Chapter 2 HW

Chapter 2 HW - Owners' equity, December 31, 2006 Problem 2...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Exercise 2 - 3 X Y Z Assets: January 1, 2006 $360 $1,080 $230 Liabilities: January 1, 2006 280 460 80 Owners' equity: January 1, 2006 80 620 150 Assets: December 31, 2006 380 1,240 310 Liabilities: December 31, 2006 320 520 90 Owners' equity: December 31, 2006 60 720 220 Revenues in 2006 80 216 400 Expenses in 2006 100 116 330
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Exercise 2 - 6 Simon Company Balance Sheet December 31, 2006 Assets Current assets: Cash Accounts receivable Supplies Total current assets Long-term assets: Land Buildings Total long-term assets Total assets Liabilities and Owners' Equity Liabilities: Accounts payable Mortgage payable Total Liabilities Owners' Equity Total Liabilities and owners' equity *Computations of Owners' Equity: Owners' Equity, January 1, 2006 Add net income for 2006 Less distribution to owners during 2006
Background image of page 2
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Owners' equity, December 31, 2006 Problem 2 - 12 Wilcox, Inc. 1. Income Statement For the Year Ended December 31, 2006 Revenues Expenses: Salaries expense Utilities expense Supplies expense Rent expense Other expenses Income before taxes Income Taxes Net income Earnings per share 2. Wilcox, Inc. Balance Sheet December 31, 2006 Assets Current assets: Cash Accounts receivable Supplies Total current assets # Long-term assets: Land Buildings Total long-term assets # Total assets # Liabilities and Owners' Equity Current Liabilities: Accounts payable Long-term liabilities: Notes payable Total Liabilities # Owners' Equity: # Capital stock Retained earnings Total owners' equity Total Liabilities and owners' equity # *Computations: 3....
View Full Document

Page1 / 4

Chapter 2 HW - Owners' equity, December 31, 2006 Problem 2...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online