Mgmt 200 Spring 2011 Homework 2

Mgmt 200 Spring 2011 Homework 2 - LAST NAME: _____________...

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Unformatted text preview: 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 IMPORTANT: 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. Flash Corporation Post-closing trial balance, December 31, 2009 Dr $ Cr $ Cash 8,680 Accounts receivable 22,490 Supplies inventory 13,950 Prepaid insurance 3,600 Land 71,200 Equipment, at cost 118,800 Accumulated depreciation 42,720 Accounts payable 10,580 Wages payable 1,650 Interest payable 1,500 Income tax payable 1,040 Customer deposits 4,200 Note payable 60,000 Common stock (50,000 shares outstanding) 70,000 Retained earnings 47,030 Dividends Sales revenue Wage expense Supplies expense Marketing expense Insurance expense Depreciation expense Interest expense Income tax expense TOTALS: $238,720 $238,720 Homework 2 continued over...
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This note was uploaded on 02/27/2012 for the course MGMT 200 taught by Professor Greigg during the Spring '08 term at Purdue University.

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Mgmt 200 Spring 2011 Homework 2 - LAST NAME: _____________...

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