Attached, please see problems and a working excel sheet Attachment 1 Attachment 2 ATTACHMENT PREVIEW Download attachment CHAPTER 1 PROBLEM 1-2C.pdf CHAPTER 1 THE SOLUTION MUST BE COMPLETED ON THE EXCEL TEMPLATE PROVIDED AND SUBMITTED THROUGH BLACKBOARD. Hint: This problem is very similar to one of the Problems in the Solution Walkthrough Videos, which you were instructed to review under WileyPlus. ANALYZING TRANSACTIONS AND PREPARING STATEMENTS ATTACHMENT PREVIEW Download attachment Problem 1-2C Template (1).xlsx P1-2C Analyze transactions and prepare income statement, owner’s equity statement, and balance sheet NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Accounts Receivable $1,600 Value ? 2. 3. 4. 5. 6. 7. + + ? Value ? Value ? + + ? + ? + ? ? Bal. 1. Cash $5,000 Value ? Value ? Value ? Value ? Value + ? + ? + ? WILL TROUT, ATTORNEY AT LAW Notes Accounts = Payable + Payable = $5,100 + + Supplies $400 + + Equipment $6,000 + ? + ? = + ? + ? = + ? Value ? + ? + + ? + ? + + + ? + ? + + ? ? + + ? Value ? ? ? Value ? = ? Value ? = = ? WILL TROUT, ATTORNEY AT LAW Income statement For the Month Ended August 31, 2015 Revenues Service Revenues Expenses: Salaries and wages expense Rent expense Advertising expense Utilities expense Total expenses Net income Value Value Value Value Value ? ? WILL TROUT, ATTORNEY AT LAW Retained Earnings Statement For the Month Ended August 31, 2015 Retained earnings, August 1 Add: Net income Less: Dividends Retained earnings, August 31 Value Value ? Value ? WILL TROUT, ATTORNEY AT LAW Balance Sheet August 31, 2015 Assets Cash Accounts Receivable Supplies Equipment Total assets Value Value Value Value ? Liabilities and Stockholders’ Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders’ Equity Common stock Retained earnings Total liabilities and stockholders’ equity Value Value ? Value Value ? ? + + Retained Earnings $900 + ? + ? + ? + ? + Revenues + ? + ? + ? + ? + Expenses – – Dividends Value Value Value ? Value ? + – ? + ? + ? + ? ? ? = Value ? + = ? + 8. (b) + + Common Stock $7,000 + ? + ? + ? – ? – Value ? ? Value ? + ? + ? + ? – – ? + ? + ? + ? – ? Value ? – ?