Steps in Drafting your Statement of Financial Position [Sheet Name: BS]

For this practice set, we will make use of the Report Form in presenting our Statement of Financial Position.

1. Header. On Cell A1, type "Gusting and Cellphone Accessories". Highlight cells A1:F1 then click Press
2. Header. Repeat Step 1 on cells A2:F2 and type "Statement of Financial Position"
3. Header. Repeat Step 1 on cells A3:F3 and type "For the month ended December 31, 2018"
4. Current Assets. On cell A5, type "Current Assets". Then press CTRL+B (BOLD)
5. Current Assets. From cells A6:A14, list down all items to be classified as current assets.
6. Current Assets. From cells F6:F14, link all the corresponding balances of the items listed as current assets from your workshe

Column E Column F
Accounts Receivable xxx
Allowance for Doubtful Accoun (xxx) xxx

7. Current Assets. On cell A15, Type "Total Current Assets", CTRL+B

8. Current Assets. On cell F15, Type the proper formula to arrive at the total current assets balance. Then Click on this icon
9. Nonurrent Assets. Starting on Cell A17, repeat steps 4 to 8.

Note: As for property and equipment (furnitures and fixtures, equipment and delivery vehicle), it should be presented the same

Column E Column F
Furniture and Fixtures xxx
Accumulated Depreciation - Furniture and (xxx) xxx
Equipment xxx
Accumulated Depreciation - Equipment (xxx) xxx
Delivery Vehicle xxx
Accumulated Depreciation - Delivery Vehic (xxx) xxx

10. Total Assets. On cell A28, type "Total Assets". Type the appropriate formula to arrive at the Total Assets balance. Then Click
11. Current Liabilities. Starting on Cell A30, repeat steps 4 to 8.

Note: We do not have noncurrent liabilities for this practice set. Hence, for the subtotal of the liabilities type "Total Liabilities"

12. Equity. On cell A41, Type "Equity". CTRL=B.

13. Equity. On cell A42, Type "Agusto Delilo, Capital, 12/31/2018".
14. Equity. On cell F42, Type the appropriate formula to arrive at your should be balance of Total Equity.

Note: Recall your accounting equation. "Assets = Liabilities + Equity"

15. Total Liabilities and Equity. On cell A44, Type "Total Liabilities and Equity". CTRL+B.
16. Total Liabilities and Equity. On cell F44, Type the appropriate formula to arrive at the balance of total liabilities and equity.
Note: On Cell A47, type "Prepared by: [Last Name, First Name, Middle Initial], [Year and Section]"
ncial Position.

k Press CTRL+B (Bold)

urrent assets from your worksheet tab "Balance Sheet" Column.

ance. Then Click on this icon

it should be presented the same way as the accounts receivable

Total Assets balance. Then Click on this icon

abilities type "Total Liabilities"

ce of total liabilities and equity. Then Click on

Steps in Drafting your Statement of Profit or Loss [Sheet Name: IS]

1. Header. On Cell A1, type "Gusting and Cellphone Accessories". Highlight cells A1:F1 then click Press
2. Header. Repeat Step 1 on cells A2:F2 and type "Statement of Profit or Loss"
3. Header. Repeat Step 1 on cells A3:F3 and type "For the month ended December 31, 2018"
4. Net Sales. On cell A5, type "Sales".
5. Net Sales. On cell A6 type "Less:". CTRL+I (Italicized). Then Click this icon twice.
6. Net Sales. On cell A7 type "Sales Discounts". Then Click this icon twice.
7. Net Sales. On cell A8 type "Sales Returns and Allowances". Then Click this icon twice.
8. Net Sales. On cell A9, type " Net Sales". CTRL+B
9. Net Sales. On column E, link the corresponding balances of the items listed on cells A5:A8 from the worksheet tab "Income S

Note: On cell E8, click on this icon to create a subtotal.

Note: For items under "Less:", their balances should be preceded by a "-" (negative sign).

10. Net Sales. On cell F9, type the proper formula to arrive at the net sales balance.
11. On cell A11, type "Mechandise Inventory, 12/1/2018". On cell, F11, link the corresponding balance from the worksheet tab
12. Net Purchases. On cell A12, type "Purchases".
13. Net Purchases. On cell A13, type "Freight In".
14. Net Purchases. On cell A14 type "Less:". CTRL+I (Italicized). Then Click this icon twice.
15. Net Purchases. On cell A15 type "Purchases Discounts". Then Click this icon twice.
16. Net Purchases. On cell A16 type "Purchases Returns and Allowances". Then Click this icon twice.
17. Net Purchases. On cell A17, type "Net Purchases". CTRL+B
18. Net Purchases. On column E, link the corresponding balances of the items listed on cells A12:A16 from the worksheet tab "

Note: On cell E16, click on this icon to create a subtotal.

Note: For items under "Less:", their balances should be preceded by a "-" (negative sign).

19. Net Sales. On cell F17, type the proper formula to arrive at the net purchases balance.

Note: On cell F17, click on this icon to create a subtotal.

20. Goods Available for Sale. On cell A18, type "Goods Available for Sale". CTRL B
21. Good Available for Sale. On cell F18, type the formula =SUM(F11:F17)
22. Good Available for Sale. On cell A19, type "Less". CTRL+I (Italicized). Then Click this icon twice.
23. Good Available for Sale. On cell A20, type "Merchandise Inventory, 12/31/2018". Then Click this icon twice.
24. Good Available for Sale. On cell F20, link on its corresponding balance from the worksheet tab, "Adjusted Trial Balance"

Note: For items under "Less:", their balances should be preceded by a "-" (negative sign).
Note: On cell F20, click on this icon to create a subtotal.

25. Cost of Goods Sold. On cell A21, type "Less: Cost of Goods Sold". CTRL + B
26. Cost of Goods Sold. On cell F21, type the formula =SUM(F18:F20)

Note: On cell F21, click on this icon to create a subtotal.

27. Gross Profit. On cell A22, type "Gross Profit". CTRL+B
28. Gross Profit. On cell F22, type the formula =F9-F21
29. Operating Expenses. On cell A24, type "Operating Expenses". CTRL+B
30. Operating Expenses. On cells A25:A37, list down all operating expenses except for interest expense.
31. Operating Expenses. On cells E25:E37, link the corresponding balances of the items on cells A25:A37 from the worksheet t

Note: Expenses with zero balances should not form part of cells A25:A37.
Note: On cell E37, click on this icon to create a subtotal.

32. Operating Expenses. On cell A38, type " Total Operating Expenses". CTRL+B.
33. Operating Expenses. On cell F38, type the formula =-SUM(E25:E37)

Note: On cell F38, click on this icon to create a subtotal.

34. Operating Income. On cell A39, type " Total Operating Income". CTRL+B.
35. Operating Income. On cell F39, type the formula =F22+F38
36. Other Income/Expense. On cell A41, type "Other Income (Expense)". CTRL+B
37. Other Income/Expense. On cell A42, type "Interest Income"
38. Other Income/Expense. On cell A43, type "Interest Expense"
39. Other Income/Expense. On cells E42:E43, link their corresponding balances from the worksheet tab, "Adjusted Trial Balanc

Note: the link for interest expense should be preceded by a "-" (negative sign)
Note: On cell E43, click on this icon to create a subtotal.

39. Other Income/Expense. On cell F44, type the formula =SUM(E42:E43)

Note: On cell F44, click on this icon to create a subtotal.

40. Net Income. On cell A45, type "Net income Before Tax". CTRL+B
41. Net Income. On cell F45, type the formula =F39+F44
42. Net Income. On cell A46, type "Income Tax Expense"
43. Net Income. On cell F46, type the formula =-F45*0.3 (30% Corporate Income Tax)
44. Net Income. On cell A47, type "Net Income After Tax". CTRL+B
45. Net Income. On cell F47, type the formula =SUM(F45:F46)

Note: On cell F47, click on this icon to create a subtotal and a double rule.

Note: On Cell A47, type "Prepared by: [Last Name, First Name, Middle Initial], [Year and Section]"
 Press CTRL+B (Bold)

e worksheet tab "Income Statement" column.

ce from the worksheet tab "Unadjusted Trial Balance" column.

6 from the worksheet tab "Income Statement" column.

icon twice.
"Adjusted Trial Balance"
:A37 from the worksheet tab "Income Statement" column.

tab, "Adjusted Trial Balance" column

Steps in Drafting your Statement of Profit or Loss [Sheet Name: SCE]

1. Header. On Cell A1, type "Gusting and Cellphone Accessories". Highlight cells A1:F1 then click Press
2. Header. Repeat Step 1 on cells A2:F2 and type "Statement of Changes in Equity"
3. Header. Repeat Step 1 on cells A3:F3 and type "For the month ended December 31, 2018"
4. On Cell A5, type "Agusto Delilo, Capital, 12/1/2018". On Cell, F5, link its corresponding balance from the worksheet tab, "Ad
5. On Cell A6, type "Withdrawals". On Cell, F6, link its corresponding balance from the worksheet tab, "Adjusted Trial Balance"
6. On Cell A7, type "Net Income, for the month ended 12/31/2018". On Cell, F7, link its corresponding balance from the IS tab,
7. On Cell A8, type "Agusto Delilo, Capital, 12/31/2018". CRTL+B. On Cell F8, type the formula =SUM(F5:F7)

Note: On cell F8, click on this icon to create a subtotal and a double rule.

Note: On Cell A11, type "Prepared by: [Last Name, First Name, Middle Initial], [Year and Section]"
k Press CTRL+B (Bold)

ce from the worksheet tab, "Adjusted Trial Balance" column

et tab, "Adjusted Trial Balance" column
onding balance from the IS tab, "Net Income After Tax"
SUM(F5:F7)