Assignment Exercise Unit 1 And 2
Assignment Exercise Unit 1 And 2
Unit 1. Complete exercise on the Excel spread sheet provided.
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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 |
Prepare an income statement for the month ending April 30, 2013.
E2-18
Retained earnings statement
Obj|3, 5
✓ Retained earnings, April 30, 2013, $35,000
Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a retained earnings statement for the month ending April 30, 2013.
E2-19
Balance sheet
Obj|3, 5
✓ Total assets, $95,000
Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a balance sheet as of April 30, 2013.
