Note: This guided practice activity is designed to help you successfully complete your course project.
Step 1: Download the Guided Practice for Financial Statement template. Read the template carefully.
Step 2: Using the data from the adjusted trial balance provided in the template workbook, populate the blue cells to create the following financial statements:
• Calculate the total expenses.
• Compute net income.
Statement of Owner’s Equity:
• Please key in the net income amount that goes into cell J17.
• Calculate the J. Smith Capital balance as of June 30, 2017 in cell J9.
• Enter the equity balance from J9.
• Calculate the balance for the total liabilities and equity.
HINT: You can verify your answer with the “check figure” numbers.
Save and name your file using the following file naming convention: YourFirst_LastName_Guided Practice for Excel Practice for the Project.