Accounting Essay

276 words - 2 pages

Accounting

1. Stockholders equity = total assets-total liabilities

i.e

Apple: 118,210

Dell: 8917

2. Accounting equation

Missing amount is:

a. 1,118,790

b. 93230

c. 55,940

1. Assignment E1-6

Missing amount for condensed balance

Costco target walmart

Asset 27,140 46,630 193,406

Liabilities 14,779 30809 117,645

Stockholder equity 12,361 15,821 75,761

Exercise 1-10

The following item in Flip flop Sandals Financial statements will either ...view middle of the document...

Supplies expenses: -does not appear

10. Utilities expense: -appear

Exercise 1-12

Financial statement items:

1. Amounts due from customers- asset

2. Amount owed to suppliers:-liability

3. Cash on hand :-asset

4. Cash paid to stockholders:-

5. Cash sales:- revenue

6. Equipment: - asset

7. Note payable owed to the bank:- liability

8. Rent paid for the month:- expense

9. Sales commission paid to salesperson: - expense

10. Wages:- expense

Lost Trail Company Retained Earnings Statement

Retained earnings b/f 1st June 20Y7 601,600

Add net income for June 78,850

Less dividends (8,670)

Retained earnings as a 30th June 20Y7 671,780

The formula for finding the above-retained earnings is:

Ending retained earnings = Beginning retained earnings + Net income during the period - Dividends paid

Universal Services: Income Statement as at 31st October 20Y%

Incomes:

Fees earned 290, 000

Less expenses

Rent expense 28,700

Supplies expense 9000

Miscellaneous expenses 9600 (47300)

Net income 242, 700

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