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Wileyplus Assignment Week 1 Assignment Acc 290 Week 4

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014. Accounts payable 9,940 16,880 Accounts receivable 6,940 Rent expense 14,940 Advertising expense 4,130 ? Cash 8,040 34,880 Common stock 19,940 Supplies 6,840 Dividends 7,440 1,570 Equipment 31,740 MARSH CORPORATION Income Statement For the Year Ended December 31, 2014 Revenues Service revenue 34,880 Expenses Rent Expense 14,940 Advertising Expense 4,130 Supplies Expense 1,570 Total Expenses 20,640 Net Income $14,240.00 MARSH CORPORATION Retained Earnings Statement For the Year Ended December 31, 2014 Retained earnings, Jan 10 Add: Net Income 14,240 14,240 Less: Dividends 7,440 Retained earnings, Dec 31 6,800 MARSH CORPORATION Balance Sheet 31-Dec-14 Assets Cash 8,040 Accounts receivable 6,940 Supplies 6,840 Equipment 31,740 Total assets $53,560.00 Liabilities and Stockholders' Equity Liabilities Notes payable 16880 Account payable 9940 Total liabilities 26820 Stockholder's equity Common stock 19,940 Retained earnings 6,800 Total stockholders' equity 26,740 Total liabilities and equity 53,560 Notes payable Retained earnings

Unformatted text preview: ACC 290 Week 1 Assignment 1 Description / Instructions: Complete the following Week 1 Assignment in WileyPLUS: * Do It! Review 13 * Exercise 1-3 * Exercise 1-4 * Exercise 2-4 * IFRS 2-4 Question 1 Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014. Accounts payable Accounts receivable Advertising expense Cash Common stock Dividends Equipment $ 7,310 4,310 4,340 5,410 17,310 4,810 29,110 Notes payable Rent expense Retained earnings Service revenue Supplies Supplies expense $ 11,620 12,310 ? 29,620 4,210 1,360 Prepare an income statement for Marsh Corporation. MARSH CORPORATION Income Statement For the Year Ended December 31, 2014 Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.) MARSH CORPORATION Retained Earnings Statement For the Year Ended December 31, 2014 Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.) $ $ MARSH CORPORATION $ Balance Sheet December 31, 2014 Assets : $ : $ $ $ Liabilities and Stockholders' Equity $ $ $ $ Question 2 The Clear View Golf & Country Club details the following accounts in its financial statements. (a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item. (b) Classify each of the following accounts as a financing activity, investing activity, or operating activity. (a) Acc oun ts pay able (b) Acc oun ts rec eiva ble Equ ipm ent Sale s rev enu e Ser vice rev enu e Inve ntor y Mor tga ge pay able Sup plie s exp ens e Ren t exp ens e Sala ries and wag es exp ens e Question 3 This information relates to Molina Co. for the year 2014. Retained earnings, January 1, 2014 $76,970 Advertising expense Dividends Rent expense Service revenue Utilities expense Salaries and wages expense 2,068 6,893 11,948 66,630 2,757 34,464 After analyzing the data, prepare an income statement for the year ending December 31, 2014. MOLINA CO. Income Statement For the Year Ended December 31, 2014 After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2014. (List items that increase retained earnings first.) $ MOLINA CO. Retained Earnings Statement For the Year Ended December 31, 2014 $ $ Question 4 : Suppose the following information (in thousands of dollars) is available for H.J. Heinz Company— famous for ketchup and other fine food products—for the year ended April 30, 2014. Prepaid insurance Land Goodwill Trademarks Inventory $ 123,014 76,564 3,977,125 785,856 1,255,257 Buildings Cash Accounts receivable Accumulated depreciation—buildings $4,083,526 381,503 1,209,466 2,129,348 : Prepare the assets section of a classified balance sheet. (List current assets in order of liquidity.) H. J. HEINZ COMPANY Partial Balance Sheet April 30, 2014 (in thousands) Assets $ $ $ $ : $ Question 5 The statement of financial position for Ruiz Company includes the following accounts (in British pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies £5,200; and Debt Investments (short-term) £6,700. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence. (List current assets in reverse order of liquidity. Do not enter currency symbols in your answer.) RUIZ COMPANY Partial Statement of Financial Position £ £ ...
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