Financial Statement Items, accounting homework help

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1. Financial Statement Items

For each item, indicate whether it is reported on the income statement (I/S) or balance sheet (B/S), and the type of account (A=asset, L=liability, SE=stockhoders’ equity, R=revenue, E=expense).

Statement

Account Type

Accounts Receivable

Sales Revenue

Equipment

Supplies Expense

Cash

Advertising Expense

Accounts Payable

Retained Earnings

Income Tax Expense


2. Relationship among Financial Statements

Items from I/S, B/S and Statement of Retained Earnings are listed below. Solve for the missing amounts.

Apple, Inc.

Google, Inc.

Intel Corp.

Common Stock

$20

$23

$19

Dividends

0

0

11

Net Income

(a)

(d)

(g)

Retained Earnings, Beginning of Year

104

38

30

Retained Earnings, End of Year

(b)

(e)

(h)

Total Assets

(c)

(f)

(i)

Total Expenses

122

34

39

Total Liabilities

83

22

33

Total Revenues

171

50

53


3. Preparing a B/S

Prepare a balance sheet for the ABC, Inc. using the following information:

Accounts Payable

$ 275,300

Accounts Receivable

114,800

Cash

$ 313,200

Common Stock

841,600

Equipment

440,300

Inventory

393,800

Notes Payable

128,200

Retained Earnings

17,000

Total Assets

$1,262,100


4. Preparing an I/S

Prepare an I/S using the following information:

Admissions Revenue

$479,600

Concessions Expenses

39,000

Concessions Revenue

308,000

Film Rental Expenses

254,800

Office Expenses

254,700

Rent Expense

85,100

Salaries and Wages Expense

73,300


5. Preparing an I/S and a B/S

For MM Corp, the following monthly financial data are available at the end of January:

Total Revenues $131,000

Operating Expenses 90,500

Cash $30,800

Accounts Receivable 25,300

Supplies 40,700

Accounts Payable $25,700

Common Stock 30,600

No dividends were declared or paid during January. Complete the following I/S and B/S for the month of January:

MM CORP

Income Statement

For the Month Ended January 31

Total Revenues

$

Operating Expenses

$

Net Income

$

MM CORP

Balance Sheet

At January 31

Assets:

Cash

$

Accounts Receivable

$

Supplies

$

Total Assets

$

Liabilities:

Accounts Payable

$

Total Liabilities

$

Stockholders’ Equity:

Common Stock

$

Retained Earnings

$

Total Stockholders’ Equity

$

Total Liabilities and Stockholders’ Equity

$

 
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