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:

  1. 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

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

  1. 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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