{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

HWK__1 - Independen t Companies Total Revenues Total...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
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.
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Independen t Companies Total Revenues Total Expense s Net Income Total Assets Total Liabilities Stockholder’s 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 six—revenues, expenses, net income, assets, liabilities, stockholder’s equity. Also explain the purpose of the Balance Sheet and the Income Statement....
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern