ACC-240 TOPIC-1 ASSIGNMENT
1
The following information is available for Oriole Inc.
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Accounts receivable |
$2,112 |
Cash |
$5,500 |
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Accounts payable |
3,256 |
Supplies |
3,308 |
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Interest payable |
512 |
Unearned service revenue |
748 |
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Salaries and wages expense |
3,960 |
Service revenue |
36,008 |
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Notes payable |
27,720 |
Salaries and wages payable |
656 |
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Common stock |
44,616 |
Depreciation expense |
588 |
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Inventory |
2,500 |
Equipment (net) |
95,216 |
Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount.)Â
(List Assets in order of liquidity.)
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Oriole, Inc. |
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Assets |
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enter a balance sheet item |
$Â enter a dollar amount |
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enter a balance sheet item |
enter a dollar amount |
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enter a balance sheet item |
enter a dollar amount |
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enter a balance sheet item |
enter a dollar amount |
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enter a balance sheet item |
enter a dollar amount |
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select a closing section name for this part of the balance sheet                   |
$ enter a total amount for this part of the balance sheet |
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Liabilities and Stockholders’ Equity |
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select an opening name for section one                   |
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enter a balance sheet item |
$Â enter a dollar amount |
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enter a balance sheet item |
enter a dollar amount |
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enter a balance sheet item |
enter a dollar amount |
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enter a balance sheet item |
enter a dollar amount |
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enter a balance sheet item |
enter a dollar amount |
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select a closing name for section one                   |
$Â enter a total amount for this section of the balance sheet |
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select an opening name for section two                   |
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enter a balance sheet item |
enter a dollar amount |
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enter a balance sheet item |
enter a dollar amount |
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select a closing name for section two                   |
enter a total of the two previous amounts |
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select a closing name for this part of the balance sheet                   |
$ enter a total amount for this part of the balance sheet |
2
On June 1, 2022, Swifty Corporation was started with an initial investment in the company of $17,972 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:
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Cash |
$Â 3,772 |
Notes payable |
$9,840 |
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Accounts receivable |
3,280 |
Accounts payable |
410 |
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Service revenue |
6,300 |
Supplies expense |
820 |
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Supplies |
1,968 |
Maintenance and repairs expense |
492 |
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Advertising expense |
328 |
Utilities expense |
246 |
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Equipment |
21,320 |
Salaries and wages expense |
1,148 |
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Common stock |
17,972 |
During June, the company issued no additional stock but paid dividends of $1,148.
Prepare an income statement for the month of June.
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Swifty Corporation |
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select an opening name for section one                       |
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enter an income statement item |
$enter a dollar amount |
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select an opening name for section two                       |
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enter an income statement item |
$enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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select a closing name for section two                       |
enter a total amount for section two |
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select a closing name for this statement                       |
$enter a total net income or loss amount |
3
Presented below is selected financial information for Nash’s Trading Post, LLC for December 31, 2022.
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Inventory |
$Â 20,000 |
Cash paid to purchase equipment |
$Â 9,600 |
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Cash paid to suppliers |
83,200 |
Equipment |
32,000 |
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Buildings |
160,000 |
Service revenue |
80,000 |
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Common stock |
40,000 |
Cash received from customers |
105,600 |
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Cash dividends paid |
5,600 |
Cash received from issuing common stock |
17,600 |
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Cash at beginning of period |
7,200 |
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(a) |
Prepare the statement of cash flows for Nash’s Trading Post, LLC. |
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Nash’s Trading Post, LLC |
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select an opening name for section one                   |
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select a cash flow item                   |
$enter a dollar amount |
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select a cash flow item                   |
enter a dollar amount |
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select a closing name for section one                   |
$enter a total amount for section one |
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select an opening name for section two                   |
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select a cash flow item                   |
enter a dollar amount |
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select a closing name for section two                   |
enter a total amount for section two |
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select an opening name for section three                   |
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select a cash flow item                   |
enter a dollar amount |
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select a cash flow item                   |
enter a dollar amount |
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select a closing name for section three                   |
enter a total amount for section three |
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select a summarizing line for this cash flow                   |
enter a dollar amount |
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select an opening cash flow item                   |
enter a dollar amount |
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select a closing cash flow item                   |
$enter a total amount for the cash budget |
