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Accounting HW2 &amp; Corrections.

# Worksheet learningobjective0308

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Unformatted text preview: e y ear if no div idends were dec lared. (Enter your answer in dollars not in billions) Net inc ome \$ 5,700,000,000 Learning Objective: 03­06 Explain the nature of net income, revenue, and expenses. Worksheet Learning Objective: 03­08 Understand how revenue and expense transactions are recorded in an accounting system. The following information c ame from a rec ent balanc e s heet of Apple Computer, Inc .: As s ets Liabilities Owners ' Equity End of Year \$ 53.9 billion \$ 26.0 billion ? Beginning of Year \$ 39.6 billion ? \$ 21.0 billion a. Determine the amount of total liabilities reported in Apple Computer ’s balanc e s heet at the beginning of the y ear. (Enter your answer in billions of dollars rounded to 1 decim al place) Total liabilities \$ 18.6 billion b. Determine the amount of total owners ’ equity reported in Apple Computer ’s balanc e s heet at the end of the y ear. (Enter your answer in billions of dollars rounded to 1 decim al place) Total owner's equity \$ 27.9 billion c. Retained earnings was reported in Apple Computer ’s y ear­end balanc e s heet at \$19.5 billion. If retained earnings was \$13.8 billion at the beginning of the y ear, determine net inc ome for the y ear if no div idends were dec lared. (Enter your answer in dollars not in billions) Net inc ome \$ 5,700,000,000 Explanation: e z to.mhe c loud.mc gr a w- hill.c om/hm_a c c ounting.tpx? todo= pr intvie w 13/14 11/18/13 Assignme nt Pr int Vie w a. Liabilities at the beginning of the y ear: \$39.6 billion – \$21.0 billion = \$18.6 billion b. Owners ’ equity at the end of the y ear: \$53.9 billion – \$26.0 billion = \$27.9 billion c. Ending retained earnings Les s : Beginning retained earnings Inc reas e in retained earnings Les s : Div idends Net inc ome \$ 19,500,000,000 (13,800,000,000) \$ 5,700,000,000 ­ \$ 5,700,000,000 e z to.mhe c loud.mc gr a w- hill.c om/hm_a c c ounting.tpx? todo= pr intvie w 14/14...
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