problem set #1 - Old Westbury Corp.s Income Statement for...

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Xiangying Wu Intro to financial accounting Problem Set #1 Problem 1. A. Assets(-) Liabilities(NC) Stockholders Equity(-) B. Assets(+) Liabilities(+) Stockholders Equity(NC) C. Assets(NC) Liabilities(NC) Stockholders Equity(NC) D. Assets(+) Liabilities(NC) Stockholders Equity(+) E. Assets(+) Liabilities(NC) Stockholders Equity(+) F. Assets(-) Liabilities(NC) Stockholders Equity(-) G. Assets(+) Liabilities(NC) Stockholders Equity(+) H. Assets(+) Liabilities(NC) Stockholders Equity(+) I. Assets(+) Liabilities(NC) Stockholders Equity(+) J. Assets(-) Liabilities(NC) Stockholders Equity(-) K. Assets(NC) Liabilities(NC) Stockholders Equity(NC) Problem 2 The cost of goods sold is $164000 and the retained earnings are $71000.
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Unformatted text preview: Old Westbury Corp.s Income Statement for the Year Ended December 31, 2003 Revenues: Sales $288000 Expenses: Salary expense $14000 Rent expense 20000 Cost of goods sold 164000 Tax expense 19000 Total expense $217000 Net income $71000 Old Westbury Corp.s Balance Sheet on December 31, 2003 Assets Liabilities Cash $42000 Note Payable $95000 Accounts Receivable 55000 Account Payable 75000 Notes Receivable 35000 Bonds Payable 77000 Building 190000 Tax Payable 38000 Inventory 41000 Owners Equity Land 143000 Common Stock 150000 Retained Earnings 71000 Total $506000 Total Liabilities and Equity $506000...
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