Ch01 - Student Name: Class: Problem 01-01 Requirement 1:...

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Student Name: Class: Problem 01-01 Requirement 1: GASLIGHT COMPANY Income Statement For the Year Ended December 31, 2011 Total sales revenue Total expenses Pretax income Income tax expense Net income Requirement 2: GASLIGHT COMPANY Statement of Retained Earnings For the Year Ended December 31, 2011 Beginning retained earnings + Net income - Dividends Ending retained earnings Requirement 3: GASLIGHT COMPANY Balance Sheet At December 31, 2011 Assets: Cash Receivables from customers Inventory of merchandise Equipment Total Assets Liabilities: Accounts payable Salary payable Total Liabilities Stockholders' equity: Contributed capital Retained earnings Total Stockholders' equity Total liabilities and stockholders' equity
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Given Data P01-01: GASLIGHT COMPANY Cash $24,500 Receivables from customers 10,800 Inventory of merchandise 81,000 Equipment owned, at cost less used portion 40,700 Accounts payable owed to suppliers 46,140 Salary payable for 2011 1,800 Total sales revenue 126,000 Expenses, including cost of merchandise sold (excluding income taxes) 80,200 Income taxes expense at 30% x pretax income, ? all paid during 2011 Contributed capital, 7,000 share outstanding 87,000 Dividends declared and paid during 2011 10,000
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Student Name: Class: Problem 01-02 BRIDGET'S LAWN SERVICE Income Statement For the Three Months Ended August 31, 2011 Revenues: Lawn service - cash - credit Total revenues Expenses: Gas, oil and lubrication Pickup repairs Repair of mowers Miscellaneous supplies used Helpers (wages) Payroll taxes Preparation of payroll tax forms Insurance Telephone Interest expense on note paid Equipment use cost (depreciation) Total expenses Net income
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Given Data P01-02: BRIDGET'S LAWN SERVICE Paid for used pickup truck $1,500 Paid for mowers, trimmers, and tools 900 Loan acquired, payable at end of 3 months 2,500 Interest payable on loan at end of 3 months 65 Collections from customers 12,300 Paid for gas, oil, and lubrication 940 Paid for pickup repairs 250 Paid for mower repair 110 Paid for miscellaneous supplies used 80 Paid for helpers 5,400 Paid for payroll taxes 190 Paid for preparation of payroll tax forms 25 Paid for insurance 125 Paid for telephone 110 Paid to pay off note, including interest 2,565 Uncollected revenue for services rendered 700 Owes for gas and oil 180 Truck and equipment use cost (depreciation) 600
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CP1-3 Comparing Companies within an Industry Required: 1. 2. 3. Growth during a period is calculated as: Ending amount - Beginning amount --------------------------------------------------- X 100 = Growth rate Beginning amount This workbook is organized as follows: Sheet Name Contents CP1-3 (this worksheet) CP1-3 Problem Requirements Industry Ratio Report American Eagle Outfitters, Inc. Consolidated Balance Sheets American Eagle Outfitters, Inc. Consolidated Statements of Operations American Eagle Outfitters, Inc. Consolidated Statements of Comprehensive Income American Eagle Outfitters, Inc. Consolidated Statements of Stockholders' Equity
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Ch01 - Student Name: Class: Problem 01-01 Requirement 1:...

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