(Solved) -ACC 290 Week 1 WileyPLUS - 100% Correct


ACC 290 Week 1 WileyPLUS

Question 1

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.

Accounts payable

 

$ 7,580

 

Notes payable

 

$ 12,160

Accounts receivable

 

4,580

 

Rent expense

 

12,580

Advertising expense

 

4,320

 

Retained earnings

 

?

Cash

 

5,680

 

Service revenue

 

30,160

Common stock

 

17,580

 

Supplies

 

4,480

Dividends

 

5,080

 

Supplies expense

 

1,380

Equipment

 

29,380

    

 

Prepare an income statement for Marsh Corporation.

Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.)

Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.)

 

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.

 

Question 3

This information relates to Molina Co. for the year 2014.

Retained earnings, January 1, 2014

 

$75,703

Advertising expense

 

2,034

Dividends

 

6,779

Rent expense

 

11,751

Service revenue

 

65,534

Utilities expense

 

2,712

Salaries and wages expense

 

33,897

 

After analyzing the data, prepare an income statement for the year ending 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.)

 

Question 4
For each of the following events affecting the stockholders’ equity of Noland, indicate whether the event would: increase retained earnings, decrease retained earnings, increase common stock, or decrease common stock.

 

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.)

 







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