03-06Pr_5e_s

Survey of Accounting (Available Titles Cengagenow)

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Problem 3-6 Name: Section: Score: 29% *Since some answer boxes are correct when left blank, the beginning score is greater than 0%. Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. 1. Assets = Liabilities + Stockholders' Equity Laundry Prepaid Laundry Accumulated Accounts Wages Capital Retained Cash + Supplies + Insurance + Equipment - Depreciation = Payable + Payable + Stock + Earnings May 31 Balances $48,000 $9,000 $6,000 $250,000 $(60,000) $7,000 $0 $50,000 $196,000 Adjustment a Adjustment b Adjustment c Adjustment d Balances 2. MAGNUM THERAPEUTICS, INC. Income Statement For the Year Ended May 31, 2011 Insurance expense Revenues: Laundry supplies expense Wages expense Expenses: Depreciation expense Utilities expense Rent expense Miscellaneous expense Net income Laundry revenue Net loss Total operating expenses MAGNUM THERAPEUTICS, INC. Decrease in retained earnings Retained Earnings Statement Less dividends For the Year Ended May 31, 2011 Other income Net income Retained earnings, June 1, 2010
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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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03-06Pr_5e_s - Problem 3-6 Name: Section: Score: 29% *Since...

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