05 Jun HCS 380 Week 1 WileyPLUS (Ex 1-15, Ex Problem 1-3A, Ex 2-1, Ex 2-5, Problem 2-3A) NEW
Complete the assigned exercises in WileyPLUS.
Excel Exercise 1-15
Excel Problem 1-3A
Exercise 2-1
Exercise 2-5
Problem 2-3A
Problem 2-2A
You should see the following assignments that are due for a grade:
Chapter 1 – Excel assignment;
Chapter 2 – Homework assignment – wileyplus prepare excel sheet
Chapter 2 – Problems — prepare excel sheet
NOTE: Assignment must be completed by Due Date.
E1-15
Classify items as assets, liabilities, and stockholders’ equity, and prepare accounting equation
Suppose the following items were taken from the balance sheet of Nike, Inc. (All items are in millions.)
1. Cash $2,291.1 7. Inventory $2,357.0
2. Accounts receivable 2,883.9 8. Income taxes payable 86.3
3. Common stock 2,874.2 9. Equipment 1,957.7
4. Notes payable 342.9 10. Retained earnings 5,818.9
5. Buildings 3,759.9 11. Accounts payable 2,815.8
6. Mortgage payable 1,311.5
Instructions
(a) Classify each of these items as an asset, liability, or stockholders’ equity and determine the total
dollar amount for each classification.
(b) Determine Nike’s accounting equation by calculating the value of total assets, total liabilities, and
total stockholders’ equity.
(c ) To what extent does Nike rely on debt versus equity financing?
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a “?”
P1-3A
Prepare an income statement, retained earnings statement and balance sheet; discuss results
On June 1, Hightower Service Co. was started with an initial investment in the company of $22,100 cash.
Here are the assets, liabilities, and common stock of the company at June 30, and the revenues and
expenses for the month of June, its first month of operations:
Cash $4,600 Notes payable $12,000
Accounts receivable 4,000 Accounts payable 500
Service revenue 7,500 Supplies expense 1,000
Supplies 2,400 Maintenance and repairs expense 600
Advertising expense 400 Utilities expense 300
Equipment 26,000 Salaries and wages expense 1,400
Common Stock 22,100
In June, the company issued no additional stock but paid dividends of $1,400.
Instructions
(a) Prepare an income statement and retained earnings statement for the month of June and a balance sheet
at June 30, 2014.
(b) Briefly discuss whether the company’s first month of operations was a success.
(c ) Discuss the company’s decision to distribute a dividend.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a “?” .
Exercise 2-1
Classify each of the following financial statement items taken from Mordica Corporation’s balance sheet.
Accounts payable
Accounts receivable
Entry field with incorrect answer Accumulated depreciation—equipment
Buildings
Cash
Interest payable
Goodwill
Income taxes payable
Inventory
Stock investments (to be
Land (in use)
Mortgage payable
Supplies
Equipment
Prepaid rent
Exercise 2-5
http://edugen.wiley.com/edugen/art2/common/pixel.gif
These items are taken from the financial statements of Donavan Co. at December 31, 2014.
Buildings
$121,035
Accounts receivable
14,414
Prepaid insurance
3,661
Cash
13,545
Equipment
94,266
Land
70,013
Insurance expense
892
Depreciation expense
6,063
Interest expense
2,974
Common stock
68,640
Retained earnings (January 1, 2014)
45,760
Accumulated depreciation—buildings
52,166
Accounts payable
10,868
Notes payable
107,078
Accumulated depreciation—equipment
21,416
Interest payable
4,118
Service revenue
16,817
Problem 2-3A
You are provided with the following information for Ramirez Enterprises, effective as of its April 30, 2014, year-end.
Accounts payable
$ 868
Accounts receivable
918
Accumulated depreciation—equipment
670
Cash
1,378
Common stock
1,224
Cost of goods sold
1,094
Depreciation expense
301
Dividends
359
Equipment
2,528
Income tax expense
199
Income taxes payable
169
Insurance expense
244
Interest expense
434
Inventory
1,075
Land
3,208
Mortgage payable
3,608
Notes payable
169
Prepaid insurance
94
Retained earnings (beginning)
1,600
Salaries and wages expense
666
Salaries and wages payable
256
Sales revenue
5,208
Stock investments (short-term)
1,274
Prepare an income statement for Ramirez Enterprises for the year ended April 30, 2014.
Problem 2-2A
These items are taken from the financial statements of Tresh Corporation for 2014.
Retained earnings (beginning of year)
$34,462
Utilities expense
2,128
Equipment
69,462
Accounts payable
23,048
Cash
12,343
Salaries and wages payable
4,884
Common stock
12,000
Dividends
12,000
Service revenue
71,415
Prepaid insurance
5,384
Maintenance and repairs expense
1,672
Depreciation expense
3,189
Accounts receivable
16,448
Insurance expense
2,611
Salaries and wages expense
40,415
Accumulated depreciation—equipment
19,843
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