Problem 1-1

Name:
Section:

Score: 50%

Instructions

Answers are entered in the cells with gray backgrounds.

Cells with non-gray backgrounds are protected and cannot be edited.
A red asterisk (*) will appear in the column to the right of an incorrect answer.

1.
PADRE TRAVEL SERVICE
Income Statement
For the Year Ended June 30, 2010

Fees earned
Operating expenses:

Total operating expenses

Net income

2.
PADRE TRAVEL SERVICE
Retained Earnings Statement
For the Year Ended June 30, 2010

Retained earnings, July 1, 2009

Retained earnings, June 30, 2010

3.
PADRE TRAVEL SERVICE
Balance Sheet
June 30, 2010
Assets
Total assets

Liabilities

Stockholders' Equity

Total liabilities and stockholders' equity

# Incorrect N-box and B-box entries COUNTIF(B7:AT41,"~*")
0
# N-box Incorrects due to blanks COUNTIF(B7:AT41," ")
38
# N-box +B-box corrects COUNTIF(B7:AT41," ")
38
Total SUM(AV13:AV15)
76
Percentage =(AV16-AV13-AV14)/AV16
50%
Notes:
If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, " "
If number-entry or blank-entry box is incorrect, returns "*"
If number-entry or blank-entry box is correct, returns single space, " "
Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so tha
Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "
ns two spaces, " "

for lables and names, so that students can't enter a space in a box and have it counted as correct.
eck return symbols. If A1 = "~*", then font = red, if something else, then font = background color.
Problem 1-1
Name: SOLUTION
Section:
Score: See student sheet for student's score.
Scoring: ON

Instructions

Answers are entered in the cells with gray backgrounds.

Cells with non-gray backgrounds are protected and cannot be edited.
A red asterisk (*) will appear in the column to the right of an incorrect answer.

1.
PADRE TRAVEL SERVICE
Income Statement
For the Year Ended June 30, 2010

Fees earned $1,579,200

Operating expenses:
Wages expense $790,200
Rent expense 226,800
Utilities expense 135,000
Supplies expense 42,600
Taxes expense 33,600
Miscellaneous expense 16,000
Total operating expenses 1,244,200
Net income $335,000

2.
PADRE TRAVEL SERVICE
Retained Earnings Statement
For the Year Ended June 30, 2010

Retained earnings, July 1, 2009 $210,000

Net income for the year $335,000
Less dividends 180,000
Increase in retained earnings 155,000
Retained earnings, June 30, 2010 $365,000

3.
PADRE TRAVEL SERVICE
Balance Sheet
June 30, 2010
Assets
Cash $318,300
Accounts receivable 188,100
Supplies 20,100
Total assets $526,500

Liabilities
Accounts payable $71,500

Stockholders' Equity
Capital stock $90,000
Retained earnings 365,000 455,000
Total liabilities and stockholders' equity $526,500