HW_01_Solutions

HW_01_Solutions - Solutions to Homework 1 Raffaele B. Mari,...

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Solutions to Homework 1 Due September 28, 2010 Raffaele B. Mari, CPA Econ 25 – Econ of Acctg. EXERCISE 1-8 (a) A Cash and short-term investments SE Retained earnings E Cost of goods sold E Selling, general and administrative expenses A Prepaid expenses A Inventories A Receivables R Sales revenue L Income taxes payable L Accounts payable R Franchising revenues E Interest expense (b) WAYSIDE INC. Income Statement For the Year Ended December 31, 2010 Revenues Sales revenue . ........................................................... $584,951 Franchising revenues . .............................................. 4,786 Total revenues . ...................................................... 589,737 Expenses Cost of goods sold . ................................................... 438,458 Selling, general and administrative expenses . ....... 115,131 Interest expense . ....................................................... 1,994 Total expenses . ...................................................... 555,583 Net income . ........................................................................ $ 34,154
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Solutions to Homework 1 Due September 28, 2010 Raffaele B. Mari, CPA Econ 25 – Econ of Acctg. EXERCISE 1-11
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HW_01_Solutions - Solutions to Homework 1 Raffaele B. Mari,...

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