ACC 290 Week 1 Wiley Questions Latest Version All Correct
geniusy_2006Do 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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