


Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
Material Type: Exam; Class: BASIC ACCOUNTING SKILLS; Subject: Business; University: Indiana University - Bloomington; Term: Unknown 1989;
Typology: Exams
1 / 4
This page cannot be seen from the preview
Don't miss anything!
financial statements would show:
Stmt. Of^ Cash^ Flows
Balance Sheet
unearned revenue = $6, a liability = $5,
lncome Statement revenue (^) = $ 500 revenue (^) = $6, revenue = $ S
revenue = $ 500
Balance Sheet lncome Statement A) B) c) D) E)
inventory (^) = $2,000, uneamed revenue = $3, inventory = $3, inventory (^) = $3, inventory = $2,
$o
revenue = $3,
Dave purchased during the year?
USE THE INFORMATION BELOWTO ANSWER PROBLEMS 1O - 13
c) (^) $117, D) (^) $120, E) $135,
c) (^) $80, D) $85,
the period from July 1 2005 through June 30 2OO7, and was recorded as "prepaid insurance" on the date it was purchased. Bland's December 31 2005 (annual) financial statements would show:
Alpaca Corporation had sales revenues of $200,000 in its first year^ of operations. At year-end,^ they have not^ yet collected $20,000 from^ these^ sa/es,^ and^ still^ owe $25,000 on $70,000 of inventory^ they^ purchased. Alpaca^ also^ paid $15,000 in
insurance policy on the tirst day of business. also paid^ dividends of
The Grait Consutting Company^ stafted business^ Jan^ uary^ 1,^ 2005,^ and^ engaged^ in the^ transactions^ listed^ below during the year. 1nr2oo* tssued 4,000 sniies if^ capnat^ stock^ for^ $20,ooO^ casn. Lease'^ biitding^ space,^ paying two^ years'^ rent ot $12,000 ($6,^ per year) (^) in advance. Purchased equipment^ at^ a^ cost^ of $7,200, paid^ in cash.^ The^ equipment^ has^ a^ 6year^ life 4/1/2005- Made sales of seruices for $12,000, and collected $10,000^ 0f^ this^ amount.. 7/12005- Paid^ two-year^ insurance^ premium^ of^ $2,400. Recoded^ sales^ on^ aoount^ of^ $3'600. 8/12,005- Paid^ employee^ wages of^ $2,400. 1pn1f2\O, Made the^ neces-sary^ adjusfmenfs to^ the aaounts^ and then published the^ financial^ statements for the^ year^ ending Dec.^ 31 2005'
activities?
activities?