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Solving Financial Accounting Problems Using Excel

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The trial balance columns of the work sheet for Phantom Roofing Inc at March 31, 2002 are as follows:
Instructions:
(a) Enter the trial balance on a work sheet and complete the work sheet. This should be accomplished on the continuation of the presented data table.

(b) (1) Prepare an income statement for the month of March.
(b) (2) Prepare the retained earnings statement for March.
(b) (3) Prepare the classified balance sheet at March 31.
(c) Journalize the adjusting entries from the adjustments columns of the work sheet.

Please see attached excel worksheet for the complete problem

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Solution Summary

The solution provides steps to complete the trial balance, prepare an income statement, retained earning statement, classified balance sheet and journalize the adjusting entries from the adjustments columns of the work sheet.

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