Question

In: Accounting

Place the items listed below into either the Balance Sheet or the Income Statement. Cash $10,300...

Place the items listed below into either the Balance Sheet or the Income Statement.

Cash $10,300 Accounts Receivable $9,500 Supplies $2,000 Inventory $7,200 Building $78,000 Notes Receivable $20,000 Accounts Payable $7,700 Salaries Payable $5,300 Common Stock $79,000 Retained Earnings $19,700 Revenue $42,200 Cost of Goods Sold $24,500 Rent Expense $1,900 Utilities Expense $500

Module 7 Assignment #1

Introductory Accounting does not require complex math or complicated procedures. It is important to assign cost figures to their correct place in the key financial documents.
This Homework is a two-step process:

Place the items listed below into either the Balance Sheet or the Income Statement.

Item	Amounts	Balance Sheet	Income Statement
Example: Trucks (4)	$97,000	$97,000
Cash	$6,000
Salaries Expense	$23,000
Supplies	$3,000
Revenue	$121,900
Inventory	$7,000
Advertising Expense	$4,000
Common Stock	$60,000
Rent Expense	$10,000
Depreciation Expense	$17,000
Notes Payable	$34,400
Accounts Payable	$10,000
Utilities Expense	$3,000
Salaries Payable	$9,600
Accounts Receivable	$5,000
Retained Earnings	$16,000
Building	$120,000
Utilities Payable	$1,100
Cost of Goods Sold	$55,000

Check your answers using the following formulas:
1. REVENUE – COST OF GOODS SOLD = GROSS PROFIT – OPERATING EXPENSES = NET INCOME

ASSETS = LIABILITIES + OWNERS EQUITY

(OWNER’S EQUITY = RETAINED EARNINGS ENDING BALANCE + COMMON STOCK)

Retained Earnings Beginning Balance
+ Net Income (Loss)
Dividends
Retained Earnings Ending Balance

Review your assignments. If you have the items in the right places, you should be able to calculate an Owner’s Equity of $85,500 and a Gross Profit of $66,900. Be sure to include the Example: Trucks (4) in your calculations. If you don’t get those answers, then you’ve probably got something in the wrong place.

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ekkarill92 answered 1 year ago

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