Wine History

Brief enjoyment 1-3 Your answer is correct. Indicate in which part of the argumentation of bullion flows to each one item would appear operating activities, investing activities, or financial support activities. (a) Operating activities silver legitimate from customers. (b) Financing activities silver stipendiary to stockholders (dividends). (c) Financing activities hard cash authoritative from issuing new common stock. (d) Operating activities immediate payment give to suppliers. (e) Investing activities cash in paid to purchase a new office building. Brief example 1-6 Your answer is correct. Eskimo Pie Corporation markets a broad range of frozen treats, including its famous Eskimo Pie ice cream bars. The following items were taken from a recent income tilt and residual sheet. In each case, identify whether the item would appear on the balance sheet or income statement. (a) Income Statement Income tax expenditure (b) equilibrize Sheet Inventories (c) counterbalance Sheet Accounts collectible (d) Balance Sheet Retained earnings (e) Balance Sheet Property, plant, and equipment f) Income Statement unclutter sales (g) Income Statement Cost of goods sold (h) Balance Sheet frequent stock (i) Balance Sheet Receivables (j) Income Statement Interest expense Brief movement 1-7 Your answer is correct. Indicate which statement you would examine to remark each of the following items income statement, balance sheet, retained earnings statement, or statement of cash flows. (a) Income statement Revenue during the period. (b) Balance sheet Supplies on hand at the end of the year. c) Statement of cash flows Cash certain from issuing new bonds during the period. (d) Balance sheet Total debts outstanding at the end of the period. Brief Exercise 1-10 Your answer is correct. Indicate whether each of these items is an asset, a liability, or part of stockholders fairness. (a) Asset Accounts receivable (b) Liability Salaries and wages payable (c) Asset Equipment (d) Asset Supplies (e) Stockholders Equity Common stock (f) Liability Notes payable Exercise 1-3 Your answer is correct. The Fair View Golf & Country Club details the following accounts in its financial statements. (a) branch 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) (b) Accounts payable Liability Operating activity Accounts receivable Asset Operating activity Equipment Asset Investing activity Sales revenue Revenue Operating activity Service revenue Revenue Operating activity Inventory Asset Operating activity Mortgage payable Liability Financing activity Supplies expense Ex pense Operating activity Rent expense Expense Operating activity Salaries and wages expense Expense Operating activity Exercise 1-4 This entropy relates to Alexis Co. for the year 2012. Retained earnings, January 1, 2012 $91,582 Advertising expense 2,460 Dividends paid during 2012 8,201 Rent expense 14,216 Service revenue 79,280 Utilities expense 3,281 Salaries and wages expense 41,007 *(a1) Your answer is correct. afterward analyzing the data, piece an income statement for the year ending celestial latitude 31, 2012. ALEXIS CO. Income Statement For the course Ended December 31, 2012 Revenues $ 79280 Expenses $ 2460 14216 3281 41007 Total Expenses 60964 earnings Income / (Loss) $ 18316 Attempts 1 of 5 employ *(a2) Your answer is correct. After analyzing the data, prep be a retained earnings statement for the year ending December 31, 2012. (List items that increase retained earnings first. ) ALEXIS CO. Retained Ea rnings Statement For the Year Ended December 31, 2012Retained Earnings, January 1 $ 91582 Add Net Income / (Loss) 18316 109898 Less Dividends 8201 Retained Earnings, December 31 $ 101697 Exercise 1-6 Presented here is study for Packee Inc. for 2012. Retained earnings, January 1 $132,821 Revenue from legal services 408,680 Total expenses 178,798 Dividends 66,411 *(a1) Your answer is correct. Calculate the net income. $ 229882 Attempts 1 of 5 used *(a2) Your answer is correct. build up the 2012 retained earnings statement for Packee Inc. (List items that increase retained earnings first. ) PACKEE INC.Retained Earnings Statement For the Year Ended December 31, 2012 Retained Earnings, January 1 $ 132821 Add Net Income / (Loss) 229882 362703 Less Dividends $ 66411 Retained Earnings, December 31 $ 296292 Exercise 1-10 Deer Track Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial informati on as of December 31, 2012. Revenues during 2012 camping fees $162,796 Dividends $11,101 Revenues during 2012 general store 30,833 Notes payable 61,665 Accounts payable 13,566 Expenses during 2012 155,396 Cash 10,483 Supplies 6,783Equipment 140,596 Common stock 49,332 Retained earnings (1/1/2012) 6,167 *(a) Your answer is correct. acquire Deer Track Parks net income for 2012. Deer Track Parks net income for 2012 $ 38233 Attempts 1 of 5 used *(b1) Your answer is correct. install a retained earnings statement for Deer Track Park year ended December 31, 2012. (List items that increase retained earnings first. ) DEER comprehend PARK Retained Earnings Statement For the Year Ended December 31, 2012 Retained Earnings, January 1 $ 6167 Add Net Income / (Loss) 38233 44400 Less Dividends 11101 Retained Earnings, December 31 $ 33299 Attempts 1 of 5 used *(b2) Your answer is correct. Prep ar a balance sheet for Deer Track Park as of D ecember 31, 2012. (List assets in rewrite of liquidity. ) DEER TRACK PARK Balance Sheet December 31, 2012 Assets $ 10483 6783 140596 Total Assets $ 157862 Liabilities and Stockholders Equity Liabilities $ 13,566 61,665 Total Liabilities $ 75231 Stockholders Equity 49332 33299 Total Stockholders Equity 82631 Total Liabilities and Stockholders Equity $ 157862 Exercise 1-12 This information is for OBrien Corporation for the year ended December 31, 2012. Cash received from lenders $18,100 Cash received from customers 45,610 Cash paid for new equipment 29,940 Cash dividends paid 6,100 Cash paid to suppliers 15,220 Cash balance 1/1/12 11,190 *(a) Your answer is correct. Prepare the 2012 statement of cash flows for OBrien Corporation. (List ostracise amounts either with a negative sign preceding the number e. . -15,000 or in digression e. g. (15,000). ) OBRIEN CORPORATION Statement of Cas h Flows For the Year Ended December 31, 2012 Cash flows from operating activities Cash received from customers $ 45610 Cash paid to suppliers (15220) Net cash provided by operating activities $ 30390 Cash flows from investing activities Cash paid for new equipment (29940) Net cash used by investing activities (29940) Cash flows from financing activities Cash received from lenders 18100 Cash dividends paid (6100) Net cash provided by financing activities 12000 Net increase in cash 12450 Cash at beginning of period 11190 Cash at end of period $ 23640 Exercise 1-13 The following data are derived from the 2009 financial statements of Southwest Airlines. All dollars are in millions. Southwest has a December 31 year-end. Cash balance, January 1, 2009 $1,390 Cash paid for repayment of debt 122 Cash received from issuance of common stock 144 Cash received from issuance of long-term debt 500 Cash received from customers 9,823 Cash paid for property and equipment 1,529 Cash paid for dividends 14 Cash paid for repurchase of common stock 1,001Cash paid for goods and services 6,978 (a) Your answer is correct. After analyzing the data, prepare a statement of cash flows for Southwest Airlines for the year ended December 31, 2009. (List negative amounts either with a negative sign preceding the number e. g. -15,000 or in parenthesis e. g. (15,000). ) SOUTHWEST AIRLINES Statement of Cash Flows For the Year Ended December 31, 2009 (in millions) Cash flows from operating activities Cash received from customers $ 9823 Cash paid for goods and services (6978) Net cash provided by operating activities $ 2845 Cash flows from investing activities Cash paid for property and equipment (1529) Net cash used by investing activities (1529) Cash flows from financing activities Cash received from issuance of common stock 144 Cash received from issuance of long-term debt 500 Cash paid for repayment of debt (122) Ca sh paid for repurchase of common stock (1001) Cash paid for dividends (14) Net cash used by financing activities (493) Net increase in cash 823 Cash at beginning of period 1390 Cash at end of period $ 2213 Problem 1-3A On June 1, Beardsley Service Co. was started with an initial investment in the company of $22,450 cash. hither are the assets and liabilities of the company at June 30, and the revenues and expenses for the month of June, its first month of operations Cash $ 5,362 Notes payable $13,524 Accounts receivable 4,257 Accounts payable 757 Service revenue 8,262 Supplies expense 1,015 Supplies 2,385 care and repairs expense 615 Advertising expense 400 Utilities expense 285 Equipment 26,762 Salaries and wages expense 2,162In June, the company issued no additional stock, but paid dividends of $1,750. *(a1) Your answer is correct. Prepare an income statement for the month of June. BEARDSLEY SERVICE CO. Income Statement For the Month Ended June 30, 2012 Revenues $ 8262 Expenses $ 1015 285 2162 400 615 Total Expenses 4477 Net Income / (Loss) $ 3785 Attempts 2 of 5 used *(a2) Your answer is correct. Prepare a retained earnings statement for the month of June. (List items that increase retained earnings first. BEARDSLEY SERVICE CO. Retained Earnings Statement For the Month Ended June 30, 2012 Retained Earnings, June 1 $ 0 Add Net Income / (Loss) 3785 3785 Less Dividends 1750 Retained Earnings, June 30 $ 2035 Attempts 3 of 5 used *(a3) Your answer is correct. Prepare a balance sheet at June 30, 2012. (List assets in order of liquidity. ) BEARDSLEY SERVICE CO. Balance Sheet June 30, 2012 Assets $ 5362 4257 2385 26762 Total Assets $ 38766 Liabilities and Stockholders EquityLiabilities $ 13524 757 Total Liabilities $ 14281 Stockholders Equity 22450 2035 Total Stockholders Equity 24485 To tal Liabilities and Stockholders Equity $ 38766 Problem 1-4A Presented down the stairs is selected financial information for Yvonne Corporation for December 31, 2012. Inventory $ 25,600 Cash paid to purchase equipment $ 11,010 Cash paid to suppliers 103,180 Equipment 42,710 Building 200,000 Revenues 100,360Common stock 50,470 Cash received from customers 132,620 Cash dividends paid 6,620 Cash received from issuing common stock 22,080 *(a) Your answer is correct. Prepare the statement of cash flows for Yvonne Corporation. (List negative amounts either with a negative sign preceding the number e. g. -15,000 or in parenthesis e. g. (15,000). ) YVONNE CORPORATION Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from operating activities Cash received from customers $ 132620 Cash paid to suppliers (103180) Net cash provided by operating activities $ 29440 Cash flows from investing activities Cash paid to purchase equipme nt (11010) Net cash used by investing activities (11010) Cash flows from financing activities Cash received from issuing common stock 22080 Cash dividends paid (6620) Net cash provided by financing activities 15460 Net increase in cash $ 33890 *Brief Exercise 1-8 Your answer is correct. Use the basic accounting equation to answer these questions. a) The liabilities of Daley Company are $94,430 and the stockholders equity is $266,600. What is the amount of Daley Companys total assets? Total assets $ 361030 (b) The total assets of Laven Company are $175,700 and its stockholders equity is $81,800. What is the amount of its total liabilities? Total liabilities $ 93900 (c) The total assets of Peterman Co. are $910,700 and its liabilities are equal to one fourth of its total assets. What is the amount of Peterman Co. s stockholders equity? Stockholders equity $ 683025 Question Attempts 1 of 5 used