Mgmt_200_Spring_2008_Homework_3_solution(2,4) - NAME: _...

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NAME: ___________________________ PUID _________________ Please write your name in BLOCK letters and in the format: Last name, First name. Management 200 – Introductory Financial Accounting– Spring 2008 Krannert School of Management - Purdue University Homework 3 – Monday, February 4, 2008 – SOLUTION Outline IMPORTANT: This homework must be turned in on this sheet of pages (please staple). It is preferred that you print it out two-sided if at all possible. Assignments not completed on this form will not be graded. The grade for this assignment will be based on the correctness of a partial portion of the assignment – the full assignment will not be graded. Please print your name and PUID clearly and legibly in the spaces above. Baron Corporation, a bookstore, provides the following unadjusted trial balance as at December 31, 2007. A trial balance is a list of accounts, typically in financial statement order, with their ending debit or credit balances in the next two columns to provide a check on the equality of debits and credits. An unadjusted trial balance is produced prior to the year-end adjusting entries. (HINT: the balance of every revenue and expense account will be changed by the following adjusting entries) Baron Corporation Unadjusted trial balance, December 31, 2007 Dr $ Cr $ Cash 8,250 Accounts receivable 32,870 Supplies inventory 12,260 Merchandise inventory 145,440 Prepaid insurance 9,600 Land 178,000 Plant and equipment, at cost 480,000 Accumulated depreciation 125,000 Accounts payable 15,400 Wages payable 0 Interest payable 0 Income tax payable 0 Deferred revenue 84,000 Note payable 300,000 Contributed capital 80,000 Retained earnings 212,640 Dividends 27,000 Sales revenue 760,000 Cost of goods sold 431,150 Wage expense 182,500 Supplies expense 0 Insurance expense 4,000 Depreciation expense 0 Interest expense 13,500 Income tax expense 52,470 TOTALS: $1,577,040 $1,577,040 Homework 3 continued over
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This note was uploaded on 11/22/2009 for the course MGMT 200 taught by Professor Greigg during the Spring '08 term at Purdue University.

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Mgmt_200_Spring_2008_Homework_3_solution(2,4) - NAME: _...

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