single and double lines can be drawn usin
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