Selected Answers to Homework Assignment Chapter 1

Selected Answers to Homework Assignment Chapter 1 - ANSWERS...

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Unformatted text preview: ANSWERS TO SELECTED LESSON 1 HW BRIEF EXERCISE 1-5 MANTLE COMPANY Balance Sheet December 31, 2010 Assets Cash.................................................................................................... $ 22,000 Accounts receivable......................................................................... 81,000 Total assets................................................................................ $103,000 Liabilities and Stockholders Equity Liabilities Accounts payable...................................................................... $ 75,000 Stockholders equity Common stock........................................................................... 28,000 Total liabilities and stockholders equity........................ $103,000 BRIEF EXERCISE 1-6 IS (a) Income tax expense BS (b) Inventories BS (c) Accounts payable BS (d) Retained earnings BS (e) Property, plant, and equipment IS (f) Net sales IS (g) Cost of goods sold BS (h) Common stock BS (i) Receivables IS (j) Interest expense In BE 1-8, the answer to the b part for Total Assets is _________. $80,000 BRIEF EXERCISE 1-10 A (a) Accounts receivable L (b) Salaries payable A (c) Equipment A (d) Office supplies SE (e) Common stock L (f) Notes payable SOLUTIONS TO EXERCISES EXERCISE 1-1 (a) 8. Auditors opinion (b) 1. Corporation (c) 6. Common stock (d) 7. Accounts payable (e) 3. Accounts receivable (f) 2. Creditor (g) 5. Stockholder (h) 4. Partnership EXERCISE 1-3 (a) (b) Accounts payable and accrued liabilities L O Accounts receivable A O Property, plant, and equipment A I Food and beverage operations revenue R O Golf course operations revenue R O Inventory...
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This note was uploaded on 07/16/2010 for the course ACCT 2302 taught by Professor Dr.winking during the Spring '10 term at Tulane.

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Selected Answers to Homework Assignment Chapter 1 - ANSWERS...

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