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– Spring 2011
Krannert School of Management - Purdue University
Homework 2 – due Wednesday, February 16, 2011 - SOLUTION
This homework must be turned in on this sheet of 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.
Flash Corporation, a photography store, provides the following post-closing trial
balance as at December 31, 2009. 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.
Post-closing trial balance, December 31, 2009
Equipment, at cost
Income tax payable
Common stock (50,000 shares outstanding)
Income tax expense