ORIE 3150 Quiz _1 Friday version answers 2

ORIE 3150 Quiz_1 - ORIE 3150 Quiz#1 Fall 2009 Name(please print Please print your work neatly directly on these sheets of paper 1 Listed below are

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ORIE 3150 Name (please print) ___________________________________ Quiz #1 Fall 2009 Please print your work neatly directly on these sheets of paper. 1. Listed below are the balance sheet items of Nolan Company at December 31, 2008. Prepare a simple balance sheet (i.e., there is no need to classify the assets into current and long-term, etc.) Accounts payable $ 6,000 Accounts receivable 15,000 Building 65,000 Cash 11,000 Common stock 80,000 Land 31,000 Office equipment 5,000 Retained earnings 41,000 NOLAN COMPANY Balance Sheet December 31, 2008 ASSETS Cash $ 11,000 Accounts receivable 15,000 Office equipment 5,000 Building 65,000 Land 31,000 Total assets $127,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Accounts payable $ 6,000 Stockholders’ Equity Common stock $80,000 Retained earnings 41,000 121,000 Total liabilities and stockholders’ equity $127,000
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2. Cesar Ruiz was reviewing his business activities at the end of the year 2008. At the beginning of the year his assets were $550,000, liabilities were $140,000, and
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This note was uploaded on 10/25/2010 for the course ORIE 3150 taught by Professor Callister during the Fall '08 term at Cornell University (Engineering School).

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ORIE 3150 Quiz_1 - ORIE 3150 Quiz#1 Fall 2009 Name(please print Please print your work neatly directly on these sheets of paper 1 Listed below are

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