ACC 280 WEEK 4 TEAM ASSIGNMENT - ASSIGNMENTS FROM THE READING

ACC 280 WEEK 4 TEAM ASSIGNMENT - ASSIGNMENTS FROM THE READING

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Week 4 Assignments from the Readings Prepare written answers to the following assignments from Chapter 4 of the text, Financial Accounting 6th ed: Problem P4-2A
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
P4-2 A. Dating the sales in April rather than May will increase Green-Grow’s sales revenue and net income for the fiscal year ending in April. Also, it will increase cash and accounts receivable. These changes will reflect the sales prices of the goods sold in May but recorded for April. The increases will occur even if cost of goods sold is recognized and inventory is reduced in April for the amount of sales in May. The balance sheet also will report a higher amount of retained earnings for the year because net income will be higher. Both net income and the working capital ratio will increase because of the practice.
Background image of page 2
E4-2 a. Changes in a corporation’s stockholders’ equity for a fiscal period Statement of stockholders’ equity b. The dollar amount of resources available at a particular date Balance sheet c. The amount of credit sales
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: not yet collected Balance sheet d. Accrual-based operating results for a fiscal period Income statement e. The cost of resources consumed in producing revenues for a period Income statement f. The sources of finances used to acquire resources Balance sheet g. The effect of issuing stock on the amount of contributed capital during a period Statement of stockholders equity h. The amount of profit earned during a period Income statement i. Revenues generated during a fiscal period Income statement E4-3 1. I 9. I and SE 2. SE 10. I, B, and SE 3. N 11. I 4. B 12. B and SE 5. B 13. I 6. B and SE 14. SE 7. SE 15. SE 8. I E4-4 Valentine Company Income Statement For the Month of September 2007 Sales revenue $ 48,500 Cost of goods sold 30,070 Gross profit $ 18,430 Operating expenses: Advertising 3,133 Depreciation expense 282 Insurance 670 Utilities 1,250 Wages expense 11,369 Operating income $ 1,726 Interest expense 240 Pretax income $ 1,486 Income tax expense 519 Net income $ 967...
View Full Document

This note was uploaded on 11/21/2011 for the course ACC 280 280 taught by Professor Lindaking during the Spring '10 term at University of Phoenix.

Page1 / 4

ACC 280 WEEK 4 TEAM ASSIGNMENT - ASSIGNMENTS FROM THE READING

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online