Assignment exercise unit 1 and 2

 

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.

 

 

	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.