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W2 Individual Assignment

W2 Individual Assignment - E1-1 Urlacher Company performs...

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E1-1 Urlacher Company performs the following accounting tasks during the year. ______Analyzing and interpreting information. ______Classifying economic events. ______Explaining uses, meaning, and limitations of data. ______Keeping a systematic chronological diary of events. ______Measuring events in dollars and cents. ______Preparing accounting reports. ______Reporting information in a standard format. ______Selecting economic activities relevant to the company. ______Summarizing economic events. Accounting is “an information system that identifies, records, and communicates the economic events of an organization to interested users.” Instructions Categorize the accounting tasks performed by Urlacher as relating to either the identification (I), recording (R), or communication (C) aspects of accounting. C Analyzing and interpreting information. R Classifying economic events. C Explaining uses, meaning, and limitations of data. R Keeping a systematic chronological diary of events. R Measuring events in dollars and cents. C Preparing accounting reports. C Reporting information in a standard format. I Selecting economic activities relevant to the company. R Summarizing economic events.
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E1-5 Meredith Cleaners has the following balance sheet items. Accounts payable Accounts receivable Cash Notes payable Cleaning equipment Salaries payable Cleaning supplies Common stock Instructions Classify each item as an asset, liability, or stockholders’ equity. Accounts payable liability Cash asset Cleaning equipment asset Cleaning supplies asset Accounts receivable asset Notes payable liability Salaries payable liability Common stock stockholders' equity
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E1-12 The following information relates to Linda Stanley Co. for the year 2008.
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