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123 - Week 3 Practice exercise 2-14(ch.2 Financial...

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Week 3 : Practice exercise 2-14 (ch.2) Financial Reporting and the Accounting Cycle Cost of goods sold . . . . . . . . . $ 7,300 Interest expense . . . . . . . . . . . 1,200 Wage expense . . . . . . . . . . . . 900 Cash . . . . . . . . . . . . . . . . . . . . 600 Sales . . . . . . . . . . . . . . . . . . . 12,000 Accounts payable . . . . . . . . . . 400 Accounts receivable . . . . . . . . 750 Retained earnings . . . . . . . . . . 3,300 Income tax expense . . . . . . . . . 800 Expanded Accounting Equation For the following four cases, use the expanded accounting equation to compute the missing quantity. Assets Liabilities Capital Stock Retained Earnings Case A $23,000 $11,000 A $ 4,500 Case B 17,500 B $4,500 3,600 Case C C 14,000 11,000 27,000 Case D 45,000 29,000 18,000 D Assets = Liabilities + capital Stock + Retained Earnings Case A : 23,000 = 11,000 +A + 4,500 (A) Capital Stock is $7,500 Case B : 17,500 = 4,500 + 3,600 + B (B) Liabilities is 9,400 Case C : C = 14,000 +11,000 + 27,000 (C) Assets is 52,000 Case D : 45,000 = 29,000 + 18,000 + D (D) Retained Earnings is (2,000) Exercises 2-25, 2-27- part 1-2-32, 2-29, and 2-33 (ch.2) 2-25 From the following data, prepare a classified balance sheet for Taylorsville Construction Company at December 31, 2009. Accounts payable . . . . . . . . . . . . . . . . . . . . . . $ 74,300 Accounts receivable . . . . . . . . . . . . . . . . . . . . . 113,500 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512,000
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Owners’ equity, 1/1/09 . . . . . . . . . . . . . . . . . . 314,300 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,600 Distributions to owners during 2009 . . . . . . . . 48,100 Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,250 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 Mortgage payable . . . . . . . . . . . . . . . . . . . . . . 423,400 Net income for 2009 . . . . . . . . . . . . . . . . . . . . 109,450 Owners’ equity, 12/31/09 . . . . . . . . . . . . . . . . ?
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