two accounting problems in excel

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Business Finance

Description

Complete the following exercises and problems in Excel:

  • P16-34A
  • P16A-37A

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Explanation & Answer

Hi jsimon,Please find the solutions attachedPlease remember to review and rate the solutionThanks a million

Rolling Hills, Inc.
Income Statement
Year Ended December 31, 2015
Sales Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses:
Salaries Expense
Depreciation Expense - Plant Assets
Other Operating Expenses
Total Operating Expenses
Operating Income
Other Revenues and (Expenses):
Interest Revenue
Interest Expense
Total Other Revenues and Expenses
Net Income before Income Taxes
Income Tax Expense
Net Income

$436,000
$202,200
$233,800
$78,400
$14,400
$10,200
$103,000
$130,800
$8,000
-$21,900
-$13,900
$116,900
$19,100
$97,800

Rolling Hills, Inc.
Comparative Balance Sheet
Year Ended December 31, 2015 and 2014
2015
Assets
Current Assets:
Cash
Accounts Receivable
Merchandise Inventory
Long-term Assets:
Plant Assets
Accumulated Depreciation - Plant Assets
Land
Total Assets

$26,400
$26,700
$79,800
$124,680
-$20,780
$34,600
$271,400
Liabilities

Current Liabilities:
Accounts Payable
Accrued ...


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