accounting for manager
hapiness
Exercise2-8.pdf
11/28/2020 Exercise 2-8
https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/3
Tamarisk, Inc. Income Statement
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Print by: SHADI SHADMAN Acct 621 Fall 2020 S21 / Assignment 1 for Acct621 Fall 2020
*Exercise 2-8 These financial statement items are for Tamarisk, Inc. at year-end, July 31, 2017.
Salaries and wages payable $ 3,480
Salaries and wages expense 58,800
Supplies expense 17,400
Equipment 19,900
Accounts payable 4,100
Service revenue 67,400
Rent revenue 10,300
Notes payable (due in 2020) 3,600
Common stock 16,000
Cash 30,500
Accounts receivable 11,580
Accumulated depreciation—equipment 8,000
Dividends 4,000
Depreciation expense 6,000
Retained earnings (beginning of the year) 35,300
Your answer is correct. Prepare an income statement for the year. Tamarisk, Inc. did not issue any new stock during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
For the Year Ended July 31, 2017
Revenues
Service Revenue 67400
Rent Revenue 10300
Total Revenues 77700
Expenses
Salaries and Wages Expense 58800
Depreciation Expense 6000
Supplies Expense 17400
Total Expenses 82200
11/28/2020 Exercise 2-8
https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 2/3
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Tamarisk, Inc. Retained Earnings Statement
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Your answer is correct. Prepare a retained earnings statement for the year. Tamarisk, Inc. did not issue any new stock during the year.
Your answer is partially correct. Try again. Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)
Tamarisk, Inc. Balance Sheet
Assets
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Liabilities and Stockholders' Equity
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Net Income / (Loss) -4500
For the Year Ended July 31, 2017
Retained Earnings, August 1, 2016 35300
Less Net Income / (Loss) -4500
Less Dividends -4000
-8500
Retained Earnings, July 31, 2017 26800
July 31, 2017
Current Assets
Cash 30500
Accounts Receivable 11580
Total Current Assets 42080
Property, Plant and Equipment
Equipment 19900
Less Accumulated Depreciation-Equipment 8000 27900
Total Assets 14180
Current Liabilities
Accounts Payable 4100
Salaries and Wages Payable 3480
Total Current Liabilities 7580
Long-term Liabilities
Notes Payable 3600
Total Liabilities 11180
11/28/2020 Exercise 2-8
https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 3/3
Question Attempts: 1 of 2 used
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Your answer is partially correct. Try again. Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.)
Current ratio :1
Debt to assets ratio %
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Stockholders' Equity
Common Stock 16000
Retained Earnings 35300
Total Stockholders' Equity 51300
Total Liabilities and Stockholders' Equity 62480
5.55
78.84
