Ch2 Homework graded

Ch2 Homework graded - Question 1: Score 1/1 Question 2:...

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Unformatted text preview: Question 1: Score 1/1 Question 2: Score 1/1 Your response Correct response Exercise 2.2: Preparing a Balance Sheet L.O. 4 Prepare a corrected balance sheet. Include a proper heading. The night manager of Dixie Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2007. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owners' equity. DIXIE TRANSPORTATION SERVICE Manager's Report 8 p.m. Thursday Assets Owners' Equity Capital Stock $90,000 Accounts Receivable $76,000 Retained Earnings 119,000 Notes Payable 280,000 Cash 64,000 Supplies 12,000 Building 90,000 Land 70,000 Automobiles 200,000 Accounts Payable 23,000 $512,000 $512,000 Ex. 2.2 DIXIE TRANSPORTATION SERVICE Balance Sheet February 28, 2007 Assets Liabilities & Owners' Equity Cash $ 64,000 (8%) Liabilities: Accounts receivable 76,000 (8%) Accounts payable $ 23,000 (8%) Supplies 12,000 (8%) Notes payable 280,000 (8%) Land 70,000 (8%) Total liabilities $ 303,000 (8%) Building 90,000 (8%) Owners' equity: Automobiles 200,000 (8%) Capital stock 90,000 (8%) Retained earnings 119,000 (8%) Total $ 512,000 (8%) Total $ 512,000 (8%) Exercise 2.2: Preparing a Balance Sheet L.O. 4 Prepare a corrected balance sheet. Include a proper heading. The night manager of Dixie Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2007. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owners' equity. DIXIE TRANSPORTATION SERVICE Manager's Report 8 p.m. Thursday Assets Owners' Equity Capital Stock $90,000 Accounts Receivable $76,000 Retained Earnings 119,000 Notes Payable 280,000 Cash 64,000 Supplies 12,000 Building 90,000 Land 70,000 Automobiles 200,000 Accounts Payable 23,000 $512,000 $512,000 Ex. 2.2 DIXIE TRANSPORTATION SERVICE Balance Sheet February 28, 2007 Assets Liabilities & Owners' Equity Cash $ 64,000 Liabilities: Accounts receivable 76,000 Accounts payable $ 23,000 Supplies 12,000 Notes payable 280,000 Land 70,000 Total liabilities $ 303,000 Building 90,000 Owners' equity: Automobiles 200,000 Capital stock 90,000 Retained earnings 119,000 Total $ 512,000 Total $ 512,000 Your response Correct response Exercise 2.3: Preparing a Balance Sheet L.O. 4 The balance sheet items of the Mercer Company as of December 31, 2007, follow in random order. You are to prepare a balance sheet for the company, using a similar sequence for assets as illustrated in Exhibit 2-9. You must compute the amount for Retained Earnings....
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This note was uploaded on 09/24/2008 for the course ACCT 116A taught by Professor Tuttle during the Summer '08 term at San Diego.

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Ch2 Homework graded - Question 1: Score 1/1 Question 2:...

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