Assignment 1 - in an effort to save some money the...

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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 Using the information related to the Taylor Consulting included in the class notes for chapters 1 and 2, prepare a transaction analysis model and then prepare an income statement, statement of owners’ equity and balance sheet for the company through the end of August. Part B Pinnacle Incorporated was founded on January 1, 2008; since then, the company has been fairly successful; however,
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Unformatted text preview: in an effort to save some money, the president has been keeping track of the financial records rather than hiring a professional accountant. Although some data is missing, a comparative two-year report appears below. 2010 2009 Retained earnings, Jan. 1 ? 45,238 Cost of Goods Sold 208,902 197,732 Retained earnings, Dec. 31 61,686 53,618 Accounts receivable 20,812 14,388 Income tax expense ? 936 Inventory ? 100,082 Dividends 3,632 5,880 Cash 13,010 41,788 Selling and administrative expenses 36,122 39,638 Notes payable 252,160 263,270 Capital 263,132 ? Revenues 257,908 252,566 Property, plant and equipment 570,520 525,160 Accounts payable 124,610 120,890 Prepare an income statement, statement of owner’s equity and a balance sheet for each year and determine the missing values. Review and assess the company's completed financial statements then comment on it's operational success and financial position....
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