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Fundamentals of Financial Accounting

by: Autumn Lueilwitz

Fundamentals of Financial Accounting ACTG 211

Marketplace > Radford University > Accounting > ACTG 211 > Fundamentals of Financial Accounting
Autumn Lueilwitz
GPA 3.78

Helen Roybark

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Helen Roybark
Class Notes
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This 2 page Class Notes was uploaded by Autumn Lueilwitz on Monday October 19, 2015. The Class Notes belongs to ACTG 211 at Radford University taught by Helen Roybark in Fall. Since its upload, it has received 54 views. For similar materials see /class/224746/actg-211-radford-university in Accounting at Radford University.


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Date Created: 10/19/15
Constance Kotula Group 73 Chapter 1 Homework Do It 11 Identify each of the following organizational characteristics with the organizational form or forms with which it is associated 1 Easier to transfer ownership Corporation 2 Easier to raise funds Corporation 3 More owner control Sole Proprietorship and Partnership 4 Tax Advantages Sole Proprietorship and Partnership 5 No personal legal liabilities Corporation 39A N Classify each item as an asset liability common stock revenue or expense 1 Issuance of ownership shares Common stock 2 Land purchased Asset 3 Amounts owed to suppliers Liability 4 Bonds Payable Liability 5 Amount earned from selling a product revenue 6 Cost of advertising Expense 13 Cougar Corporation began operations on January 1 2010 The following information is available for Cougar Corporation on December 31 2010 Accounts payable 5000 Notes payable S 7000 Accounts receivable 3000 Rent expense 10000 Advertising expense 2000 Retained earnings ash 3100 Service revenue 25000 Common stock 15000 Supplies 1900 Dividends 2500 Supplies expense 1700 Equipment 27800 Prepare an income statement a retained earnings statement and a balance sheet for Cougar Corporation COUGAR CORPORATION Income Statement For the Year Ended December 31 2010 Revenues Service Revenue 25000 Expenses Rent expense 10000 Advertising expense 2000 Supplies expense 1 700 Total expenses 13 700 Net Income 6 300 COUGAR CORPORATION Retained Earnings Statement For the Year Ended December 31 2010 Retained earnings January 1 2010 S 0 Add Net income 6 300 6300 Less Dividends 2 500 Retained earnings December 31 2010 3 800 COUGAR CORPORATION Balance Sheet December 31 2010 Asset Equipment S 27800 Cash 3100 Accounts receivable 3000 Supplies 1 900 Total assets 35 800 Liabilities and Stockholder s Eguiy Liabilities Notes payable S 7000 Accounts payable 5 000 Total Liabilities S 12000 Stockholders Equity Common stock 15000 Retained earnings 3 800 Total Stockholders equity 18800 Total Liabilities and Stockholders equity 14 Indicate whether each of the following items is most closely associated with the management discussion and analysis MDampA the notes to the nancial statements or the auditor s report Description of ability to pay nearterm obligations MDampA Unqualified opinion Auditor s report Details concerning liabilities too voluminous to be included in the statements Notes Description of favorable and unfavorable trends MDampA Certified Public Accountant CPA Auditor s report Descriptions of significant accounting policies Notes O P PS JNH


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