ch.1 lab practice - Chapter 1 LAB Practice M1-4 through...

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Chapter 1 LAB Practice M1-4 through M1-10 Make index cards, list Account Name on one side and the solution on the other . For example, exercises M1-4 through M1-8, ask you to classify as an Asset, Liability, Stockholders’ Equity, Revenue or Expense. M1-4 1. Accounts Payable- Liability. You can eliminate the duplicates. The point of these short exercises is to build your recognition of account name titles and their classification. This is used throughout the course and you won’t have a card to remind you. M1-14 Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet The following accounts are taken from the December 31, 2007, financial statements of Southwest Airlines, Inc . See page 30 for numbers Prepare an income statement for the year ended December 31, 2007. Revenues 1. Prepare a statement of retained earnings for the period ended December 31, 2007. . 2. Prepare a balance sheet at December 31, 2007. Assets Liabilities Total Liabilities Stockholders Equity Total Equity E1-3 Preparing a Balance Sheet P31 Required: 1. Prepare the balance sheet as of November 1, 2008, solving for the missing amount. Assets Liabilities Total Liabilities Stockholders Equity Total Equity Acc 2013 Chapter 1 –Lab/Practice, 3 rd edition Page 1 of 5
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E1-4 Completing a Balance Sheet and Inferring Net Income p. 31
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This note was uploaded on 01/19/2011 for the course ACC 2013 taught by Professor Noe during the Spring '08 term at The University of Texas at San Antonio- San Antonio.

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ch.1 lab practice - Chapter 1 LAB Practice M1-4 through...

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