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Individual Assignment: Assignments from the Readings (Due Monday) Resource: Accounting Concepts and Applications Prepare answers to the following...

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Resource: Accounting Concepts and Applications
Prepare answers to the following exercises:

Practice Exercise 2-14 (Ch. 2) of Accounting Concepts and Applications
Exercises 2-25, 2-27—Part 1—2-32, 2-29, and 2-33 (Ch. 2) of Accounting Concepts and Applications
Individual Assignment: Assignments from the Readings (Due Monday) Resource: Accounting Concepts and Applications Prepare answers to the following exercises: Practice Exercise 2-14 (Ch. 2) of Accounting Concepts and Applications Exercises 2-25, 2-27—Part 1—2-32, 2-29, and 2-33 (Ch. 2) of Accounting Concepts and Applications 2-25 Balance Sheet Preparation From the following data, prepare a classified balance sheet for Taylorsville Construction Company at December 31, 2009. Accounts payable . . . . . . . . . . . . . . . . . . . . . . $ 74,300 Accounts receivable . . . . . . . . . . . . . . . . . . . . . 113,500 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512,000 Owners’ equity, 1/1/09 . . . . . . . . . . . . . . . . . . 314,300 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,600 Distributions to owners during 2009 . . . . . . . . 48,100 Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,250 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 Mortgage payable . . . . . . . . . . . . . . . . . . . . . . 423,400 Net income for 2009 . . . . . . . . . . . . . . . . . . . . 109,450 Owners’ equity, 12/31/09 . . . . . . . . . . . . . . . . ? 2-27 The following selected information is taken from the records of Pickard and Associates. Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . $ 143,000 Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 95,000 Advertising expense . . . . . . . . . . . . . . . . . . . . . . 14,500 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,000 Supplies expense . . . . . . . . . . . . . . . . . . . . . . . . 31,500 Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 Utilities expense . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 Income taxes (30% of income before taxes) . . . . ? Miscellaneous expense . . . . . . . . . . . . . . . . . . . . 5,100 Owners’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . 215,000 Salaries expense . . . . . . . . . . . . . . . . . . . . . . . . 78,000 Fees (revenues) . . . . . . . . . . . . . . . . . . . . . . . . . 476,000 1. Prepare an income statement for the year ended December 31, 2009. (Assume that 11,000 shares of stock are outstanding.) 2. Explain what the EPS ratio tells the reader about Pickard and Associates.
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2-29 Retained Earnings Computations During 2009, Edgemont Corporation had revenues of $230,000 and expenses, including income taxes, of $190,000. On December 31, 2008, Edgemont had assets of $350,000, liabilities of $80,000, and capital stock of $210,000. Edgemont paid a cash dividend of $25,000 in 2009. No additional stock was issued. Compute the retained earnings on December 31, 2008, and 2009. E 2-32 Articulation: Relationships between a Balance Sheet and an Income Statement The total assets and liabilities of Omni Company at January 1 and December 31, 2009, are presented below. January 1 December 31 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $103,000 $167,000 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,000 88,000 Determine the amount of net income or loss for 2009, applying each of the following assumptions concerning the additional issuance of stock and dividends paid by the firm. Each case is independent of the others. 1. Dividends of $12,100 were paid and no additional stock was issued during the year. 2. Additional stock of $18,000 was issued and no dividends were paid during the year. 3. Additional stock of $72,000 was issued and dividends of $12,400 were paid during the year. E 2-33 Cash Flow Classifications For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows: a. Cash receipts from selling merchandise b. Cash payments for wages and salaries c. Cash proceeds from sale of stock d. Cash purchase of equipment e. Cash dividends paid f. Cash received from bank loan g. Cash payments for inventory h. Cash receipts from services rendered
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