HWK__1 - Independen t Companies Total Revenues Total...

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HOMEWORK #1 DUE JAN. 14 6 points Part 1: Classify the following accounts as an Asset (A), a Liability (L), a Stockholder’s Equity (SE), a Revenue (R), or an Expense (E) account. ______a. Account Payable ______g. Accounts Receivable ______b. Contributed Capital ______h. Note Payable ______c. Interest Expense ______i. Merchandise Inventory ______d. Furniture and Fixtures ______j. Sales ______e. Prepaid Expenses ______k. Accrued Expenses Payable ______f. Retained Earnings ______l. Marketable Securities Part 2: Fill in the blanks below. Utilize the relationships on the Income Statement and Balance Sheet in determining your answers.
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Unformatted text preview: Independen t Companies Total Revenues Total Expense s Net Income Total Assets Total Liabilities Stockholders Equity A $600,000 $ $120,000 $800,00 $420,000 $ B $ $80,000 $30,000 $ $60,000 $30,000 C $190,000 $135,000 $ $450,000 $ $200,000 D $ $70,000-$30,000 $100,00 $45,000 $ Part 3: Other than independent companies, explain what each of the columns in Part 2 represents, i.e., define each of the sixrevenues, expenses, net income, assets, liabilities, stockholders equity. Also explain the purpose of the Balance Sheet and the Income Statement....
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This note was uploaded on 11/11/2011 for the course ACC 201 taught by Professor Bokmier during the Spring '10 term at Michigan State University.

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