FINANCE 305 Week 5 Homework Assignment<\/p>\n
Name: _______________________________ Date: ___________<\/p>\n
On a separate spreadsheet, do the following. Make sure the right amount is shown on the excel spreadsheet.<\/p>\n
1. Given the following data, prepare an appropriate balance sheet.<\/p>\n
Assets include: Case – $2,973<\/p>\n
Accounts receivable – $1,118<\/p>\n
Merchandise inventory – $17,476<\/p>\n
Equipment – $16,951<\/p>\n
Liabilities include:<\/p>\n
Accounts payable \u2013 $2,417<\/p>\n
Wages payable \u2013 $884<\/p>\n
Mortgage note payable \u2013 $15,000<\/p>\n
Owner\u2019s capital is $23,000<\/p>\n
2. Given the following data, complete the income statement using the following information:<\/p>\n
Gross sales: $25,283<\/p>\n
Returns and allowances: $492<\/p>\n
Cost of beginning inventory: $5,384<\/p>\n
Cost of purchases: $18,923<\/p>\n
Cost of ending inventory: $5,557<\/p>\n
Total operating expense: $3,750<\/p>\n","protected":false},"excerpt":{"rendered":"
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