F 00 27500 27500 furnitureandfix tures beg f 00

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Unformatted text preview: ± 0% Equipment Beg. f. 0 ± 0% 2,750 ± 0% 2,750 ± 0% Furniture and Fix tures Beg. f. 0 ± 0% 8,250 ± 0% 8,250 ± 0% Ac c ounts Pay able i. 550 ± 0% 0 ± 0% Beg. 5,500 ± 0% c . 4,950 ± 0% Notes Pay able 0 ± 0% Beg. 11,000 ± 0% e. 11,000 ± 0% Contributed Capital 0 ± 0% Beg. 27,600 ± 0% a. 27,600 ± 0% Sales Rev enue 0 ± 0% Beg. 3,000 ± 0% h. 2,400 ± 0% m. 5,400 ± 0% Cos t of Goods Sold Beg. h. m. 0 ± 0% 1,200 ± 0% 1,210 ± 0% 2,410 ± 0% Adv ertis ing Ex pens e Beg. g. 0 ± 0% 500 ± 0% 500 ± 0% Wage Ex pens e Beg. j. 0 ± 0% 1,500 ± 0% 1,500 ± 0% Repair Ex pens e Beg. l. 0 ± 0% 130 ± 0% 130 ± 0% rev: 03­29­2011 7. awar d: 0.10 out of 0.10 points P3-4 Part 3 3.1 Prepare an inc ome s tatement at the end of the month ended February 28, 2011. (Input all am ounts as positive values. Om it the "$" sign in your response.) BRI’S SWEETS Inc ome Statement (unadjus ted) For the Month Ended February 28, 2011 Rev enues : Sales revenue $ 5,400 Ex pens es : Cost of goods sold 2,410 500 Advertising expense 1,500 Wage expense 130 Repair expense Total c os ts and ex pens es Net incom e 4,540 $ 860 3.2 Prepare s tatement of s toc k holders ’ equity at the end of the month ended February 28, 2011. (Leave no cells blank ­ be certain to enter "0" wherever required. Om it the "$" sign in your response.) BRI’S SWEETS Statement of Stoc k holders ’ Equity (unadjus ted) For the Month Ended February 28, 2011 Beginning, February 1, 2011 Additional contributions Net incom e Dividends Ending, February 28, 2011 Contributed Capital $ 0 27,600 $ 27,600 Retained Earnings $ 0 860 0 $ 860 Total Stoc k holders ’ Equity $ 0 27,600 860 0 $ 28,460 3.3 Prepare balanc e s heet at the end of the month ended February 28, 2011. (Be sure to list the assets and liabilities in order of their liquidity. Om it the "$" sign in your response.) BRI'S SWEETS Balanc e Sheet (unadjus ted) At February 28, 2011 Assets Current As s ets : Cash Accounts receivable Supplies Inventory Prepaid expenses Total Current As s ets Equipm ent Furniture and fixtures Total As s ets Liabilities and Stockholders’ Equity Current Liabilities : Accounts payable Total Current Liabilities Notes payable Total Liabilities Stockholders’ Equity Contributed capital Retained earnings Total Stoc k holders ’ Equity Total Liabilities & Stoc k holders ’ Equity $ 23,080 170 1,430 3,090 5,640 33,410 2,750 8,250 $ 44,410 $ 4,950 4,950 11,000 15,950 27,600 860 28,460 $ 44,410 rev: 02­23­2011 Worksheet Learning Objective: 03­04 Apply transaction analysis to examine and record the effects of operating activities on the financial statements. Learning Objective: 03­06 Compute and interpret the total asset turnover ratio. P3­4 Part 3 Learning Objective: 03­05 Prepare financial statements. P3-4 Part 3 3.1 Prepare an inc ome s tatement at the end of the month ended February 28, 2011. (Input all am ounts as positive values. Om it the "$" sign in your response.) BRI’S SWEETS Inc ome Statement (unadjus ted) For the Month Ended February 28, 2011 Rev enues : $ 5,400 ± 0% 2,410 ± 0% 500 ± 0% 1,500 ± 0% 130 ± 0% Sales rev enue Ex pens es : Cos t of goods s old Adv ertis ing e...
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