Chapter 4 Homework.pdf - My Subscriptions Courses ACC110:Spring 2018-Intro to Financial REporting Chapter 4 Chapter 4 Homework Started on Thursday 15

Chapter 4 Homework.pdf - My Subscriptions Courses...

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My Subscriptions / Courses / ACC110:Spring 2018-Intro to Financial REporting / Chapter 4 / Chapter 4 Homework Started on Thursday, 15 February 2018, 6:33 PM State Finished Completed on Thursday, 15 February 2018, 8:15 PM Time taken 1 hour 41 mins Marks 122.00/125.00 Grade 97.60 out of 100.00 CLICK HERE TO REVIEW LEARNING OBJECTIVES ±
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QUESTION 1 Correct Mark 20.00 out of 20.00 Preparing a Classified Balance Sheet Dino Company, a merchandising firm, reports the following data as of January 31, 2016: Stockholders' equity $4,700 Property, plant, and equipment 10,000 Inventory 2,500 Accounts receivable 1,200 Other current liabilities 600 Accounts payable 800 Long-term notes payable 8,000 Cash 400 Prepare a classified balance sheet for Dino Company as of January 31, 2016. Dino Company Balance Sheet January 31, 2016 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: Cash $ 400 Accounts payable $ 800 Accounts receivable 1,200 Other current liabilities 600 Inventory 2,500 Total Current Assets 4,100 Total Current Liabilities 1,400 Noncurrent Assets: Noncurrent Liabilities: Property, plant & equipment 10,000 Long-term notes payable 8,000 Total Noncurrent Assets 10,000 Total Noncurrent Liabilities 8,000 Stockholders' equity 4,700 Total Assets $ 14,100 Total Liabilities & Stockholders’ Equity $ 14,100 CLICK HERE TO REVIEW LEARNING OBJECTIVES ±
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QUESTION 2 Correct Mark 17.00 out of 17.00 The Multi-step Income Statement Dino Company, a merchandising firm, reports the following data for the month ended January 31: Operating expenses $3,000 Cost of goods sold 4,000 Net sales 10,000 Income tax expense 1,200 Other income 500 Prepare a multi-step income statement for Dino Company for the month of January.
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