Assignment Exercise Unit 1 and 2

cc2014

Main

Home >Homework Answsers >Business & Finance homework help >Accounting homework help

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