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Week 2 Accounting assignment 1

Week 2 Accounting assignment 1 - h Rent expense – period...

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come Statement & L Enterprises or year ending Dec. 31, 2012 es Revenue: 7996.80 st of Goods Sold: 6496 oss Margin: 1500.80 ss operating exp.: 0 t Income: 1500.80 9,784.80 0 ntory: 2116 11,900.80 0 ity: 8,000 3900.80 d Stockholders’ Equity: 11,900.80 L Enterprises ment of Cash Flows ng Activities: From customers: 7996.80 w For Inventory: (5512) w for Transportation Out: (1100) sh from Operating Activities: eginning Cash Balance: 8400 Cash balance: 9784.80 Accounting 1 Accounting: Week 2 Assignment 1 Corriene Power ACC201: Principles of Financial Accounting Mrs. Regina Ivory December 19, 2010
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Accounting 2 3-22 Identifying product and period costs Indicate whether each of the following is a product or a period (selling and administrative) cost a. Transportation-in – product cost b. Insurance on the office building – period cost c. Office supplies – product cost d. Costs incurred to improve the quality of goods available for sale- product cost e. Goods purchased for resale- product cost f. Salaries of salespersons – period cost g. Advertising costs – period cost
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Unformatted text preview: h. Rent expense – period cost i. Salary of the company president – period cost 3-25 2012 D&L Enterprises Cash $8,400 Inventory $2,000 Common Stock $8,000 Retained Earnings $2,400 Assets = Liabilit ies + Stoc kholde rs’ Equity Event Cash Accts Rec. Inventory Mdse Inv. + Accts Pay. Common Stock + Retained Earnings Beginnin g Balance 8,400 2,000 8,000 2,400 1. (500) 5,600 + 500 5600 Asset Exchange 2. (400) (400) Asset USE 3. (5096) (104) (5096 )(104) Asset use 4. 9,000 (6,000) 9,000 (6000) Asset Exchange 5. (840) 520 (840) 520 Asset Use 6. (600) (600) Asset Use 7. 7996.80 (163.20) (7996.80) (163.20) Asset Source 8. (416) (416) NA Totals 9784.80 2116 8,000 3900.80 Accounting 3 Income Statement Cash Flow Rev -Expenses = Net Income 1. (500) 2. 3. (5096) 4. 9,000 6000 9,000 (6000) 5. (840) (520) (840) 520 6. 600 (600) (600) 7. (163.20) (163.20) 7996.80 8. 416 (416) Totals: 7996.8 6496 1500.80 1800.80 Accounting 4 ` Accounting 5...
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