Accounting for managers MBA courses

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11/21/2020 Exercise 2-8

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Tamarisk, Inc. Income Statement

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

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).)

11/21/2020 Exercise 2-8

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Tamarisk, Inc. Retained Earnings Statement

: $

Prepare a retained earnings statement for the year. Tamarisk, Inc. did not issue any new stock during the year.

Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)

Tamarisk, Inc. Balance Sheet

Assets

Liabilities and Stockholders' Equity

11/21/2020 Exercise 2-8

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Question Attempts: 0 of 2 used

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 %