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Mgmt_200_Spring_2008_solutions_1-30-08(1,30) - Management...

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Management 200 – Introductory Financial Accounting– Spring 2008 Krannert School of Management - Purdue University Solutions to class assignment for January 30, 2008 E3–14. 1 THE TRAVELING GOURMET, INC. Income Statement (unadjusted) For the Month Ended March 31, 2008 Revenues: Food sales revenue Catering sales revenue Total revenues Costs and expenses: Cost of food and paper products Utilities expense Wages expense Fuel expense Total costs and expenses $ 10,900 3,200 14,100 8,830 320 5,080 63 14,293 Net Loss $ (193) 2 THE TRAVELING GOURMET, INC. Statement of Retained Earnings (unadjusted) For the Month Ended March 31, 2008 Retained Earnings, March 1, 2008 $ 0 Net loss (193) Dividends (600) Retained Earnings, March 31, 2008 $ (793)
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E3–14. (continued) 3 THE TRAVELING GOURMET, INC. Balance Sheet (unadjusted) At March 31, 2008 Assets Current assets: Cash Accounts receivable Supplies Total current assets Equipment Building Total Assets Liabilities Current liabilities: Accounts payable Note payable Total current liabilities Mortgage payable Total Liabilities Stockholders’ Equity
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