Financial Statements and Their Accounts

In other assignments, you will be asked to prepare and work with financial statements. This assignment is focused only on your ability to decide on which financial statement you should put each account balance. For example, does the Inventory account belong on the Income Statement, the Balance Sheet, the Statement of Retained Earnings, or the Statement of Cash Flows? What about the Equipment account? Sales Revenue? This assignment allows you the opportunity to make this determination for a number of financial statement account balances. The assignment focuses on three of the four major financial statements provided to individuals outside of the company (i.e., external users):

• The Balance Sheet

• The Income Statement

• The Statement of Retained Earnings

Relevant Excel Functions

This assignment will require you to be able to use some or all of the following Excel functions. Click on the hyperlinked section number next to the relevant Excel skill to be directed to a page showing how to perform the assigned task in Excel:

• Drop-Down Lists (1.10)