Ch03 - Student Name: Class: Problem 03-04 Requirement 3:...

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Unformatted text preview: Student Name: Class: Problem 03-04 Requirement 3: BRI'S SWEETS Income Statement (unadjusted) for the Month Ended February 28, 2011 Revenues: Sales revenue Expenses: Cost of goods sold Advertising expense Wages expense Repairs expense Total costs and expenses Net Income BRI'S SWEETS Statement of Stockholders' Equity (unadjusted) for the Month Ended February 28, 2011 Total Contributed Retained Stockholders' Capital Earnings Equity Beginning, February 1, 2011 Additional contributions Net income Dividends Ending, February 28, 2011 BRI'S SWEETS Balance Sheet (unadjusted) At February 28, 2011 Assets Current assets: Cash Accounts receivable Merchandise inventory Supplies Prepaid rent Total current assets Furniture and fixtures Equipment Total Assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Total current liabilities Note payable Total Liabilities Stockholders' Equity Contributed capital Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Requirement 5: 2012 2013 Total Asset Turnover Evaluation of ratio and promotion decision: Given Data P03-04: BRI'S SWEETS Transactions during February, 2011: (a) Shareholder's contributions received; stock issu $27,600 (b) Monthly rent on store (paid 3 months) 1,880 (c) Purchased candy on account, due in 60 days 5,500 (d) Purchased supplies for cash 1,430 (e) Negotiated two-year bank loan 11,000 (f) Purchased computer using bank loan 2,750 Balance of bank loan used to purchase furniture and fixtures ? (g) Paid cash for advertisement 500 (h) Total sales on Valentine's Day 3,000 Sales in cash 2,675 Balance of total sales on credit ? Cost of candy sold 1,200 (i) Paid cash on accounts payable 550 (j) Incurred and paid employee wages 1,500 (k) Collected accounts receivable 155 (l) Paid for repair on display case 130 (m) Cash sales 2,400 Cost of goods sold 1,210 Data available after 3 years in business 2013 2012 2011 Total assets $88,000 $49,500 $38,500 Total liabilities 49,500 22,000 16,500 Total stockholde 38,500 27,500 22,000 Total sales 93,500 82,500 55,000 Net income 22,000 11,000 4,400 Student Name: Class: Problem 03-05 BRI'S SWEETS Statement of Cash Flows For the Month Ended February 28, 2011 Operating Activities Cash received from customers Cash paid to employees Cash paid to suppliers Total cash used in operating activities Investing Activities Purchased equipment Total cash used in investing activities Financing Activities Issued stock Borrowed from bank Total cash from financing activities Increase in cash Beginning cash balance Ending cash balance Given Data P03-05: BRI'S SWEETS Transactions during February, 2011: (a) Shareholder's contributions received; stock issu $27,600 (b) Monthly rent on store (paid 3 months) 1,880 (c) Purchased candy on account, due in 60 days 5,500 (d) Purchased supplies for cash 1,430 (e) Negotiated two-year bank loan 11,000 (f) Purchased computer using bank loan 2,750 Balance of bank loan used to purchase furniture and fixtures...
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Ch03 - Student Name: Class: Problem 03-04 Requirement 3:...

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