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exam 1 aug 2007

exam 1 aug 2007 - Financial Information Cash Accounts...

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81f49fdd9752c0b89afa164d5b56618a9cb4847d.xls Financial Information 12/31/06 Cash Accounts Payable Accounts Receivable $6,500 Notes Payable Inventory $15,000 Total Liabilities Building Capital Stock (10,000 shares @ $10 per share) $120,000 Retained Earnings Total Stockholders' Equity Total Liabilities and Total Assets $150,000 Stockholders' Equity ? Compute the Following Building Notes Payable Retained Earnings $ 6,000 $ 4,000 ? $ 9,500 ? ? ? Total Liabilities and Stockholders' Equity Total Stockholders' Equity
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Palmer Pen Co. Adjusted Trial Balance 31-Dec-06 Debit Credit Cash $20,000 Accounts Receivable $10,000 Supplies $1,000 Inventory $3,000 Buildings $10,000 Machinery and Equipment $5,000 Land $40,000 Accounts Payable $7,500 Notes Payable $10,000 Capital Stock $50,000 Retained Earnings $7,500 Dividends $4,000 Sales Revenue $25,000 Salaries Expense $5,000 Insurance Expense $1,000 Utilities Expense $500 Income Tax Expense $500 $100,000 $100,000 Prepare an income statement, retained earnings statement and a balance sheet similar to examples on pages 19, 20 and 21 Income statement
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Retained Earnings Statement Balance Sheet
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Financial Information 12/31/06 Debits Credits Cash $30,500
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