Answers to Assignment 1 - 61,686 53,618 Balance Sheet...

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The University of Texas at Austin McCombs School of Business ACC 310F: Foundations of Accounting Assignment 1 Once you have completed the assignment below, you must enter your answers on the answer sheet provided in the Assignments section of Blackboard; not all answers will be turned in. Although you can “Save” your answers while working, you must “Submit” them to get credit for the assignment. Once submitted, your answers cannot be changed. Where appropriate, partial credit will be given. Your answer sheet is due by 8am on September 19, 2011; print or save your confirmation page to verify that your assignment was successfully submitted. Part A
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Part B 2010 2009 Income Statement Revenues 257,908 252,566 Cost of Goods Sold 208,902 197,732 Selling and administrative expenses 36,122 39,638 Income tax expense 1,184 936 Net Income 11,700 14,260 Statement of Equity Capital 263,132 243,640 Retained earnings, Jan. 1 53,618 45,238 Net Income 11,700 14,260 Dividends 3,632 5,880 Retained earnings, Dec. 31
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Unformatted text preview: 61,686 53,618 Balance Sheet Assets Cash 13,010 41,788 Accounts receivable 20,812 14,388 Inventory 97,246 100,082 Property, plant and equipment 570,520 525,160 Total Assets 701,588 681,418 Liabilities and Owners' Equity Accounts payable 124,610 120,890 Notes payable 252,160 263,270 Capital 263,132 243,640 Retained earnings, Dec. 31 61,686 53,618 Total Liabilities and Owners' Equity 701,588 681,418 During 2010, the owners invested 19,492 directly into the company (263,132 243,640). Although many answers would be acceptable regarding the companys operational success and financial position, answers should address key income statement elements such as the companys improving revenues, changing costs and/or decreasing net income for operational success as well as the companys changes in balance sheet items such as cash, equipment, accounts or notes payable for financial position....
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This note was uploaded on 10/04/2011 for the course ACC 310F taught by Professor Verduzco during the Fall '07 term at University of Texas at Austin.

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Answers to Assignment 1 - 61,686 53,618 Balance Sheet...

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