Accounting
ACC 556 – Financial Accounting for Managers
Chapter 1 Homework
Due Week 1 and worth 10 points
Directions: Answer the following four questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your homework assignment using the homework assignment link in the course shell.
E1-1
Here is a list of words or phrases discussed in this chapter:
1.
2.
3.
Corporation
Creditor
Accounts receivable
4.
5.
6.
Partnership
Stockholder
Common stock
7.
8.
Accounts payable
Auditor’s opinion
Instructions:
Match each word or phrase with the best description of it.
___8__
(a)
An expression about whether financial statements conform with generally accepted accounting principles.
__1___
(b)
A business that raises money by issuing shares of stock.
__6___
(c)
The portion of stockholders’ equity that results from receiving cash from investors.
__7___
(d)
Obligations to suppliers of goods.
__3___
(e)
Amounts due from customers.
__2___ (f)
A party to whom a business owes money.
___5__
(g)
A party that invests in common stock.
___4__
(h)
A business that is owned jointly by two or more individuals but does not issue stock.
E1-4
This information relates to Molina Co. for the year 2014.
Retained earnings, January 1, 2014
$67,000
Advertising expense
1,800
Dividends
6,000
Rent expense
ACC 556 Chapter 1 Homew ork 1152 (1148 11-11-2014)
10,400
Page 1 of 3
ACC 556 – Financial Accounting for Managers
Service revenue
58,000
Utilities expense
2,400
Salaries and wages expense
30,000
Instructions:
After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2014.
Income Statement
Revenues:
Service Revenues:
$58,000
Expenses:
Salaries and wages expense
Rent Expense
$30,000
$10,400
Advertising Expense
Utilities Expense
$1,800
$2,400
Total Expenses
Net Income
$44,600
$13,400
Retained Earnings Statement
Retained Earning,
Chapter 1 Homework
Due Week 1 and worth 10 points
Directions: Answer the following four questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your homework assignment using the homework assignment link in the course shell.
E1-1
Here is a list of words or phrases discussed in this chapter:
1.
2.
3.
Corporation
Creditor
Accounts receivable
4.
5.
6.
Partnership
Stockholder
Common stock
7.
8.
Accounts payable
Auditor’s opinion
Instructions:
Match each word or phrase with the best description of it.
___8__
(a)
An expression about whether financial statements conform with generally accepted accounting principles.
__1___
(b)
A business that raises money by issuing shares of stock.
__6___
(c)
The portion of stockholders’ equity that results from receiving cash from investors.
__7___
(d)
Obligations to suppliers of goods.
__3___
(e)
Amounts due from customers.
__2___ (f)
A party to whom a business owes money.
___5__
(g)
A party that invests in common stock.
___4__
(h)
A business that is owned jointly by two or more individuals but does not issue stock.
E1-4
This information relates to Molina Co. for the year 2014.
Retained earnings, January 1, 2014
$67,000
Advertising expense
1,800
Dividends
6,000
Rent expense
ACC 556 Chapter 1 Homew ork 1152 (1148 11-11-2014)
10,400
Page 1 of 3
ACC 556 – Financial Accounting for Managers
Service revenue
58,000
Utilities expense
2,400
Salaries and wages expense
30,000
Instructions:
After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2014.
Income Statement
Revenues:
Service Revenues:
$58,000
Expenses:
Salaries and wages expense
Rent Expense
$30,000
$10,400
Advertising Expense
Utilities Expense
$1,800
$2,400
Total Expenses
Net Income
$44,600
$13,400
Retained Earnings Statement
Retained Earning,