Changes in Stockholders Equity by vws19007

VIEWS: 85 PAGES: 9

More Info
									                        Student Name:
                                Class:
                                         Problem 05-26A

Requirement d:
                    D & L ENTERPRISES
                    Financial Statements
           For the Year Ended December 31, 2006

Income Statement
Net Sales
Cost of Goods Sold
Gross Margin
Operating Expenses
 Transportation-out
Operating Income


Statement of Changes in Stockholders' Equity
Beginning Common Stock
Plus: Stock Issued
Ending Common Stock

Beginning Retained Earnings
Plus: Net Income
Ending Retained Earnings
Total Stockholders' Equity


Balance Sheet
Assets
 Cash
 Merchandise Inventory
Total Assets
Liabilities
Stockholders' Equity
 Common Stock
 Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
                        Student Name:
                                Class:
                                         Problem 05-26A

Statement of Cash Flows
Cash Flow from Operating Activities:
 Inflow from Customers
 Outflow for Inventory
 Outflow for Expenses
Net Cash Flow from Operating Activities:

Cash Flow from Investing Activities

Cash Flow from Financing Activities

Net Change in Cash
Plus: Beginning Balance
Ending Cash Balance

Requirement e:
                    D & L ENTERPRISES
                  After Closing Trial Balance
                      December 31, 2006

Cash
Merchandise Inventory
Common Stock
Retained Earnings
Totals
Given Data P05-26A:

               D & L ENTERPRISES

Beginning balances:
Cash                                     $ 8,400
Inventory                                 $2,000
Common Stock                              $8,000
Retained earnings                         $2,400

2006 Events:
1a. Inventory purchased on account       $5,600
1b. Freight cost paid in cash              $500
2. Inventory returned                      $400
3. Paid account payable less discount       ?
4a. Inventory selling price              $9,000
4b. Inventory cost                       $6,000
5a. Returned merchandise cost              $520
5b. Returned merchandise selling price     $840
6. Freight costs paid in cash              $600
7. Collected receivable less discount       ?
8. Ending inventory on hand per count    $1,800
                     Student Name:
                             Class:
                                      Problem 05-28A

Requirement a:
                  WRIGHT SALES CO.
              Schedule of Cost of Goods Sold
            For Year Ended December 31, 2008

Beginning Merchandise Inventory
Purchases
Purchases Returns and Allowances
Transportation-in
Cost of Goods Available for Sale
Less: Ending Merchandise Inventory
Cost of Goods Sold

Requirement b:
                   WRIGHT SALES CO.
                    Income Statement
          For the Year Ended December 31, 2008

Sales
  Sales Revenue
  Sales Returns and Allowances
Net Sales
Cost of Goods Sold
Gross Margin
Operating Expenses
  Miscellaneous Expense
  Transportation-out
  Advertising Expense
  Salaries Expense
  Rent Expense
  Depreciation Expense
Total Operating Expense
Operating Income
Non-Operating Items
  Interest Expense
  Gain on Sale of Land
Income Before Income Tax
Income Taxes
Net Income
                     Student Name:
                             Class:
                                      Problem 05-28A

Requirement c:
                   WRIGHT SALES CO.
                     Income Statement
         For the Period Ended December 31, 2008

Sales
 Sales Revenue
 Sales Returns and Allowances
 Gain on Sale of Land
Net Sales
Operating Expenses
 Cost of Goods Sold
 Miscellaneous Expense
 Transportation-out
 Advertising Expense
 Salaries Expense
 Rent Expense
 Depreciation Expense
 Interest Expense
 Income Taxes
Total Expenses
Net Income
Given Data P05-28A:

             WRIGHT SALES CO.

Advertising Expense                  $ 10,400
Depreciation Expense                    3,000
Income Taxes                            8,200
Interest Expense                        5,000
Merchandise Inventory, January 1       18,000
Merchandise Inventory, December 31     20,100
Miscellaneous Expense                     800
Purchases                             180,000
Purchase Returns and Allowances         2,700
Rent Expense                           18,000
Salaries Expense                       53,000
Sales                                 320,000
Sales Returns and Allowances            8,000
Transportation-in                       6,200
Transportation-out                     10,800
Gain on sale of land                    4,000
                              Student Name:
                                      Class:
                                               Problem 05-29A

Requirement c:
                 MITCHELL HOME PRODUCTS
                 Schedule of Cost of Goods Sold

Beginning Merchandise Inventory, 1/1/2009
Purchases
Purchase Discounts
Purchases Returns and Allowances
Transportation-In
Cost of Goods Available for Sale
Ending Merchandise Inventory, 12/31/2009
Cost of Goods Sold


                  MITCHELL HOME PRODUCTS
                        Income Statement
              For the Year Ended December 31, 2009

Revenue
 Sales Revenue
 Sales Discounts
Net Sales
Cost of Goods Sold
Gross Margin
Operating Expenses
 Selling Expenses
 Depreciation Expense
Total Operating Expense
Operating Income
Non-Operating Items
 Interest Expense
Net Income


                 MITCHELL HOME PRODUCTS
           Statement of Change in Stockholders' Equity
             For the Year Ended December 31, 2009

Beginning Common Stock
Plus: Stock Issued
Ending Common Stock
Beginning Retained Earnings
Plus: Net Income
Ending Retained Earnings
Total Stockholders' Equity
                               Student Name:
                                       Class:
                                                Problem 05-29A

                         MITCHELL HOME PRODUCTS
                                  Balance Sheet
                            As of December 31, 2009

Assets
 Cash
 Accounts Receivable
 Merchandise Inventory
 Building
 Accumulated Depreciation
 Land
Total Assets

Liabilities
 Accounts Payable
 Notes Payable
Total Liabilities
Stockholders' Equity
 Common Stock
 Retained Earnings
Total Stockholders' Equity

Total Liabilities and Stockholders' Equity


                         MITCHELL HOME PRODUCTS
                            Statement of Cash Flows
                     For the Year Ended December 31, 2009

Cash Flows from Operating Activities:
 Inflow from Customers
 Outflow for Inventory
 Outflow for Expenses
Net Cash Flow from Operating Activities

Cash Flows from Investing Activities:
 Outflow for Purchase of Building and Land
Net Cash Flow from Investing Activities

Cash Flows from Financing Activities:
 Outflow for Loan Payment
Net Cash Flow from Financing Activities

Net Change in Cash
Plus: Beginning Cash Balance
Ending Cash Balance
Given Data P05-29A:

                         MITCHELL HOME PRODUCTS
                                 Trial Balance
                             As of January 1, 2009

Account Title                                                    Debit      Credit
Cash                                                         $ 14,000
Accounts Receivable                                             9,000
Merchandise Inventory                                          60,000
Accounts Payable                                                         $ 5,000
Common Stock                                                               70,000
Retained Earnings                                                           8,000
Totals                                                       $ 83,000    $ 83,000

Additional information:
1.    Cash paid for land purchase                            $ 8,000
      Building purchase                                       $45,000
      Cash paid for building                                   $5,000
      Interest rate on note                                        8%
      Length of note                                               20 years
      Estimated useful life of building                            40 years
2.    Merchandise purchased on account                       $ 23,000
3.    Freight paid in cash                                       $230
4.    Merchandise returned                                     $2,000
5.    Merchandise sold for cash                               $27,000
6.    Merchandise sold on account                             $50,000
7.    Paid cash on accounts payable with discount(event 2)      ?
8.    Selling expenses                                         $1,200
9.    A/R collected during discount period                    $35,000
10. A/R collected after discount period                       $12,000
11. Interest payment on note                                    ?
12. Principal payment on note                                  $2,000
13. Recorded building depreciation -1 year                      ?
14. Inventory on hand per physical count                      $30,000

								
To top