Homework 1 Solution

Homework 1 Solution - LAST NAME: _ FIRST NAME_PUID_ Please...

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LAST NAME: _____________ FIRST NAME______________PUID_________________ Please write your name in BLOCK letters and in the format: Last name, First name. Management 200 – Introductory Financial Accounting– Maymester 2010 Krannert School of Management - Purdue University Homework 1 – due Thursday, May 20, 2010 - SOLUTION IMPORTANT: This homework must be turned in on these 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 $310 Inventories 530 Accounts receivable 740 Land 2,800 Additional paid-in capital 1,800 Long-term debt 4,770 Cash 1,170 Net sales 15,220 Common Stock* 600 Note payable* 500 Cost of goods sold 7,220 Current portion of long-term debt 300 Dividends* 700 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 Interest expense
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Homework 1 Solution - LAST NAME: _ FIRST NAME_PUID_ Please...

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