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1. Financial Statement Items
For each item, indicate whether it is reported on the income statement (I/S) or balance sheet (B/S), and the type of account (A=asset, L=liability, SE=stockhoders' equity, R=revenue, E=expense).
| Â |
Statement |
Account Type |
|
Accounts Receivable |
 |  |
|
Sales Revenue |
 |  |
|
Equipment |
 |  |
|
Supplies Expense |
 |  |
|
Cash |
 |  |
|
Advertising Expense |
 |  |
|
Accounts Payable |
 |  |
|
Retained Earnings |
 |  |
|
Income Tax Expense |
 |  |
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2. Relationship among Financial Statements
Items from I/S, B/S and Statement of Retained Earnings are listed below. Solve for the missing amounts.
| Â |
Apple, Inc. |
Google, Inc. |
Intel Corp. |
|
Common Stock |
$20 |
$23 |
$19 |
|
Dividends |
0 |
0 |
11 |
|
Net Income |
(a) |
(d) |
(g) |
|
Retained Earnings, Beginning of Year |
104 |
38 |
30 |
|
Retained Earnings, End of Year |
(b) |
(e) |
(h) |
|
Total Assets |
(c) |
(f) |
(i) |
|
Total Expenses |
122 |
34 |
39 |
|
Total Liabilities |
83 |
22 |
33 |
|
Total Revenues |
171 |
50 |
53 |
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3. Preparing a B/S
Prepare a balance sheet for the ABC, Inc. using the following information:
|
Accounts Payable |
$ 275,300 |
|
Accounts Receivable |
114,800 |
|
Cash |
$ 313,200 |
|
Common Stock |
841,600 |
|
Equipment |
440,300 |
|
Inventory |
393,800 |
|
Notes Payable |
128,200 |
|
Retained Earnings |
17,000 |
|
Total Assets |
$1,262,100 |
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4. Preparing an I/S
Prepare an I/S using the following information:
|
Admissions Revenue |
$479,600 |
|
Concessions Expenses |
39,000 |
|
Concessions Revenue |
308,000 |
|
Film Rental Expenses |
254,800 |
|
Office Expenses |
254,700 |
|
Rent Expense |
85,100 |
|
Salaries and Wages Expense |
73,300 |
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5. Preparing an I/S and a B/S
For MM Corp, the following monthly financial data are available at the end of January:
Total Revenues $131,000
Operating Expenses 90,500
Cash $30,800
Accounts Receivable 25,300
Supplies 40,700
Accounts Payable $25,700
Common Stock 30,600
No dividends were declared or paid during January. Complete the following I/S and B/S for the month of January:
|
MM CORP Income Statement For the Month Ended January 31 |
|
|
Total Revenues |
$ |
|
Operating Expenses |
$ |
|
Net Income |
$ |
|
MM CORP Balance Sheet At January 31 |
|
|
Assets: |
 |
|
Cash |
$ |
|
Accounts Receivable |
$ |
|
Supplies |
$ |
|
Total Assets |
$ |
|
Liabilities: |
 |
|
Accounts Payable |
$ |
|
Total Liabilities |
$ |
|
Stockholders' Equity: |
 |
|
Common Stock |
$ |
|
Retained Earnings |
$ |
|
Total Stockholders’ Equity |
$ |
|
Total Liabilities and Stockholders' Equity |
$ |