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BB Homework 1 Answers - The University of Texas at Austin...

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The University of Texas at Austin McCombs School of Business ACC 310F: Foundations of Accounting Homework 1 Once you have completed the assignment below, you must enter your answers on the answer sheet provided in the Assignments section of Blackboard; not all homework answers will be turned in. Although you can “Save” your answers while working, you must “Submit” them to get credit for the assignment. Once submitted, your answers cannot be changed. Where appropriate, partial credit will be given. Your answer sheet is due by 8am on February 9, 2010; print or save your confirmation page to verify that your assignment was successfully submitted. Part 1 Use the information related to the Taylor Consulting included in the class notes for chapters 1 and 2 to prepare an income statement, statement of changes in owners’ equity and balance sheet for the company through August 2009. Revenue $12,500 Less Expenses Office rental 2,800 Equipment rental 650 Advertising 250 Utilities 589 Payroll 13,100 Net Income ($4,889) Taylor Consulting
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