Ch 1 Handout _2_ for 08

Ch 1 Handout _2_ for 08 - Cash $ 5,000 Liabilities...

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Accounting 207:  Chapter 1 – Hand Out   I.  The Summaries of data from the balance sheet, income statement and retained earnings  statements for two corporations, Charlie Corporation and Mike Corporation are presented below for  2009: Charlie Corp. Mike Corp Beginning of Year Total  Assets $  90,000 $ 130,000 Total Liabilities     80,000        ? Total Shareholders’ Equity         ?      95,000 End of Year Total Assets         ?   180,000 Total Liabilities   120,000     55,000 Total Shareholders’ Equity     40,000        ? Changes during Years in Retained Earnings: Dividends        ?       5,000 Total Revenues   215,000        ? Total Expenses   165,000     80,000 Assume all changes in shareholders’ equity are due to changes in retained earnings.
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II.   Juliet Corporation Balance Sheet Assets
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Unformatted text preview: Cash $ 5,000 Liabilities Inventory 10,000 Accounts Payable $ 5,000 Building 50,000 Shh. Equity Total Assets $65,000 Common Stock ? Retained Earnings ? Total Liabilities & Shh Equity $65,000 Income Statement Revenue $ 80,000 Less Expenses: Cost of Goods Sold ? Administrative Expense 10,000 Net Income ? Retained Earnings Statement Beginning Retained Earnings $10,000 Plus: Net Income ? Less: Dividends 5,000 Ending Retained Earnings $33,000...
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This note was uploaded on 12/12/2010 for the course ACCT ACCT207 taught by Professor Dragone during the Fall '10 term at University of Delaware.

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Ch 1 Handout _2_ for 08 - Cash $ 5,000 Liabilities...

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