29 Jun Question Thefollowinginfcrmationwasmadeavailable fromtheincomes
Question
Thefollowinginfcrmationwasmadeavailable fromtheincomestatementandbalance sheetofMerandaCompany:/
Item
12/31/10
12/31/09
AccountsReceivable
$ 42,000
$45,100
AccountsPayable
27,900
24,500
MerchandiseInventory
68,000
63,000
Sales(2010)
170,000
InterestRevenue(2010)
3,200
DividendRevenue(2010)
1,800
TaxExpense(2010)
11,600
SalariesExpense (2010)
22,400
COGS(2010)
57,000
InterestExpense(2010)
2,200
OperatingExpenes
19,400
.gif”>.gif”>Completethecashflo
usingthe directmetho
fromoperating activitiessectionforMeranda Companyfortheyearended December31,2010.
2. GiventhefollowiComputethepercentage
balantothe
cesheet,completeahorizontalanalysis.nearesttenthof apercent.
Jessica’sJewelryStoreComparativeBalanceSheetForYearsEndedDecember 31
2011
and2010
(inthousands)
2011
2010
Difference
Percentage
Assets
CurrentAssets
CashandEquivalents
$319
$288
AccountsReceivable,net
166
173
Inventory
437
400
TotalCurrentAssets
922
861
Property,PlantandEquipment
TotalAssets
$1,299
$1,273
Liabilities
CurrentLiabilities
AccountsPayable
132
144
AccruedLiabilities
90
84
TotalCurrentLiabilities
222
228
Long-TermLiabilities
84
96
TotalLiabilities
306
324
Stockholders’Equity
CommonStock
288
255
RetainedEarnings
705
694
TotalStockholders’Equity
993
949
TotalLiabilitiesand
Stockholders’Equity
1,299
$1,273
ng
Part B: Answer each of the following 15 questions. Each answer is worth
4 points.
1. Given the following information, show the increase or decrease in the
accounting equation:
A. Deanne invests $45,000 and $10,000 of office equipment into the
business.
B. Furniture is purchased for $8,000 cash.
C. Supplies are purchased on credit for $2,300.
D. The month’s electric bill of $775 was paid.
E. The month’s cash sales were $5,000.
2. Journalize the following transactions and include the explanations.
A. Tammy invested $40,000 into her corporation on June 11.
B. Tammy purchased inventory for $95,000, of which $70,000 was on
account on June 14.
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