[Solved] Excel Accounting Practice Problems: 8 Exercises

Dear all,


Solve this one as soon as possible.
Dear Condacumar

Sorry for the late reply. Thanks for reaching out and posting your issues. You have requested us to prepare an Income Statement from a Trial Balance. To better understand, you also have attached a workbook. We have to create an Income Statement using the values mentioned in Exercise 8.

I am delighted to inform you that I have created such an Income Statement as requested. I will show a step-by-step procedure to develop an Income Statement that suits your given data.

Step 1: Find a List of Revenues
Choose cell B253 >> insert the following formula >> hit Enter.
=FILTER($B$229:$B$248, ($E$229:$E$248 = "Income Statement") * ($C$229:$C$248 = 0) * ($D$229:$D$248 <> 0))
Calculate Lists of Revenues.png

Step 2: Calculate Values for Corresponding Revenues
Choose cell C253 >> insert the following formula >> hit Enter.
Code:
=SUMIF($E$229:$E$248, "Income Statement", $D$229:$D$248)
Calculate Values for corresponding revenues.png

Step 3: Determine Total Revenues
Choose cell C254 >> insert the following formula >> hit Enter.
=SUMIF($E$229:$E$248, "Income Statement", $D$229:$D$248)
Calculate Total Revenue.png

Step 4: Find a List of Expenses
Choose cell B256 >> insert the following formula >> hit Enter.
=FILTER($B$229:$B$248, ($E$229:$E$248 = "Income Statement") * ($C$229:$C$248 <> 0) * ($D$229:$D$248 = 0))
Calculate Lists of Expenses.png

Step 5: Calculate Values for Corresponding Expenses
Choose cell C256 >> apply the following formula >> drag the Fill Handle icon to C261.
=VLOOKUP(B256,$B$229:$D$248,2,FALSE)
Calculate Values for corresponding expenses.png

Step 6: Determine Total Expenses
Choose cell C262 >> insert the following formula >> hit Enter.
=SUMIF($E$229:$E$248, "Income Statement", $C$229:$C$248)
Total Expenses.png

Step 7: Calculate Net Income
Choose cell C263 >> insert the following formula >> hit Enter.
=C254-C262
Net Income.png

I am attaching the solution workbook to help you understand better. Good luck.

Regards
Lutfor Rahman Shimanto
 

Attachments

  • Condacumar (SOLVED).xlsx
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