04-02Pr_5e_s

Survey of Accounting (Available Titles Cengagenow)

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Problem 4-2 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. 1. CASE-IT CO. Income Statement Revenues: Expenses: Total expenses Net income 2. CASE-IT CO. Retained Earnings Statement Retained earnings, December 1, 2009 Retained earnings, November 30, 2010 Instructions
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Problem 4-2 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. A red asterisk (*) wil appear in the column to the right of an incorrect answer.
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1. CASE-IT CO. Income Statement For the Year Ended November 30, 2010 Revenues: Net sales $2,646,000 Expenses: Cost of merchandise sold $1,926,000 Sel ing expenses 439,200 Administrative expenses 156,400 Interest expense 4,400 Total expenses 2,526,000 Net income $120,000 2. CASE-IT CO. Retained Earnings Statement For the Year Ended November 30, 2010 Retained earnings, December 1, 2009 $404,800 Net income for the year $120,000 Less dividends 45,000 Increase in retained earnings 75,000 Retained earnings, November 30, 2010 $479,800 Instructions...
View Full Document

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.

Page1 / 2

04-02Pr_5e_s - 1. CASE-IT CO. Income Statement For the Year...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online