Ch2 Homework unproctoredTest

Ch2 Homework unproctoredTest - Homework Manager Financial...

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Online Homework System Assignment Worksheet 6/22/08 - 12:10 AM Name: ____________________________ Class: Financial Accounting ACCT 116A - Tuttle (Summer2) Class #: ____________________________ Section #: ____________________________ Instructor: Tracy Tuttle Assignment: Chapter 2 Homework Question 1: (1 point) 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 Cash $ ____________ Liabilities: Accounts receivable ____________ Accounts payable $ ____________ Supplies ____________ Notes payable ____________ Land ____________ Total liabilities $ ____________ Building ____________ Owners' equity: Automobiles ____________ Capital stock ____________ Retained earnings ____________ Total $ ____________ Total $ ____________ Question 2: (1 point) 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. Page 1 of 7 Homework Manager - Financial Accounting ACCT 116A - Tuttle (Summer2) 6/21/2008 http://mh7.brownstone.net/modules/unproctoredTest.Print
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$90,000 Office Equipment $10,000 Accounts Payable 49,000 Building 230,000 Accounts Receivable 50,000 Capital Stock 75,000 Cash 40,000 Notes Payable 220,000 Retained Earnings ? Ex. 2.3 MERCER COMPANY Balance Sheet December 31, 2007 Assets Cash $ ____________ Liabilities: Accounts receivable ____________ Accounts payable $ ____________ Land ____________ Notes payable ____________ Building ____________ Total liabilities $ ____________ Office equipment ____________ Owners' equity: Capital stock ____________ Retained earnings ____________ Total $ ____________ Total $ ____________ The amount of retained earnings is calculated as the difference between total assets and liabilities plus capital stock: $ ____________- ($ ____________+ $ ____________) = $ ____________ Question 3: (1 point) Exercise 2.5: Using the Accounting Equation L.O. 3 Compute the missing amounts in the following table:
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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 unproctoredTest - Homework Manager Financial...

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