Ass 1 Key 2241

Ass 1 Key 2241 - ACCT2241 2007Fall Homework #1 ACCT2241 -...

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ACCT2241 2007Fall Homework #1 ACCT2241 - 2007 Fall - HW #1 – Marking key Problem #1 (40) Income statement Jessie’ Jewelry First six months Revenue $13,750 2 Depreciation expense - tools (100) 2 Supplies expense (1,500) 2 Transportation expense (600) 2 Wages expense (120) 2 Total expense 2,320 2 Net Income $11,430 2 Cash flow statement Jessie’ Jewelry First six months Revenue collected $13,200 2 Purchase of supplies (4,500) 2 Wages paid (120) 2 Cash Bal. (E) $8,580 2 Balance Sheet Jessie’ Jewelry At the ending of the First six months Assets Liabilities and Owners’ Equity Cash $8,580 2 Accounts payable $600 2 A/R 550 2 Supplies 3,000 2 Capital Stock 2,000 2 Tools 1,900 2 Retained earnings 11,430 2 Total assets $14,030 2 Total Liab. & equity $14,030 2
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ACCT2241 2007Fall Homework #1 Problem #2 (60) 1. Find the following items from the attached Financial Statements of Magna International Inc. for the year ended December 31 2006 and 2005. Indicate the statement(s) each item can be found by placing the amount in the proper
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Ass 1 Key 2241 - ACCT2241 2007Fall Homework #1 ACCT2241 -...

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