Answer the following two Questions:
1. The Balance Sheet
This lesson will help you refresh your knowledge on the basics of the balance sheet. Brushing up on these concepts now will help you tackle your finance coursework later.
Press play to watch the first presentation below. Click on the numbers to navigate through the lesson, and then complete the Concept Check at the end to cement your skills and receive credit.
General Ledger for XYZ Company
The following is a portion of the general ledger for XYZ Company as of December 31, 20X1, and the statement of stockholders equity for XYZ Company for the year ended December 31, 20X1. Use this information to answer questions (1) through (5).
XYZ Company
Statement of Stockholders' Equity (partial)
For the year ended December 31, 20X1
Common Retained
Stock Earnings
Balance at January 1, 20X1 $50,000 363,000
Issuance of common stock 32,000
+ Net income for the year ended 12/31/X1 14,000
- Dividends paid (4,900)
Balance at December 31, 20X1 $ $
XYZ Company
General Ledger (partial)
As of December 31, 201X
|
Assets
|
Amount
|
|
|
|
Cash
|
$ 53,000
|
|
Accounts receivable
|
15,000
|
|
Supplies
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8.800
|
|
Prepaid rent
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36,000
|
|
Equipment (net)
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115,600
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|
Liabilities
|
|
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Accounts payable
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$11,300
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Salaries payable
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2,500
|
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Interest payable
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1,900
|
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Utilities payable
|
6,900
|
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Bonds payable
|
51,700
|
I. What is the total amount of current assets to be reported on XYZ Company 12/31/X1 classified balance sheet?
•68,000
•$112,800
•$228,400
•$76,800
2. What is the total amount of long-term assets to be reported on XYZ Company 12/31/X1 classified balance sheet?
• $151,600
• $160,400
• $0
• $115,600
3. What is the total amount of current liabilities to be reported on XYZ Company 12/31/X1 classified balance sheet?
•$22,600
•$74,300
•$20.700
•$18,200
4. What is the ending balance in retained earnings to be reported on XYZ Company 12/31/X1 classified balance sheet?
•$63,000
•$77,000
•$72,100
•$154,100
5. What is the total amount of stockholders... equity to be reported on XYZ Company 12/31/3C1 classified balance sheet?
•$154,100
•$113,000
•$72,100
$82,000
2. The Income Statement
This lesson will help you refresh your knowledge on the basics of the income statement. Brushing up on these concepts now will help you tackle your finance coursework later.
Press play to watch the first presentation below. Click on the numbers to navigate through the lesson, and then complete the Concept Check at the end to cement your skills and receive credit.
General Ledger for ABC Company
The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions (I) through (4).
ABC Company
General Ledger
As of December 31, 20X1
Amount
Assets
Cash $29,400
Accounts receivable 8,100
Supplies 4,900
Prepaid rent 20,200
Equipment (net) 63,800
Liabilities
Accounts payable $ 6,300
Salaries payable 4,000
Interest payable 1,100
Utilities payable 3,700
Bonds payable 38,400
Stockholders' equity
Common stock $60,900
Retained earnings 0
Dividends 2,100
Revenues
Sales revenue $54,200
Interest revenue 1,400
Expenses
Cost of goods sold $15,100
Salaries expense 7,100
Rent expense 4,900
Supplies expense 1,300
Utilities expense 4,800
Depredation expense 2,500
Interest expense 2,100
Income tax expense 3,700
I. What is the amount of gross profit to be reported on ABC Companys 12/31/X1 income statement?
• $40,500
• $14,100
• $39,100
• 517,800
2. What is the amount of operating income (EMT) to be repotted on ABC Company...s 12/31/X1 income statement?
• $36,100
• $18,500
• $14,800
• $14,100
3) What is the amount of earnings before taxes (EBT) to be reported on ABC Companys 12/31 /X 1 income statement?
• $15,000
• $17,800
• $12,000
• $18,500
4. What is the amount of net income to be reported on ABC Company...s 12/31/X1 income statement?
• $17,800
• $12,000
• $14,100
• $18,500