02-16Ex_5e_s

Survey of Accounting (Available Titles Cengagenow)

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Exercise 2-16 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) wil appear in the column to the right of an incorrect answer. a. KATE'S INTERIORS Balance Sheet May 31, 2011 Assets Cash Land Total assets Liabilities Notes payable Stockholders' Equity Capital stock Retained earnings Total liabilities and stockholders' equity KATE'S INTERIORS Balance Sheet June 30, 2011 Assets Cash Land Total assets Liabilities Notes payable Stockholders' Equity Capital stock Retained earnings Total liabilities and stockholders' equity b. Retained earnings, June 30, 2011 Retained earnings, May 31, 2011 Net income c. d. e. f. Instructions
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Exercise 2-16 Name: SOLUTION Section: Score: See student sheet for student's score Scoring: ON Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited.
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Unformatted text preview: A red asterisk (*) wil appear in the column to the right of an incorrect answer. a. KATE'S INTERIORS Balance Sheet May 31, 2011 Assets Cash $100,000 Land 500,000 Total assets $600,000 Liabilities Notes payable $200,000 Stockholders' Equity Capital stock $75,000 Retained earnings 325,000 400,000 Total liabilities and stockholders' equity $600,000 KATE'S INTERIORS Balance Sheet June 30, 2011 Assets Cash $175,000 Land 575,000 Total assets $750,000 Liabilities Notes payable $250,000 Stockholders' Equity Capital stock $90,000 Retained earnings 410,000 500,000 Total liabilities and stockholders' equity $750,000 b. Retained earnings, June 30, 2011 $410,000 Retained earnings, May 31, 2011 325,000 Increase in retained earnings $85,000 Add dividends 35,000 Net income $120,000 c. $120,000 d. ($75,000) e. $30,000 f. $75,000 Instructions...
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This note was uploaded on 11/04/2011 for the course ACC 121 taught by Professor Thomas during the Winter '08 term at Baker MI.

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02-16Ex_5e_s - A red asterisk (*) wil appear in the column...

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