2_96_ex_ans_2004

2_96_ex_ans_2004 - 2.96 - Management in Engineering, Fall...

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2.96 Management for Engineers Fall 2004 ANSWERS TO QUIZ I Q1-2 Each question will be equally weighted for evaluation. (a) Accounts Receivable: Total assets = Total liabilities + Total stockholders’ equity $300 + 500 + 400 + (a)Land + 500 = 300 + 400 + 600 + 500 Land = $100 (b) Expenses: Net income = Sales + Expenses $600 = (b)Sales - 300 Sales = $900 (c) Dividends: Ending retained earnings = Beginning retained earnings + Net income – Dividends $500 = $0 + 600 – Dividends Dividends = $100 (d) & (e) Total assets = Total liabilities + Total stockholders’ equity $500 + 400 + (d)Inventory + 300 + 600 = 700 + 500 + 400 + (e)Retained earnings Ending retained earnings = Beginning retained earnings + Net income – Dividends 1 2.96 - Management in Engineering, Fall 2004 Massachusetts Institute of Technology Department of Mechanical Engineering Instructors: Professor Jung-Hoon Chun and Professor Alexander d'Arbeloff
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Retained earnings = $500 + 500 – 600 Retained earnings = $400 Inventory = $200
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This note was uploaded on 11/08/2011 for the course AERO 16.61 taught by Professor Earlmurman during the Spring '03 term at MIT.

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2_96_ex_ans_2004 - 2.96 - Management in Engineering, Fall...

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