BUSINESS

Unit 1. Complete exercise on the Excel spread sheet provided.

 

Exercise 10

 

Balance sheet items

 

From the following list of selected items taken from the records of Wright Appliance Service as of a specific date, identify those that would appear on the balance sheet.

 

  • 1. Accounts Receivable
  • 2. Capital Stock
  • 3. Cash
  • 4. Fees Earned
  • 5. Rent Expense
  • 6. Salaries Expense
  • 7. Salaries Payable
  • 8. Supplies
  • 9. Supplies Expense
  • 10. Utilities Expense

     

     

     

    Exercise-6

    Accounting equation

    Obj|4

    a. $10,829

    Determine the missing amounts (in millions) for the condensed balance sheets shown below.

 

Costco Target Wal-Mart
Assets $23,815 $44,533 $  (c)
Liabilities  12,986 (b) 97,777
Stockholders’ equity (a) 15,347 72,929

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise -12

 

Financial statement items

 

Obj|4

 

Identify each of the following items as (a) an asset, (b) a liability, (c) revenue, (d) an expense, or (e) a dividend:

 

  • 1.Amounts due from customers
  • 2.Amounts owed suppliers
  • 3.Cash on hand
  • 4.Cash paid to stockholders
  • 5.Cash sales
  • 6.Equipment
  • 7.Note payable owed to the bank
  • 8.Rent paid for the month
  • 9.Sales commissions paid to salespersons
  • 10.Wages paid to employees

     

     

    Exercise-18

    Statement of cash flows

    Obj|4

    Indicate whether each of the following cash activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity.

 

  • 1. Issued capital stock
  • 2. Paid rent
  • 3. Paid for office equipment
  • 4. Sold services
  • 5. Issued a note payable
  • 6. Sold excess office equipment
  • 7. Paid officers’ salaries
  • 8. Paid for advertising
  • 9. Paid insurance
  • 10. Paid dividends

     

     

     

    Unit 2: Use Excel Spread Sheet to complete this assignment.

     

    E2-17

    Income statement

    Obj|3, 5

     

    Net income, $45,000

    After its first month of operation, the following amounts were taken from the accounting records of Benjamin Realty Inc. as of April 30, 2013.

 

Capital stock $25,000 Notes payable $ 35,000
Cash 53,000 Rent expense 5,000
Dividends 10,000 Retained earnings 0
Interest expense 2,000 Salaries expense 75,000
Land 42,000 Sales commissions 145,000
Miscellaneous expense 3,000 Utilities expense 15,000

 

Prepare an income statement for the month ending April 30, 2013.

 

 

 

E2-18

 

Retained earnings statement

 

Obj|3, 5

 

Retained earnings, April 30, 2013, $35,000

 

Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a retained earnings statement for the month ending April 30, 2013.

 

E2-19

 

Balance sheet

 

Obj|3, 5

 

Total assets, $95,000

 

Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a balance sheet as of April 30, 2013.

 

 

 

 

 

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