Acc 2203 Assignments Wiley

Assignment 1:
Brief Exercise 1-1

Match each of the following forms of business organization with a set of characteristics:
sole proprietorship, partnership, corporation.
(a)
(b)
(c)
Partnership
Sole proprietorship
Corporation
Shared control, tax advantages, increased skills and

resources.
Simple to set up and maintains control with owner.
Easier to transfer ownership and raise funds, no
personal liability.
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Brief Exercise 1-8

Use the basic accounting equation to answer these questions.
(a) The liabilities of Jantz Company are $93,040 and the stockholders equity is
$252,500. What is the amount of Jantz Companys total assets?
Total assets
345,540
(b) The total assets of Foley Company are $175,200 and its stockholders equity is
$89,600. What is the amount of its total liabilities?
Total liabilities
85,600
(c) The total assets of Sundberg Co. are $888,500 and its liabilities are equal to onefourth of its total assets. What is the amount of Sundberg Co.s stockholders equity?
Stockholders equity
666,375
SHOW SOLUTION
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Exercise 1-5
Suppose the following information was taken from the 2014 financial statements of
pharmaceutical giant Merck and Co. (All dollar amounts are in millions.)
Retained earnings, January 1, 2014
$47,930.8
Cost of goods sold
8,546.8
Selling and administrative expenses
8,284.0
Dividends
3,059.4
Sales revenue
Research and development expense
Income tax expense
37,709
5,258
2,428.4
After analyzing the data, prepare an income statement for the year ending December
31, 2014. (Enter amounts in millions upto 1 decimal place, e.g. 45.5 million.)
MERCK AND CO.

Income Statement
For the Year Ended December 31, 2014
(in millions)
Revenues
Sales Revenu
37,709
Expenses
Cost of Goods
8,546.8
Selling and Ad
8,284.0
Research and
5,258
Income Tax Ex
2,428.4
Total Expenses
24,517.2
Net Income / (Loss)
13,191.8
SHOW LIST OF ACCOUNTS

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After analyzing the data, prepare a retained earnings statement for the year ending
December 31, 2014. (List items that increase retained earnings first. Enter
amounts in millions upto 1 decimal place, e.g. 45.5 million.)
MERCK AND CO.
Retained Earnings Statement
(in millions)
Retained Earnings, January 1
Add
Net Income / (Loss)
47,930.8
13,191.8
61,122.6
Less
Dividends
Retained Earnings, December 31
3,059.4
58,063.2

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Copyright 2000-2014 by John Wiley & Sons, Inc. or related companies. All rights reserved.
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Exercise 1-8
The following items and amounts were taken from Motte Inc.s 2014 income statement
and balance sheet.
In each case, identify on the item is an asset, liability, stockholders' equity, revenue, or
expense item.
Asset
Cash
Stockholders' Equity
Retained earnings
123,640
Expense
Cost of goods sold
437,528
Expense
Salaries and wages expense
114,689
Asset
Prepaid insurance
Asset
Inventory
64,121
Asset
Accounts receivable
90,426
Revenue
Sales revenue
583,427
Liability
Notes payable
6,443
Liability
Accounts payable
Revenue
Service revenue
5,410
Expense
Interest expense
1,786
$ 85,929
8,088
58,244
Prepare an income statement for Motte Inc. for the year ended December 31, 2014.
MOTTE INC.
Income Statement
Revenues
Sales Revenu
Service Reven
583,427
5,410
Total Revenues
588,837
Expenses
Cost of Goods
437,528
Salaries and W
114,689
Interest Expen
1,786
Total Expenses
554,003
Net Income / (Loss)
34,834

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Exercise 1-9
Here are incomplete financial statements for Riedy, Inc. Calculate the missing amounts.
REIDY, INC.
Balance Sheet
Assets
$ 12,650
Cash
15,650
Inventory
39,350
Buildings
$67,650
Total assets
Liabilities and Stockholders' Equity
Liabilities
$ 5,070
Accounts payable
Common stock
29,930
(a)
Retained earnings
32,650
(b)
$67,650
Total liabilities and stockholders' equity
RIEDY, INC.
Income Statement
$84,800
Revenues
54,640
Cost of goods sold
(c)
10,330
Salaries and wages expense

Net Income
19,830
(d)
RIEDY, INC.
Retained Earnings Statement
$17,650
Beginning retained earnings

Add: Net income
Less: Dividends
Ending retained earnings
SHOW SOLUTION
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19,830
(e)
4,830
$32,650
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Assignment 2:
Brief Exercise 2-2

A list of financial statement items for Morales Company includes the following: accounts
receivable $16,356; prepaid insurance $3,038; cash $12,150; supplies $4,440; and debt
investments (short-term) $9,580.
Prepare the current assets section of the balance sheet listing the items in the proper
sequence. (List current assets in order of liquidity.)
MORALES COMPANY
Partial Balance Sheet
Current Assets
Cash
12,150
Debt investme
9,580
Accounts Rec
16,356
Supplies
4,440
Prepaid Insura
3,038
Total Current Assets

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45,564
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Brief Exercise 2-5

These selected condensed data are taken from a recent balance sheet of Bob Evans
Farms(in millions of dollars).
Cash
$ 29.3
Accounts receivable
20.5
Inventory
28.7
Other current assets
24.0
Total current assets
$102.5
Total current liabilities
$201.2
Compute working capital and the current ratio. (If answer is negative enter it with a
negative sign preceding the number e.g. -15,000 or in parentheses e.g.
(15,000). Round Current Ratio to 2 decimal places, e.g. 0.78 : 1.)
Working capital (in millions)
Current ratio
SHOW SOLUTION
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(98.7)
0.51
:1
Exercise 2-1
Classify each of the following financial statement items taken from Mordica Corporations
balance sheet.
Current liabilities
Accounts payable
Current assets
Accounts receivable
Property, plant, and equipment
Accumulated depreciationequipment
Buildings
Current assets
Cash
Current liabilities
Interest payable
Intangible assets
Goodwill
Current liabilities
Income taxes payable
Current assets
Inventory
Current assets
Stock investments (to be sold in 7 months)
Land (in use)
Long-term liabilities
Mortgage payable
Current assets
Supplies
Equipment
Current assets
Prepaid rent
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Exercise 2-3
Suppose the following items were taken from the December 31, 2014, assets section of
the Boeing Company balance sheet. (All dollars are in millions.)
Inventory
$16,295
Notes receivabledue after December 31, 2015
4,784
Notes receivabledue before December 31, 2015

Accumulated depreciationbuildings
370
12,312
Patents
Buildings
Cash
Accounts receivable
Debt investments (short-term)
Prepare the assets section of a classified balance sheet. (List the current assets in
order of liquidity.)
THE BOEING COMPANY
Partial Balance Sheet
December 31, 2014
(in millions)
Assets
Current Assets
Cash
9,199
Debt investme
2,243
Accounts Rec
5,597
Notes Receiva
370
Inventory
16,295
33,704
Long-term Investments
Notes Receiva
4,784
Property, Plant and Equipment

Buildings
21,582
Less
Accumulated D
12,312
9,270
Intangible Assets
Patents
13,035
Total Assets
60,793

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Exercise 2-6
Suppose the following items were taken from the 2014 financial statements of Texas
Instruments, Inc.(All dollars are in millions.)
Common stock
$2,065
Prepaid rent
159
Equipment
6,276
Stock investments (long-term)
644
Debt investments (short-term)
1,746
Income taxes payable

Cash
177
1,449
Accumulated depreciationequipment
$4,086
Accounts payable
1,519
Patents
2,260
Notes payable (long-term)
820
Retained earnings
6,894
Accounts receivable
1,957
Inventory
1,070
Prepare a classified balance sheet in good form as of December 31, 2014. (List current
assets in order of liquidity.)
TEXAS INSTRUMENTS, INC.
Balance Sheet
December 31, 2014
(in millions)
Assets
Current Assets
Cash
1,449
Debt investme
1,746
Accounts Rec
1,957
Inventory
1,070
Prepaid Rent
159
6,381
Long-term Investments
Stock Investm
644
Property, Plant and Equipment

Equipment
Less
6,276
Accumulated D
4,086
2,190
Intangible Assets
Patents
2,260
Total Assets
11,475
Liabilities and Stockholders' Equity

Current Liabilities
Accounts Pay
Income Taxes
Total Current Liabilities
$
1,519
177
$
1,696
Long-term Liabilities
Notes Payable
820
Total Liabilities
2,516
Common Stock
2,065
Retained Earn
6,894
Total Stockholders' Equity
8,959
Total Liabilities and Stockholders' Equity
11,475

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Assignment 3:
Step 1: Analyze each transaction in terms of its effect on the accounts.

In this first step, you are gathering the transactions to analyze. These
transactions can come from a source document such as a sales slip,
check or bill.
Step 2: Enter the transaction information in a journal
In step 2, you are entering the analyzed information in a journal.
Step 3: Transfer the journal information to the appropriate accounts in
the ledger.
In the last step, step 3, you are transferring the journal entries into
their designated accounts in the ledger.
Assignment 4:
360x8=2880
460x10=4600
560x11=6160
Total=13640
Unit total: 360+460+560=1380
Average unit cost: 13640/1380=9.884
Cost of ending inventory: 9.884x260=2570 rounded
230x6=1380
330x7=2310
270x8=2160
Total=5850
300x8=2400
230+330+270=830
830-300=530
230x6=1380
300x8=2400
total=3780

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Assignment 1:

Brief Exercise 1-1

Shared control, tax advantages, increased skills and

Brief Exercise 1-8

Cost of goods sold

Selling and administrative expenses

MERCK AND CO.

Net Income / (Loss)

SHOW LIST OF ACCOUNTS

Net Income / (Loss)

Retained Earnings, December 31

SHOW LIST OF ACCOUNTS

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Cost of goods sold

Salaries and wages expense

Net Income / (Loss)

SHOW LIST OF ACCOUNTS

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Total liabilities and stockholders' equity

Cost of goods sold

Salaries and wages expense

Beginning retained earnings

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Brief Exercise 2-2

Total Current Assets

SHOW LIST OF ACCOUNTS

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Brief Exercise 2-5

Other current assets

Total current assets

Total current liabilities

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Property, plant, and equipment

Property, plant, and equipment

Income taxes payable

Stock investments (to be sold in 7 months)

Property, plant, and equipment

Land (in use)

Property, plant, and equipment

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Notes receivabledue after December 31, 2015

Notes receivabledue before December 31, 2015

Total Current Assets

Property, Plant and Equipment

SHOW LIST OF ACCOUNTS

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Stock investments (long-term)

Debt investments (short-term)

Income taxes payable

Notes payable (long-term)

Total Current Assets

Property, Plant and Equipment

Liabilities and Stockholders' Equity

Total Stockholders' Equity

Total Liabilities and Stockholders' Equity

SHOW LIST OF ACCOUNTS

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Step 1: Analyze each transaction in terms of its effect on the accounts.

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