Assignment 1 - To start the company, the owners invested...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting Assignment 1
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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 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 8, 2011; print or save your confirmation page to verify that your assignment was successfully submitted. Part A Using the information related to the Taylor Consulting included in the class notes for chapters 1 and 2, prepare a transaction analysis model and then prepare an income statement, statement of owners’ equity and balance sheet for the company through August. Part B Pinnacle Incorporated was founded on January 1, 2009.
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Unformatted text preview: To start the company, the owners invested cash of $75,000. Since then, the company has been fairly successful and no additional investments have been made; however, in an effort to save some money, the president has been keeping track of the financial records rather than hiring a professional accountant. Although some data is missing, a comparative two-year report appears below. December 31, 2010 2009 Advertising Expense 6,656 5,943 Salary and Wage Expense ? 44,628 Equipment 41,419 ? Cost of Goods Sold 189,093 154,994 Long-Term Liabilities 32,524 25,868 Revenue 246,496 220,086 Accounts Payable ? 3,692 Cash 6,232 5,419 Selling Expense 732 711 Inventory 4,723 4,294 Administrative Expense 891 594 Accounts Receivable 2,129 2,241 Retained Earnings 12,680 ? Land 70,342 70,342 Dividends 1,600 1,200 Prepare an income statement, statement of owners equity and a balance sheet for each year and determine the missing values....
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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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Assignment 1 - To start the company, the owners invested...

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