Questions -
Q1. Stephanie Martinez opened a Latin Fusion restaurant downtown in a large southern city. She has asked you, her accountant, to complete The Accounting Formulas for some of her ?rst month's transactions. Complete the following Accounting Formulas. (Spreadsheet hint: If you need to record two transactions in one cell, use Alt Enter after the ?rst number to return to the next line within the same cell.)
Q2. Kassi Handover purchased a small caf´e in a northern Texas town with $600,000 of her own money. Help her prepare her T accounts for her first month of operations using the following information.
Q3. Adam Deeds purchased a small roadside motel in April with inheritance money he received from his wealthy aunt. Help him prepare his T accounts for his first month of operations using the information provided.
Q4. Lisa and Laura are twins who own a seafood restaurant in a coastal town. Lisa likes to report her income statement using accrual accounting, and Laura likes to report her income statement using cash accounting. Given the following information, complete the spreadsheet for March using both accrual accounting for Lisa and cash accounting for Laura.
The restaurant generated $45,000 in revenue, but only received $30,000.
Cost of food sold was $14,000, but only 60% was paid to the supplier.
Salaries and wages were $13,000, but only 50% was paid to employees.
Utilities expense was $600 and all of it was paid.
Maintenance expense was $200, but it had been prepaid in January for the quarter.
Marketing expense was $450 and all of it was paid.
Rent expense was $6,000 and all of it was paid.
Attachment:- Assignment Files.rar