{"id":9149,"date":"2021-10-18T11:18:53","date_gmt":"2021-10-18T11:18:53","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/assignment-exercise-unit-1-and-2\/"},"modified":"2021-10-18T11:18:53","modified_gmt":"2021-10-18T11:18:53","slug":"assignment-exercise-unit-1-and-2","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/assignment-exercise-unit-1-and-2\/","title":{"rendered":"Assignment exercise unit 1 and 2"},"content":{"rendered":"
\n

\u00a0<\/p>\n

Unit 1. Complete exercise on the Excel spread sheet provided.<\/span><\/span><\/strong><\/p>\n

\u00a0<\/p>\n

Exercise 10<\/span><\/strong><\/p>\n

\u00a0<\/p>\n

Balance sheet items<\/span><\/strong><\/p>\n

\u00a0<\/p>\n

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.<\/span><\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n

Costco<\/span><\/strong><\/p>\n<\/td>\n

\n

Target<\/span><\/strong><\/p>\n<\/td>\n

\n

Wal-Mart<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<\/thead>\n

\n

Assets<\/span><\/p>\n<\/td>\n

\n

$23,815<\/span><\/p>\n<\/td>\n

\n

$44,533<\/span><\/p>\n<\/td>\n

\n

$\u00a0\u00a0(c)\u00a0\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Liabilities<\/span><\/p>\n<\/td>\n

\n

\u00a012,986<\/span><\/p>\n<\/td>\n

\n

(b)<\/span><\/p>\n<\/td>\n

\n

97,777<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Stockholders’ equity<\/span><\/p>\n<\/td>\n

\n

(a)<\/span><\/p>\n<\/td>\n

\n

15,347<\/span><\/p>\n<\/td>\n

\n

72,929<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n

\u00a0<\/span><\/span><\/p>\n

\u00a0<\/p>\n

\u00a0<\/span><\/span><\/p>\n

\u00a0<\/p>\n

\u00a0<\/span><\/span><\/p>\n

\u00a0<\/p>\n

\u00a0<\/span><\/strong><\/p>\n

\u00a0<\/p>\n

\u00a0<\/span><\/strong><\/p>\n

\u00a0<\/p>\n

\u00a0<\/span><\/strong><\/p>\n

\u00a0<\/p>\n

Exercise -12<\/span><\/strong><\/p>\n

\u00a0<\/p>\n

Financial statement items<\/span><\/strong><\/p>\n

\u00a0<\/p>\n

Obj|4<\/span><\/strong><\/p>\n

\u00a0<\/p>\n

Identify each of the following items as (a) an asset, (b) a liability, (c) revenue, (d) an expense, or (e) a dividend: <\/span><\/p>\n

\u00a0<\/p>\n

    \n
  • \n

    1.Amounts due from customers<\/span><\/p>\n<\/li>\n

  • \n

    2.Amounts owed suppliers<\/span><\/p>\n<\/li>\n

  • \n

    3.Cash on hand<\/span><\/p>\n<\/li>\n

  • \n

    4.Cash paid to stockholders<\/span><\/p>\n<\/li>\n

  • \n

    5.Cash sales<\/span><\/p>\n<\/li>\n

  • \n

    6.Equipment<\/span><\/p>\n<\/li>\n

  • \n

    7.Note payable owed to the bank<\/span><\/p>\n<\/li>\n

  • \n

    8.Rent paid for the month<\/span><\/p>\n<\/li>\n

  • \n

    9.Sales commissions paid to salespersons<\/span><\/p>\n<\/li>\n

  • \n

    10.Wages paid to employees<\/span><\/p>\n

    \u00a0<\/p>\n

    \u00a0<\/p>\n

    Exercise-18<\/span><\/strong><\/p>\n

    Statement of cash flows<\/span><\/strong><\/p>\n

    Obj|4<\/span><\/strong><\/p>\n

    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.<\/span><\/p>\n<\/li>\n<\/ul>\n

    \u00a0<\/p>\n

      \n
    • \n

      1. Issued capital stock <\/span><\/p>\n<\/li>\n

    • \n

      2. Paid rent <\/span><\/p>\n<\/li>\n

    • \n

      3. Paid for office equipment <\/span><\/p>\n<\/li>\n

    • \n

      4. Sold services <\/span><\/p>\n<\/li>\n

    • \n

      5. Issued a note payable <\/span><\/p>\n<\/li>\n

    • \n

      6. Sold excess office equipment <\/span><\/p>\n<\/li>\n

    • \n

      7. Paid officers’ salaries <\/span><\/p>\n<\/li>\n

    • \n

      8. Paid for advertising <\/span><\/p>\n<\/li>\n

    • \n

      9. Paid insurance <\/span><\/p>\n<\/li>\n

    • \n

      10. Paid dividends <\/span><\/p>\n

      \u00a0<\/p>\n

      \u00a0<\/p>\n

      \u00a0<\/p>\n

      Unit 2: Use Excel Spread Sheet to complete this assignment.<\/span><\/strong><\/p>\n

      \u00a0<\/span><\/p>\n

      E2-17<\/span><\/strong><\/p>\n

      Income statement<\/span><\/strong><\/p>\n

      Obj|3, 5<\/span><\/strong><\/p>\n

      \u00a0<\/p>\n

      \u2713<\/span><\/strong> Net income, $45,000<\/span><\/strong><\/p>\n

      After its first month of operation, the following amounts were taken from the accounting records of Benjamin Realty Inc. as of April 30, 2013.<\/span><\/p>\n<\/li>\n<\/ul>\n

      \u00a0<\/p>\n\n\n\n\n\n\n\n\n
      \n

      Capital stock<\/span><\/p>\n<\/td>\n

      		\n

      $25,000<\/span><\/p>\n<\/td>\n

      		\n

      Notes payable<\/span><\/p>\n<\/td>\n

      		\n

      $ 35,000<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Cash<\/span><\/p>\n<\/td>\n

      		\n

      53,000<\/span><\/p>\n<\/td>\n

      		\n

      Rent expense<\/span><\/p>\n<\/td>\n

      		\n

      5,000<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Dividends<\/span><\/p>\n<\/td>\n

      		\n

      10,000<\/span><\/p>\n<\/td>\n

      		\n

      Retained earnings<\/span><\/p>\n<\/td>\n

      		\n

      0<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Interest expense<\/span><\/p>\n<\/td>\n

      		\n

      2,000<\/span><\/p>\n<\/td>\n

      		\n

      Salaries expense<\/span><\/p>\n<\/td>\n

      		\n

      75,000<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Land<\/span><\/p>\n<\/td>\n

      		\n

      42,000<\/span><\/p>\n<\/td>\n

      		\n

      Sales commissions<\/span><\/p>\n<\/td>\n

      		\n

      145,000<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Miscellaneous expense<\/span><\/p>\n<\/td>\n

      		\n

      3,000<\/span><\/p>\n<\/td>\n

      		\n

      Utilities expense<\/span><\/p>\n<\/td>\n

      		\n

      15,000<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      \u00a0<\/p>\n

      Prepare an income statement for the month ending April 30, 2013.<\/span><\/p>\n

      \u00a0<\/p>\n

      \u00a0<\/span><\/p>\n

      \u00a0<\/p>\n

      E2-18<\/span><\/strong><\/p>\n

      \u00a0<\/p>\n

      Retained earnings statement<\/span><\/strong><\/p>\n

      \u00a0<\/p>\n

      Obj|3, 5<\/span><\/strong><\/p>\n

      \u00a0<\/p>\n

      \u2713<\/span><\/strong> Retained earnings, April 30, 2013, $35,000<\/span><\/strong><\/p>\n

      \u00a0<\/p>\n

      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.<\/span><\/p>\n

      \u00a0<\/p>\n

      E2-19<\/span><\/strong><\/p>\n

      \u00a0<\/p>\n

      Balance sheet<\/span><\/strong><\/p>\n

      \u00a0<\/p>\n

      Obj|3, 5<\/span><\/strong><\/p>\n

      \u00a0<\/p>\n

      \u2713<\/span><\/strong> Total assets, $95,000<\/span><\/strong><\/p>\n

      \u00a0<\/p>\n

      Using the financial data shown in Exercise 2-17 for Benjamin Realty Inc., prepare a balance sheet as of April 30, 2013.<\/span><\/p>\n

      \u00a0<\/p>\n

      \u00a0<\/span><\/p>\n

      \u00a0<\/p>\n

      \u00a0<\/span><\/span><\/p>\n

      \u00a0<\/p>\n

      \u00a0<\/span><\/span><\/p>\n

      \u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      \u00a0 Unit 1. Complete exercise on the Excel spread sheet provided. \u00a0 Exercise 10 \u00a0 Balance sheet items \u00a0 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. \u00a0 \u00a0 \u00a0 Costco Target Wal-Mart Assets […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-9149","post","type-post","status-publish","format-standard","hentry","category-homework-help"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/9149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=9149"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/9149\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=9149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=9149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=9149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}