ACC 290 Week 1 Wiley Questions Latest Version All Correct

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Do It! Review 1-3

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

Accounts payable

 

$ 8,090

 

Notes payable

 

$ 13,180

Accounts receivable

 

5,090

 

Rent expense

 

13,090

Advertising expense

 

4,290

 

Retained earnings

 

?

Cash

 

6,190

 

Service revenue

 

31,180

Common stock

 

18,090

 

Supplies

 

4,990

Dividends

 

5,590

 

Supplies expense

 

1,410

Equipment

 

29,890

    

 

Exercise 1-3

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.

 

Exercise 1-4

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

Retained earnings, January 1, 2014

 

$74,450

Advertising expense

 

2,000

Dividends

 

6,667

Rent expense

 

11,556

Service revenue

 

64,450

Utilities expense

 

2,667

Salaries and wages expense

 

33,336

 

Brief Exercise 2-4

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.

IFRS 2-4

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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