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Mgmt 200 Spring 2010 Homework 1 Solution

Mgmt 200 Spring 2010 Homework 1 Solution - LAST NAME FIRST...

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LAST NAME : _____________ F IRST NAME ______________PUID_________________ Please write your name in BLOCK letters and in the format: Last name, First name. Management 20000 – Introductory Financial Accounting– Spring 2010 Krannert School of Management - Purdue University Homework 1 – due Friday, January 29, 2010 - SOLUTION IMPORTANT: This homework must be turned in on this sheet of pages (please staple). It is preferred that you print it out two-sided if at all possible. Assignments not completed on this form will not be graded. The grade for this assignment will be based on the correctness of a partial portion of the assignment – the full assignment will not be graded. Please print your name and PUID clearly and legibly in the spaces above. The accountant for Kinney Corporation prepared the following mostly alphabetical list from the company’s accounting records at the end of 2009 (amounts in millions): Accounts payable $250 Inventories 430 Accounts receivable 740 Land 2,730 Additional paid-in capital 1,800 Long-term debt 4,700 Cash 1,040 Net sales 15,200 Common Stock* 600 Note payable* 500 Cost of goods sold 7,320 Current portion of long-term debt 300 Dividends* 750 Prepaid expenses 80 Income tax expense 600 Property and equipment, net 6,480 Income taxes payable 150 Retained earnings (12/31/2008) 3,610 Intangible assets 490 Selling and general expense 1,240
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