Financial Statement Exercise - 2
- Due No due date
- Points 100
- Questions 10
- Time Limit None
Instructions
This exercise will be conducted during class time. Below is the starting balance sheet for a company.
With each question, you will have a list of transactions that take place during a one-month window. You will then prepare the ending balance sheet and the income statement for the month using the template (Excel spreadsheet) that is provided. You will complete the assignment during class time and submit before the scheduled end of class.
Template for Live April 2021-1.xlsx
Grading will be based on the percentage of transactions that you record correctly.
Details are:
Scenario 2
L’Avenir de Foot LLC conducts in-residence training for youth soccer players. As of the start of the current month, April, the LLC’s balance sheet was as follows:
Assets
Cash $13,000
Accounts Receivable $11,000
Property $8,000
Liabilities
Accounts Payable $7,000
Business Loan Payable $11,000
Owner’s Equity $14,000