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ACCT 203 Chapter Notes - Chapter 10: Retained Earnings, Income Statement, Interest Expense

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brownduck883
25 May 2018
School
George Mason University
Department
Accounting
Course
ACCT 203
Professor
Harley

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ACCT 203 GMU Chapter 10 review
Accounts Payable
C.L./ balance sheet
Accounts receivable
C.A./ balance sheet
Accumulated depreciation - computers
N.C.A/ B.S.*Property, Plant, and Equipment
Accumulated depreciation - vehicles
N.C.A/ B.S.*Property, Plant, and Equipment
Advertising expense
EX/ I.S
Bonds payable, due 12/31/2018
N.C.L/ BS *Long Term liability
Capital stock
EQ/ Statement of Retained Earnings
Cash
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C.L./ balance sheet
Computers
N.C.A/ B.S. *Property, Plants, Equipment
Cost of goods sold
EX/ income statement *helps determine gross profit
Interest revenue
R/ Income Statement *Other Revenue and Expenses
Inventory
C.A/ balance sheet
Land
N.C.A. / balance sheet *Property, Plants, Equipment
Long-term investments
N.C.A / balance sheet *long-term investments
Marketable securities
C.A. / balance sheet
Notes payable, due 5/1/17
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Related Questions

Account Tracking form provided:

Account Title -> copy the name of the accounts from the listbelow

Account Major Classification -> Asset (A), Liability (L),Owner’s Equity (OE), Revenue (R) or Expense (E) or Not Applicable(NA)

Contra account -> place a check mark in this column if theitem is a contra account

Account Sub Classification -> only to be used with Asset andLiability accounts; Current Asset (CA); Property, Plant &Equipment (PPE); Current Liability (CL), Long-term Liability (LTL)or Not Applicable (NA)

Normal Balance -> debit (DR), credit (CR) or Not Applicable(NA)

Financial Statement-> Income Statement (IS), Statement ofOwner’s Equity (SOE), Balance Sheet (BS) or Not Applicable (NA)

Temporary or Permanent -> T for temporary (nominal) accountsand P for permanent (real) accounts

Accounts Payable

Accounts Receivable

Accumulated Depreciation

Advertising Expense

Buildings

Cash

Depreciation Expense

Fees Earned

Income Summary

Insurance Expense

Interest Payable (due in 1 month)

Interest Receivable (due in 2 months)

Joey Bee, Capital

Joey Bee, Drawing

Land

Notes Payable (due in 3 years)

Notes Receivable (due in 2 months)

Office Equipment

Prepaid Insurance

Prepaid Rent

Rent Expense

Notes Payable (due in 2 months)

Store Equipment

Supplies

Supplies Expense

Taxes Payable (due in 4 months)

Unearned Fees

Unearned Rent

Unearned Revenue

Wages Payable

4)

Financial statements of Rukavina Corporation follow:
Rukavina Corporation
Comparative Balance Sheet
Ending
Balance		 Beginning
Balance
Assets:
Cash and cash equivalents $34 $31
Accounts receivable 86 82
Inventory 45 41
Property, plant and equipment 678 580
Less: accumulated depreciation

350

300

Total assets

$493

$434

Liabilities and stockholders' equity:
Accounts payable $67 $72
Bonds payable 145 210
Common stock 92 82
Retained earnings

189

70

Total liabilities and stockholders' equity

$493

$434

Income Statement
Sales $755
Cost of goods sold

383
Gross margin 372
Selling and administrative expenses

127
Net operating income 245
Income taxes

87
Net income

$158

Cash dividends were $39. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.
The net cash provided by (used in) investing activities for the year was:

$(39)

$(65)

$(98)

$10

5) Alcoser Corporation's most recent balance sheet appears below:


Comparative Balance Sheet
Ending Balance Beginning Balance
Assets:
Cash and cash equivalents $34 $29
Accounts receivable 32 36
Inventory 53 66
Property, plant and equipment 554 480
Less accumulated depreciation 208 206
Total assets $465 $405
Liabilities and stockholders’ equity:
Accounts payable $41 $50
Accrued liabilities 17 16
Income taxes payable 28 30
Bonds payable 217 200
Common stock 75 70
Retained earnings 87 39
Total liabilities and equity $465 $405

Net income for the year was $60. Cash dividends were $12. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.

The net cash provided by (used in) investing activities for the year was:
$74
($74)
($72)
$72

Following are selected balance sheet accounts of Allman Bros.Corp. at December 31, 2014 and 2013, and the increases or decreasesin each account from 2013 to 2014. Also presented is selectedincome statement information for the year ended December 31, 2014,and additional information.

Selected balance sheet accounts
Assets

2014

2013

Increase
(Decrease)
Accounts receivable $33,540 $23,280 $10,260
Property, plant, and equipment 277,720 247,550 30,170
Accumulated depreciation—plant assets (178,020 ) (166,120 ) (11,900 )
Liabilities and stockholders’ equity

2014

2013

Increase
Bonds payable $ 49,260 $45,910 $3,350
Dividends payable 8,290 5,110 3,180
Common stock, $1 par 21,750 19,230 2,520
Additional paid-in capital 9,530 3,160 6,370
Retained earnings 103,010 91,190 11,820
Selected income statement information forthe year ended December 31, 2014
Sales revenue $155,040
Depreciation 38,660
Gain on sale of equipment 15,420
Net income 31,250


Additional information:

1. During 2014, equipment costing $44,130 was sold for cash.
2. Accounts receivable relate to sales of merchandise.
3. During 2014, $24,540 of bonds payable were issued in exchangefor property, plant, and equipment. There was no amortization ofbond discount or premium.


Determine the category (operating, investing, or financing) and theamount that should be reported in the statement of cash flows forthe following items.