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.

Expert Solution

Please give positive ratings............................... Your ratings will be helpful for me. If you have any query regarding this solution please comment below. I will be grateful to help you. Thank you!

ekkarill92 answered 1 year ago

The balance sheet accounts listed below are the only items on the company's balance sheet for...

The balance sheet accounts listed below are the only items on the company's balance sheet for each year and the income statement accounts are the only items on the company's income statement for each year. Item 2017 2018 Accounts payable 550 230 Accounts receivable 510 ? Accruals 1,000 1,100 Cash 300 550 Common Stock 2,000 2,250 Cost of goods sold 4,000 4,600 Depreciation expense 200 350 Interest expense 170 190 Inventory 3,000 3,250 Long term debt 1,500 1,650 Net fixed...

The balance sheet and income statement shown below are for Byrd Inc. BALANCE SHEET Cash $...

The balance sheet and income statement shown below are for Byrd Inc. BALANCE SHEET Cash $ 140.0 Accounts payable $800.0 Accts. Receivable 880.0 Notes payable ` 600.0 Inventories 1,320.0 Accruals 400.0 Total current assets 2,340.0 Total current liabilities 1,800.0 Long-term bonds 1,000.0 Total debt 2,800.0 Common stock 200.0 (50,000 shares) Retained earnings 1,000.0 Net plant & equip 1,660.0 Total common equity 1,200.0 Total assets $4,000.0 Total liabilities & equity $4,000.0 INCOME STATEMENT Net sales $6,000.0 Operating costs 5,599.8 Depreciation 100.2...

Use the balance sheet and income statement below to prepare a statement of cash flows for...

Use the balance sheet and income statement below to prepare a statement of cash flows for Valium’s Medical Supply Corporation. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) VALIUM’S MEDICAL SUPPLY CORPORATION Balance Sheet as of December 31, 2018 and 2017 (in thousands of dollars) Assets 2018 2017 Liabilities and Equity 2018 2017 Current assets: Current liabilities: Cash and marketable securities $ 79 $ 78 Accrued wages and taxes $ 60 $...

Based on the information below create an income statement, balance sheet, and cash flow statement. On...

Based on the information below create an income statement, balance sheet, and cash flow statement. On January 2, 2003, Alexander, together with a number of relatives and friends, established Chemalite, Inc.; 500,000 shares were issued, of which Alexander received 125,000 in exchange for his patent, and the remainder were sold to the other investors at $1 per share. During the period January 2, 2003, through June 30, 2003, Chemalite, Inc., made the following expenditures: January 15—Paid $7,500 in legal fees,...

1- Prepare a properly classified and labeled balance sheet statement using the items listed below. Accumulated...

1- Prepare a properly classified and labeled balance sheet statement using the items listed below. Accumulated depreciation..................................................... 960,400 Retained earnings.................................................................. 560,000 Cash....................................................................................... 250,140 Bonds payable....................................................................... 240,000 Accounts receivable............................................................... 420,400 Plant and equipment—original cost....................................... 2,998,800 Accruals……………………………………………………. 224,600 Accounts payable................................................................... 314,210 Allowance for bad debts....................................................... 30,334 Common stock, $1 par…....................................................... Calculate this value Inventory............................................................................... 410,700 Preferred stock, $10 par ........................................................ 600,000 Investments in short-term marketable securities.................... 90,200 Investments in long-term debt...

Cash Budget, Income Statement and Balance Sheet

The following information is available in the question attached:

Computing the Cash Balance Listed below are ten items that may be found on a balance...

Computing the Cash Balance Listed below are ten items that may be found on a balance sheet. Required: Indicate with Yes or No whether each of the items should be included in the cash balance presented on the balance sheet. If "Yes" is selected for the "Included in Cash Balance" column, Choose "Cash" as the choice in the "Classification Items Excluded" column, otherwise, indicate the Normal balance sheet treatment for those items Not included as cash. Item Included in Cash...

For each of the items listed below, indicate in what section of the income statement or...

For each of the items listed below, indicate in what section of the income statement or retained earnings statement these items should be classified. Use the following letter code for your selections: Reported as an Ordinary or unusual gain (loss) item on the income statement as part of Income from Continunigng operations. The item is classified as a Change in Accounting Estimate and is reported as part of continuing operations on the income statement The item is classified as Discontinued...

For each of the items listed below, identify the proper placement in the income statement or...

For each of the items listed below, identify the proper placement in the income statement or retained earnings statement under U.S. GAAP. (Income from continuing operations; Discontinued operations; Extraordinary items; Accounting principle changes) 1. Change to the FIFO method from LIFO method: effect as of the beginning of the year. 2. Settlement of material litigation. 3. Prohibition of product line by the government. 4. Material gain on the sale of a factory building. 5. Change from double- declining balance to...

Indicate the way each of the items listed below should be reported in a balance sheet...

Indicate the way each of the items listed below should be reported in a balance sheet at December 31, 2021. asset current liability disclosure note only long term liability not reported Reporting method commercial paper noncommitted line of credit customer advances estimated quality assurance warranty cost accounts payable Long Term bonds that will be callable by the creditor in the upcoming year unless an existing violation is not corrected Note due March 3 2022 Interest accrued on note December 31,...