In: Accounting
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:
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 |
(OWNER’S EQUITY = RETAINED EARNINGS ENDING BALANCE + COMMON STOCK)
Retained Earnings Beginning Balance |
|
+ Net Income (Loss) |
|
|
|
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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