LLS6e_Ch03 - Student Name Class Problem 03-04 Requirement 3...

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Student Name: Class: Problem 03-04 Requirement 3: SYRENA'S SWEETS Income Statement (unadjusted) for the Month Ended February 28, 2011 Revenues: Sales revenue Expenses: Cost of goods sold Advertising expense Wages expense Repairs expense Total costs and expenses Net Income SYRENA'S SWEETS Statement of Retained Earnings (unadjusted) for the Month Ended February 28, 2011 Retained earnings, February 1, 2011 Net income Dividends Retained earnings, February 28, 2011 SYRENA'S SWEETS Balance Sheet (unadjusted) At February 28, 2011 Assets Current assets: Cash Accounts receivable Merchandise inventory Supplies Prepaid rent Total current assets Furniture and fixtures Equipment Total Assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Total current liabilities Note payable Total Liabilities Stockholders' Equity Contributed capital Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity
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Student Name: Class: Problem 03-04 Requirement 5: 2012 2013 Evaluation of ratio and promotion decision:
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Given Data P03-04: SYRENA'S SWEETS Transactions during February, 2011: (a) Shareholder's contributions received; stock issued $17,600 (b) Monthly rent on store (paid 3 months) 880 (c) Purchased supplies for cash 330 (d) Purchased candy on account, due in 60 days 5,500 (e) Negotiated two-year bank loan 11,000 (f) Purchased computer using bank loan 2,750 Balance of bank loan used to purchase furniture and fixtures ? (g) Paid cash for advertisement 500 (h) Total sales on Valentine's Day 2,000 Sales in cash 1,675 Balance of total sales on credit ? Cost of candy sold 1,100 (i) Paid cash on accounts payable 550 (j) Incurred and paid employee wages 450 (k) Collected accounts receivable 55 (l) Paid for repair on display case 130 (m) Cash sales 2,200 Cost of goods sold 1,210 Data available after 3 years in business 2013
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LLS6e_Ch03 - Student Name Class Problem 03-04 Requirement 3...

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