Accounting Week 1 Practice Problems and Spreadsheet
Accounting Week 1 Practice Problems and Spreadsheet ACCT - 23020 - 002
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ACCT - 23020 - 002
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This 2 page Class Notes was uploaded by Alyssa Brutsche on Wednesday January 27, 2016. The Class Notes belongs to ACCT - 23020 - 002 at Kent State University taught by Wendy M. Tietz (P) in Fall 2015. Since its upload, it has received 88 views. For similar materials see INTRODUCTION TO FINANCIAL ACCOUNTING in Accounting at Kent State University.
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Date Created: 01/27/16
If equity is 600 and liabilities are 500, what are assests? -1100 if liabilities are 500 and assets are 1,200, what is equity? -700 S1-10 O’Malley Services, Inc. began 2014 with total assets of $216 million and ended 2014 with assets of $358 million. During 2014, O’Malley Services earned revenues of $398 million and had expenses of $167 million. O’Malley Services paid dividends of $25 million in 2014. Prepare the company’s income statement for the year ended December 31, 2014, complete with an appropriate heading. -Look at first chart on pdf handout S1-11 Canada corp. began 2014 with retained earnings of $286 million. Revenues during the year were $482 million, and expenses totaled $337 million. Canada declared dividends of $59 million. What was the company’s ending balance of retained earnings? To answer this question, prepare Canada’s statement of retained earning for the year ended December 31, 2014, complete with its proper ending. -Look at second chart on pdf handout. Must find net income before you can find retained earnings. Assume that beginning retained earnings is 100. Revenues for the year total 75 while expenses total 50. The company paid out dividends during the year totaling 10. What is ending retained earnings? -115 S1-12 At December 31, 2014, Washington products has cash of $21,000, receivables of $17,600, and inventory of $79,000. The company’s equipment totals $185,000. Washington owes accounts payable of $25,000 and long- term notes payable of $169,000. Common stock is $30,500. Prepare Washington’s balance sheet at December 31, 2014. Complete with its proper heading. Use the accounting equation to compute retained earnings. -Look at third chart on pdf handout -Note that we are not told what equity is, just one component. (equity=common stock + retained earnings). -So we need to solve for equity…. Assets = liabilities + equity -What are total assets? Assets = $21,000 + $17,600 + $7,900 + $18,500 = $302,600 -What are total liabilities? Liabilities = $25,000 + $169,000 = $194,000 -$302,600 = $194,000 + equity. Equity = $108,600 -Equity = Common Stock + Retained Earnings -$108,600 = $30,500 + Retained Earnings -$108,600 - $30,500 = $78,100 Which statement is the only statement that is as of ONE date? Balance sheet
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