Homework 2

Homework 2 - LAST NAME: _ FIRST NAME_PUID_ Please write...

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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 2 – due Tuesday, May 25, 2010 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. Carolina Corporation, a wine store, provides the following post-closing trial balance as at December 31, 2008. A trial balance is a list of accounts, typically in financial statement order, with their ending debit or credit balances in the next two columns to provide a check on the equality of debits and credits. Carolina Corporation Post-closing trial balance, December 31, 2008 Dr $ Cr $ Cash 1,725 Accounts receivable 19,360 Supplies inventory 486 Merchandise inventory 25,442 Prepaid rent 1,800 Land 62,400 Plant and equipment, at cost 122,800 Accumulated depreciation 36,840 Accounts payable 8,608 Wages payable 732 Interest payable 1,500 Income tax payable 650 Deferred revenue 3,660 Note payable 80,000 Capital stock (40,000 shares outstanding) 4,000 Additional paid-in capital 56,000 Retained earnings 42,023 Sales revenue 0 Cost of goods sold 0 Wage expense 0 Selling, general, and administrative expense 0 Supplies expense 0 Rent expense 0 Depreciation expense 0 Interest expense 0
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Income tax expense 0 Dividends
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Homework 2 - LAST NAME: _ FIRST NAME_PUID_ Please write...

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