Complete exercise on the Excel spread sheet provided.
Exercise 10
Balance sheet items
From the following list of selected items taken from the records of Wright Appliance Service as of a specific date, identify those that would appear on the balance sheet.
1. Accounts Receivable
2. Capital Stock
3. Cash
4. Fees Earned
5. Rent Expense
6. Salaries Expense
7. Salaries Payable
8. Supplies
9. Supplies Expense
10. Utilities Expense
Exercise-6
Accounting equation
Obj|4
✓ a. $10,829
Determine the missing amounts (in millions) for the condensed balance sheets shown below.
Costco
Target
Wal-Mart
Assets
$23,815
$44,533
$ (c)
Liabilities
12,986
(b)
97,777
Stockholders’ equity
(a)
15,347
72,929
Exercise -12
Financial statement items
Obj|4
Identify each of the following items as (a) an asset, (b) a liability, (c) revenue, (d) an expense, or (e) a dividend:
1.Amounts due from customers
2.Amounts owed suppliers
3.Cash on hand
4.Cash paid to stockholders
5.Cash sales
6.Equipment
7.Note payable owed to the bank
8.Rent paid for the month
9.Sales commissions paid to salespersons
10.Wages paid to employees
Exercise-18
Statement of cash flows
Obj|4
Indicate whether each of the following cash activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity.
1. Issued capital stock
2. Paid rent
3. Paid for office equipment
4. Sold services
5. Issued a note payable
6. Sold excess office equipment
7. Paid officers’ salaries
8. Paid for advertising
9. Paid insurance
10. Paid dividends
Unit 2: Use Excel Spread Sheet to complete this assignment.
E2-17
Income statement
Obj|3, 5
✓ Net income, $45,000
After its first month of operation, the following amounts were taken from the accounting records of Benjamin Realty Inc. as of April 30, 2013.
Capital stock
$25,000
Notes payable
$ 35,000
Cash
53,000
Rent expense
5,000
Dividends
10,000
Retained earnings
0
Interest expense
2,000
Salaries expense
75,000
Land
42,000
Sales commissions
145,000
Miscellaneous expense
3,000
Utilities expense
15,000
Prepare an income statement for the month ending April 30, 2013.
E2-18
Retained earnings statement
Obj|3, 5
✓ Retained earnings, April 30, 2013, $35,000
Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a retained earnings statement for the month ending April 30, 2013.
E2-19
Balance sheet
Obj|3, 5
✓ Total assets, $95,000
Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a balance sheet as of April 30, 2013
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