Assignment Exercise Unit 1 And 2.
Unit 1. Complete exercise on the Excel spread sheet provided.
Balance sheet items
From the following list of selected items taken from the records of Wright Appliance Service as of a specific date, identify those that would appear on the balance sheet.
- 1. Accounts Receivable
- 2. Capital Stock
- 3. Cash
- 4. Fees Earned
- 5. Rent Expense
- 6. Salaries Expense
- 7. Salaries Payable
- 8. Supplies
- 9. Supplies Expense
- 10. Utilities Expense
✓ a. $10,829
Determine the missing amounts (in millions) for the condensed balance sheets shown below.
Financial statement items
Identify each of the following items as (a) an asset, (b) a liability, (c) revenue, (d) an expense, or (e) a dividend:
- 1.Amounts due from customers
- 2.Amounts owed suppliers
- 3.Cash on hand
- 4.Cash paid to stockholders
- 5.Cash sales
- 7.Note payable owed to the bank
- 8.Rent paid for the month
- 9.Sales commissions paid to salespersons
- 10.Wages paid to employees
Statement of cash flows
Indicate whether each of the following cash activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity.
- 1. Issued capital stock
- 2. Paid rent
- 3. Paid for office equipment
- 4. Sold services
- 5. Issued a note payable
- 6. Sold excess office equipment
- 7. Paid officers’ salaries
- 8. Paid for advertising
- 9. Paid insurance
- 10. Paid dividends
Unit 2: Use Excel Spread Sheet to complete this assignment.
✓ Net income, $45,000
After its first month of operation, the following amounts were taken from the accounting records of Benjamin Realty Inc. as of April 30, 2013.
|Capital stock||$25,000||Notes payable||$ 35,000|
|Interest expense||2,000||Salaries expense||75,000|
|Miscellaneous expense||3,000||Utilities expense||15,000|
Prepare an income statement for the month ending April 30, 2013.
Retained earnings statement
✓ Retained earnings, April 30, 2013, $35,000
Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a retained earnings statement for the month ending April 30, 2013.
✓ Total assets, $95,000
Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a balance sheet as of April 30, 2013.