Homework 1 - Homework Problem #1 Name:_ Section: _ 11:00 is...

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Homework Problem #1 Name:______________ Section: ________ 11:00 is section 005 and 12:30 is section 006 You MUST turn this page STAPLED to your handwritten work for credit. 1. Given the list of accounts below, prepare a classified balance sheet, a statement of retained earnings and an income statement in proper format for the Carter Corporation. The date of the statements should be 12/31/07. HINT: it is easiest to start w/ the Income Statement! Accounts Receivable $120,000 Notes Payable (due 6/08) $ 78,000 Cash $190,000 Sales $450,000 Rent Expense $ 70,000 Accounts Payable $105,000 Salary Expense $119,000 Common Stock $400,000 Supplies $ 15,000 Inventory $ 68,000 Land $125,000 Mortgage Payable (due 2020) $168,000 Equipment (ignore A/D) $240,000 Note Receivable (due 2/09) $ 40,000 Retained Earnings (as of 1/1/07) $260,000 Utilities Expense $ 65,000 Supplies Expense $ 12,000 Dividends paid $197,000 Buildings (ignore A/D) $200,000 2 . Prepare the journal entries for the following transactions in proper format. a. Carter purchases $1,000 on account of stuff she intends to resell.
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Homework 1 - Homework Problem #1 Name:_ Section: _ 11:00 is...

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