Chapter_1-_Class_Discussion_Template_Libby_4th_edition

Chapter_1-_Class_Discussion_Template_Libby_4th_edition -...

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E1–3 THE UNIVERSITY SHOP Income Statement For the Month of September 2012 Revenue from sales Expenses: Cost of goods sold Salaries, rent, supplies, and other expenses Utilities Total expenses Profit for the period (Note: income taxes were ignored in this problem.)
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E1–6
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E1–7 DUCHARME CORPORATION Summary Income Statement For the Month of January 2011 Total revenues Less: Total expenses (excluding income taxes) Profit before income taxes Less: Income tax expense Profit for the year
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DUCHARME CORPORATION Statement of Financial Position As at January 31, 2011 Assets Cash Receivables from customers Merchandise inventory Total assets Liabilities and Shareholders’ Equity Liabilities: Payables to suppliers Income taxes payable Total liabilities Shareholders’ equity: Share capital (2,600 shares issued) Retained earnings Total liabilities and shareholders’ equity
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P1-5 Req. 1 – Deficiencies include:
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Unformatted text preview: Req. 2 – Financial Statements PERFORMANCE CORPORATION Income Statement For the Year Ended December 31, 2011 Revenue from Sales and Services Expenses: Cost of goods sold Selling expenses Depreciation expense Salaries and wages Total expenses, excluding income taxes Profit before income taxes Income tax expense Profit P1–5 (continued) Req. 2 – Financial Statements PERFORMANCE CORPORATION Statement of Financial Position As at December 31, 2011 Assets Cash Merchandise inventory Supplies inventory Trade receivables Service vehicles Less accumulated depreciation Total assets Liabilities and Shareholders’ Equity Liabilities Trade payables Note payable Total liabilities Shareholders' equity Share capital (6,500 shares issued) Retained earnings Total shareholders' equity Total liabilities and shareholders' equity...
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This note was uploaded on 12/29/2011 for the course MANAGEMENT MGTB05 taught by Professor Georgequanfun during the Fall '11 term at University of Toronto- Toronto.

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Chapter_1-_Class_Discussion_Template_Libby_4th_edition -...

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