Step

Instructions

Points Possible

1

Download and open the excel spreadsheet, Miller-Nobles_7e-Using_Excel_ChF1_Start.xlsx. This spreadsheet includes 6 tabs; you will enter all answers on the tabs from the second to the sixth ones, ENTERANSWERS1-ENTERANSWERS5. (All answers should be entered in the blue highlighted cells.)

0

2

Echo Lake Corporation started operations on November 1, 2018. Nine transactions occurred during November. Financial statements are prepared at the end of the month.Use Excel to prepare a transaction analysis of the nine transactions. Use the blue shaded areas for inputs. (28 pts)a. For each transaction, record the amount (either an increase or decrease) under the correct account. Enter only non-zero amounts. If an account is not affected by the transaction, leave the amount blank. Be sure to use a minus sign (-) if the amount is a decrease. Enter dividends and expenses as negative amounts. Do not use an equal sign (=) when entering a numeric value. b. The row totals will be calculated automatically.c. The accounting equation (Assets = Liabilities + Equity) should remain in balance after each transaction. The accounting equation is calculated automatically to the right of the transaction table.

28

3

Prepare the income statement. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the ENTERANSWERS1 tab. (9 pts)(Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong.)

9

4

Prepare the statement of retained earnings. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the ENTERANSWERS1 and the ENTERANSWERS2 tabs. (8 pts)(Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong.)

8

5

Prepare the balance sheet. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the ENTERANSWERS1 and the ENTERANSWERS3 tabs. (16 pts)(Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong.)

16

6

Prepare the statement of cash flows. Fill in the blue shaded areas using a formula that references the changes in the account balances due to the corresponding transaction in the ENTERANSWERS1 tab. Do not use an equal sign (=) when entering a numeric value. Enter value in all answer boxes, even if answer is 0. (18 pts)(Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong.)

18

7

Once completed, save the project to the desktop. File name can be anything, but DO NOT include spaces. Return to auto-graded excel activity window, and progress to Step 3. Follow on screen instructions.(To review score, navigate to Results in the MyLab and click on Review link.)Hint:

0

Total Points

79