Answers to Assignment 1 - 732 711 Net Income 2,264 13,216...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting Answers to Assignment 1
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Part A
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Note: Although we have not yet covered interest calculations in class, full credit will be given if you included a transaction to record accrued interest for the month (+50 accounts payable and -50 interest expense) and calculated the corresponding changes in net income and retained earnings. Part B December 31, Income Statement 2010 2009 Revenue 246,496 220,086 Cost of Goods Sold 189,093 154,994 Advertising Expense 6,656 5,943 Administrative Expense 891 594 Salary and Wage Expense 46,860 44,628 Selling Expense
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Unformatted text preview: 732 711 Net Income 2,264 13,216 December 31, Statement of Changes in Owners' Equity 2010 2009 Capital 75,000 75,000 Beginning Retained Earnings 12,016 Net Income 2,264 13,216 Dividends 1,600 1,200 Ending Retained Earnings 12,680 12,016 December 31, Balance Sheet 2010 2009 Assets Cash 6,232 5,419 Accounts Receivable 2,129 2,241 Inventory 4,723 4,294 Equipment 41,419 34,280 Land 70,342 70,342 Total Assets 124,845 116,576 Liabilities and Equity Accounts Payable 4,641 3,692 Long-Term Liabilities 32,524 25,868 Capital 75,000 75,000 Retained Earnings 12,680 12,016 Total Liab. and Equity 124,845 116,576...
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This note was uploaded on 03/08/2011 for the course ACC 310F taught by Professor Verduzco during the Spring '07 term at University of Texas at Austin.

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Answers to Assignment 1 - 732 711 Net Income 2,264 13,216...

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