121_01a - Chapter 1 Page 1 of 13 Question 1 Solve for the...

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Unformatted text preview: Chapter 1 Page 1 of 13 Question 1 Solve for the unknown amounts. Assets Liabilities Equity Red Corp. $ ? $8 $7 White Corp. 48 ? 37 Blue Corp. 269 250 ? Assets Liabilities Equity Red Corp. $15 $8 $7 White Corp. 48 11 37 Blue Corp. 269 250 19 What did you learn? Question 2 The table below shows the ending balances for Marble Corporation for the year ended December 31, 2015. Prepare an income statement, statement of retained earnings and balance sheet. Land 98,000 Accounts payable 19,000 Note payable 85,000 Accounts receivable 12,000 Dividends 70,000 Advertising expense 17,000 Rent expense 32,000 Building 150,000 Cash 10,000 Salary expense 63,000 Common stock 100,000 Salary payable 1,000 Furniture 20,000 Service revenue 220,000 Supplies 3,000 Retained earnings, beg. 50,000 What did you learn? Chapter 1 Page 2 of 13 Marble Corporation Income Statement For the year ended December 31, 2015 Revenue Service revenue $220,000 Expenses Rent expense $32,000 Advertising expense 17,000 Salary expense 63,000 Total expenses 112,000 Net income $108,000 Marble Corporation Statement of Retained Earnings For the year ended December 31, 2015 Retained earnings, beginning $ 50,000 Add Net income 108,000 Less Dividends (70,000) Retained earnings, ending $ 88,000 Marble Corporation Balance Sheet December 31, 2015 Cash $ 10,000 Accounts payable $ 19,000 Accounts receivable 12,000 Salary payable 1,000 Supplies 3,000 Note payable 85,000 Land 98,000 Total liabilities 105,000 Building 150,000 EQUITY Furniture 20,000 Common stock 100,000 Retained earnings 88,000 Total equity 188,000 Total assets $293,000 Total liabilities, equity $293,000 Chapter 1 Page 3 of 13 Question 3 The table below shows the ending balances for Slate Corporation for the year ended December 31, 2011. Prepare an income statement, statement of retained earnings and balance sheet using Excel. You must use the Excel spreadsheet format shown on my web site. Turn- in one spreadsheet with numbers and one spreadsheet with formulas. Service revenue 2,400 Equipment 10,000 Accounts payable 1,000 Retained earnings, beg. Common stock 35,000 Rent expense 700 Utilities expense 200 Cash 6,500 Office supplies 1,200 Dividends 1,000 Notes payable 1,200 Land 20,000 What did you learn? Chapter 1 Page 4 of 13 Slate Corporation Income Statement For the year ended December 31, 2011 Revenue Service revenue $2,400 Expenses Rent expense $700 Utilities expense 200 Total expenses 900 Net income $1,500 Slate Corporation Statement of Retained Earnings For the year ended December 31, 2011 Retained earnings, beginning $ Add Net income 1,500 Less Dividends 1,000 Retained earnings, ending $ 500 Slate Corporation Balance Sheet December 31, 2011 Cash $ 6,500 Accounts payable $ 1,000 Office supplies 1,200 Notes payable 1,200 Equipment 10,000 Total liabilities 2,200 Land 20,000 EQUITY Common stock 35,000 Retained earnings 500 Total equity 35,500 Total assets $37,700 Total Liabilities, equity $37,700 Chapter 1 Page 5 of 13 Question 4...
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This note was uploaded on 10/24/2010 for the course ACCOUNTING 31609 taught by Professor R.ambrose during the Fall '09 term at San Mateo Colleges.

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121_01a - Chapter 1 Page 1 of 13 Question 1 Solve for the...

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