615_project_handout_Spring_2011 - ACCT615 - Financial...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACCT615 - Financial Accounting Project 1 NEW JERSEY INSTITUTE OF TECHNOLOGY School of Management ACCT 615 Financial Accounting Project Due Date: On or before May 9, 2011 Submission: Please submit one hard copy per group NAME(S) __________________________________________________ SCORE__________ PART 1 . Accumulation and Presentation of Accounting Information (30 points) Tool-Master Company has a fiscal year end of Dec 31 and prepares financial statements annually. The ledger accounts held by the company and their balances as of November 30 , 2010 are presented below (except for Retained Earnings, which balance was as of Jan 1, 2010): Listed in alphabetical order: Accounts Balances 1 Accounts payable 150,000 2 Accounts receivable 165,000 3 Accumulated depreciation - buildings 360,000 4 Accumulated depreciation - equipments 180,000 5 Advertising expense 11,000 6 Allowance for doubtful accounts 5,000 7 Bonds payable, due 01/01/2020 1,000,000 8 Buildings 1,040,000 9 Cash 140,000 10 Common stock ($10 par value; 20,000 shares issued and outstanding) 200,000 11 Cost of goods sold 650,000 12 Equipments 480,000 13 Goodwill 250,000 14 Investment revenue 19,000 15 Stock investments (long-term) 230,000 16 Land (in use) 800,000 17 Merchandise inventory 180,000 18 Insurance expense 10,000 19 Office Supplies 15,000 20 Paid-in capital in excess of par – common stock 1,110,000 21 Retained earnings, Jan 1, 2010
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/18/2011 for the course ACCT 601 taught by Professor O'connel during the Spring '10 term at New York Institute of Technology-Westbury.

Page1 / 3

615_project_handout_Spring_2011 - ACCT615 - Financial...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online