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Description / Instructions: Complete the following Week 1 Assignment in WileyPLUS: * Do It! Review 1-3 * Exercise 1-3 * Exercise 1-4 * Exercise 2-4 * IFRS 2-4

Question 1

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.

Accounts payable	$ 7,310	Notes payable	$ 11,620
Accounts receivable	4,310	Rent expense	12,310
Advertising expense	4,340	Retained earnings	?
Cash	5,410	Service revenue	29,620
Common stock	17,310	Supplies	4,210
Dividends	4,810	Supplies expense	1,360
Equipment	29,110

Prepare an income statement for Marsh Corporation.

MARSH CORPORATION Income Statement For the Year Ended December 31, 2014

		$

	$



		$

Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.)

MARSH CORPORATION Retained Earnings Statement For the Year Ended December 31, 2014
	$
:

:
	$

Prepare a balance sheet for Marsh Corporation. ( List assets in order of liquidity.)

MARSH CORPORATION Balance Sheet December 31, 2014
Assets
		$



		$
Liabilities and Stockholders' Equity

	$

		$

	$


		$

Question 2

The Clear View Golf & Country Club details the following accounts in its financial statements. (a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item. (b) Classify each of the following accounts as a financing activity, investing activity, or operating activity.

	(a)	(b)
Accounts payable
Accounts receivable
Equipment
Sales revenue
Service revenue
Inventory
Mortgage payable
Supplies expense
Rent expense
Salaries and wages expense

Question 3

This information relates to Molina Co. for the year 2014.

Retained earnings, January 1, 2014		$76,970
Advertising expense		2,068
Dividends		6,893
Rent expense		11,948
Service revenue		66,630
Utilities expense		2,757
Salaries and wages expense		34,464

After analyzing the data, prepare an income statement for the year ending December 31, 2014.

MOLINA CO. Income Statement For the Year Ended December 31, 2014

		$

	$




		$

After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2014. (List items that increase retained earnings first.)

MOLINA CO. Retained Earnings Statement For the Year Ended December 31, 2014
	$
:

:
	$

Question 4

Suppose the following information (in thousands of dollars) is available for H.J. Heinz Company—famous for ketchup and other fine food products—for the year ended April 30, 2014.

Prepaid insurance	$ 123,014	Buildings	$4,083,526
Land	76,564	Cash	381,503
Goodwill	3,977,125	Accounts receivable	1,209,466
Trademarks	785,856	Accumulated depreciation—buildings	2,129,348
Inventory	1,255,257

Prepare the assets section of a classified balance sheet. (List current assets in order of liquidity.)

H. J. HEINZ COMPANY Partial Balance Sheet April 30, 2014 (in thousands)
Assets

		$



			$


	$
:




			$

Question 5

The statement of financial position for Ruiz Company includes the following accounts (in British pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies £5,200; and Debt Investments (short-term) £6,700. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence. (List current assets in reverse order of liquidity. Do not enter currency symbols in your answer.)

RUIZ COMPANY Partial Statement of Financial Position

		£




		£

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