New 2 ACCT 2311 - ACCT. 2311 E2-1 Identify accounts by...

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Unformatted text preview: ACCT. 2311 E2-1 Identify accounts by category and final statement(s). Listed here are a number of financial statement captions. Indicate in the spaces to the right of each of each caption the category of each item and the financial statement(s) on which the item can usually be found. Use the following abbreviations: Cash: A, BS Accounts Payable: L ,BS Common Stock: L, IS Depreciation Expense: OE, BS Net Sales: R, IS Income Tax Expense: E, IS Short Term Investments: A, BS Gain On Sale Of Land: G, BS Retained Earnings: OE, BS Dividends Payable: OE, IS Accounts Receivable: A, BS Short-Term Debt: L, BS E2-5 Calculate returning earnings. From the following data calculate the retained earnings balance as of December 31, 2009: Retained Earnings, December 31, 2008: $311,800 Cost of equipment purchased during 2009 $32,400 Net loss for the year ended December 31, 2009: $4,700 Dividends declared and paid in 2009: $18,500 Decrease in cash balance from January 1, 2009 to December 31, 2009: $13,600 Decrease in long-term debt in 2009: $14,800 Retained earnings balance as of December 31, 2009: $227,800 P2-11 Understanding and analyzing financial statement relationshipssales/service organization.. Popes garage had the following accounts and amounts in its financial statements on December 3, 2009. Assume that all balance sheet items reflect account balances at December 31, 2009, and that all income statement items reflect activities that occurred during the year then ended. A. Calculate the total current assets at December 31, 2009. $73,000 B. Calculate the total liabilities and owners equity at December 31, 2009. $132,000 C. Calculate the earnings from operations (operating income) for the year ended December 31, 2009. $44,000 D. Calculate the net income (or loss) for the year ended December 31, 2009. $28,000 E. What was the average income tax rate for Popes Garage for 2009? 30% F. If $16,000 of dividends had been declared and paid during the year, what was the January 1, 2009 balance of retained earnings? $47,000 P2-13 Prepare an income statement and statement of changes in owners equity for the year ended December 31, 2009, and a balance sheet at December 31, 2009, for Breanna, Inc. A. Breanna, INC....
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This note was uploaded on 09/06/2011 for the course ECON 2312 taught by Professor Dan during the Spring '11 term at The University of Texas at San Antonio- San Antonio.

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New 2 ACCT 2311 - ACCT. 2311 E2-1 Identify accounts by...

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