Ch02 - Student Name: Class: Problem 02-02 Requirement 1:...

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Student Name: Class: Problem 02-02 Requirement 1: Requirement 2: Assets = Liabilities + Stockholders' Equity Short-term Notes ST Notes LT Notes Contributed Retained Cash Investments Receivable Land Building Equipment = Payable Payable + Capital Earnings Beg. = + (a) = + (b) = + (c) = + (d) = + (e) = + (f) = + = + Totals = + Requirement 3: Requirement 4: (a) Total assets (b) Total liabilities (c) Total stockholders' equity (d) Cash balance (e) Total current assets
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Given Data P02-02: EAST HILL HOME HEALTHCARE SERVICES Invested by each of four organizers $10,000 Shares of stock issues to each organizer 8,000 Accounting records at end of most recent year: Cash 50,000 Land 500,000 Equipment 50,000 Buildings 100,000 Total assets 700,000 Short-term notes payable 100,000 Long-term notes payable 100,000 Contributed capital 100,000 Retained earnings 400,000 Transactions during 2013: a. Sold additional 9,000 shares of stock $90,000 b. Purchased building 60,000 Purchased equipment 15,000 Purchased four acres of land 14,000 Cash paid for purchase 9,000 Note for remainder due in 15 years 80,000 c. Sold one acre of land for cash. 3,500 d. Purchased short-term investments 18,000 e. One stockholder sold 300 shares to another stockholder. 3,000 f. Loan to one shareholder due in six months 5,000
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Student Name: Class: Problem 02-03 Requirement 3: Event (d) explanation Requirement 4: COUGAR PLASTICS COMPANY Balance Sheet at December 31, 2012 Assets Liabilities Current Assets Current Liabilities Cash Accounts payable Investments Accrued liabilities payable Accounts receivable Notes payable Inventory Total Current Liabilities Total Current Assets Long-term notes payable Total Liabilities Stockholders' Equity Notes receivable Contributed capital Equipment Retained earnings Factory building Total Stockholders' Equity Intangibles Total Liabilities and Total Assets Stockholders' Equity Requirement 5: Current Ratio
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Given Data P02-03: COUGAR PLASTICS COMPANY Accounting Records at December 31, 2011 Cash $19,000 Investments (short-term) 2,000 Accounts receivable 3,000 Inventory 24,000 Notes receivable (long-term) 1,000 Equipment 48,000 Factory building 90,000 Intangibles 3,000 Accounts payable 15,000 Accrued liabilities payable 2,000 Notes payable (short-term) 7,000 Long-term notes payable 46,000 Contributed capital 90,000 Retained earnings 30,000 Transactions during 2012: a. Purchased short-term investments for cash. $9,000 b. Loan to supplier (2 year note) 7,000 c. Cost of equipment purchased 18,000 Cash paid for equipment purchased 6,000 Signed 1 year note for balance d. Contract salary for new president. 85,000 e. Issued shares of capital stock 2,000 Cash received for shares of capital stock 12,000 f. Borrowed cash payable in three months 12,000 g. Purchased patent 3,000 h. Cost of addition to factory 25,000 Cash paid for addition 9,000 Signed 3 year note for balance
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Student Name: Class: Problem 02-05 Requirement 3: DELL, INC. Balance Sheet
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This note was uploaded on 11/05/2011 for the course AEM 2210 at Cornell.

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Ch02 - Student Name: Class: Problem 02-02 Requirement 1:...

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