Homework Set 1
6 Pages

Homework Set 1

Course Number: ACC 201, Spring 2008

College/University: Missouri State

Word Count: 468

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E1-10 Correct. Kellogg Company is the world's leading producer of ready-to-eat cereal and a leading producer of grainbased convenience foods such as frozen waffles and cereal bars. The following items were taken from its 2004 income statement and balance sheet. All dollars are in millions. In each case identify whether the item is an asset, liability, stockholders' equity, revenue, or expense. Stockholders' Equity...

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E1-10 Correct. Kellogg Company is the world's leading producer of ready-to-eat cereal and a leading producer of grainbased convenience foods such as frozen waffles and cereal bars. The following items were taken from its 2004 income statement and balance sheet. All dollars are in millions. In each case identify whether the item is an asset, liability, stockholders' equity, revenue, or expense. Stockholders' Equity Expense Expense <a href="/keyword/assets-liabilities/" >assets liabilities</a> Expense Liabilities Assets Revenue Liabilities Stockholders' Equity Expense Expense Retained earnings Cost of goods sold Selling and administrative expenses Cash Notes payable Interest expense Long-term debt Inventories Net sales Accounts payable Common stock Income tax expense Other expense $2,701.3 5,298.7 2,634.1 417.4 709.7 308.6 3,892.6 681.0 9,613.9 767.2 103.8 475.3 6.6 Determine net income for the Kellogg Company for the year ended December 31, 2004 (in millions). $ 890.6 E1-14 Correct. The following items were taken from the balance sheet of Nike, Inc. Classify each of these items as an asset, liability, or stockholders' equity. (All dollars are in millions.) Asset Asset Stockholders' Equity Liability Asset Liability Asset Liability Asset Stockholders' Equity Liability 1. 2. 3. 4. 5. 6. 7. 8. 9. Cash Accounts receivable Common stock Notes payable Other assets Other liabilities Inventories <a href="/keyword/income-taxes-payable/" >income taxes payable</a> Property, plant, and equipment $ 828.0 2,120.2 890.6 146.0 1,722.9 2,081.9 1,633.6 118.2 1,586.9 3,891.1 763.8 10. Retained earnings 11. Accounts payable Determine Nike's accounting equation by calculating the value of total assets, total liabilities, and total stockholders' equity (in millions). Total Assets = $ 7891.6 Total Liabilities + $ 3109.9 Stockholders' Equity $ 4781.7 Does Nike rely more heavily on debt or equity financing? equity Correct. You are provided with the following information for Maxim Enterprises, effective as of its April 30, 2007, year-end. Accounts payable Accounts receivable Building, net of accumulated depreciation Cash Common stock Cost of goods sold Current portion of long-term debt Depreciation expense Dividends paid during the year Equipment, net of accumulated depreciation Income tax expense <a href="/keyword/income-taxes-payable/" >income taxes payable</a> Interest expense Inventories Land Long-term debt Prepaid expenses Retained earnings, beginning Revenues Selling expenses Short-term investments Wages expense Wages payable $834 810 1,537 770 900 990 450 335 325 1,220 165 135 400 967 1,600 3,500 12 1,600 3,600 210 1,200 700 222 Complete an income statement, a retained earnings statement and a classified balance sheet for Maxim Enterprises for the year ended April 30, 2007. (List expenses in order of magnitude. List assets in order of liquidity and liabilities in order of magnitude.) MAXIM ENTERPRISES Income Statement For the Year Ended April 30, 2007 Revenues Revenues Expenses Cost of goods sold Wages expense Interest expense Depreciation expense Selling expenses Income tax expense Total expenses Net income MAXIM ENTERPRISES Retained Earnings Statement For the Year Ended April 30, 2007 Retained earnings, May 1 Plus: Net income Less: Dividends Retained earnings, April 30 MAXIM ENTERPRISES Balance Sheet April 30, 2007 Assets Current assets Cash Short-term investments Accounts receivable Inventories Prepaid expenses Total current assets Property, plant and equipment Land Building, net of accumulated depreciation Equipment, net of accumulated depreciation Total property, plant and equipment Total <a href="/keyword/assets-liabilities/" >assets liabilities</a> and Stockholders' Equity Current liabilities Accounts payable Current portion of long-term debt Wages payable <a href="/keyword/income-taxes-payable/" >income taxes payable</a> Total current liabilities $ 834 450 222 135 $ 1641 1600 1537 1220 4357 $ 8116 $ 770 1200 810 967 12 $ 3759 $ 1600 800 2400 325 $ 2075 $ 990 700 400 335 210 165 2800 $ 800 $ 3600 Long-term debt Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 900 2075 3500 5141 2975 $ 8116

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