05 Jun Question ACC 301 Homework #1 SUBMISSION INFORMATION:
Question
ACC 301 Homework #1
SUBMISSION INFORMATION:
Submit the assignment in Excel using one page. Include your Name, Date, ACC Course, and Homework #2 in the upper left corner.
Submit your assignment through the upload feature within Moodle. Assignments should not be emailed to the instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN “DRAFT” STATUS. There is a requirement to click a box to acknowledge the submission is your original work to complete the submission process.
Assignment Information:
Tempe Corporation’s capital structure consists of 40,000 shares of common stock. The December 31, 2014 account balances are listed below (except as noted). All adjusting entries have been made except for the accrual of taxes (25% tax rate).
Sales
$1,426,000
Purchase Discounts
21,000
Purchases
693,000
Loss on Segment Disposal
95,000
Selling Expenses
134,000
Cash
69,000
Accounts Receivable
93,000
Common Stock
240,000
Accumulated Depreciation
176,000
Dividend Revenue
4,500
Inventory, January 1, 2014
142,000
Unearned Service Revenue
7,500
Accrued Interest Payable
1,700
Land
453,000
Patents
60,000
Retained Earnings, January 1, 2014
310,000
Interest Expense
11,500
General and Administrative Expenses
145,000
Dividends Declared
32,000
Allowance for Doubtful Accounts
5,800
Notes Payable (maturity 7/1/17)
187,000
Machinery and Equipment
468,000
Office Supplies
35,000
Accounts Payable
51,000
Inventory, December 31, 2014
158,000
REQUIRED:
a) Prepare a 2014 multi-step income statement; include EPS data. Refer to the Cabrera (Illustration 4-2) and Poquito (Illustration 4-9) Company examples in Chapter 4 of the text for format suggestions. Many items in these format examples are not applicable to this homework problem.
b) Prepare a 2014 retained earnings statement. Refer to the Stricker example (Illustration 4-23) in Chapter 4 of the text for format suggestions. No corrections of prior periods exist.
c) Prepare a 12/31/14 balance sheet. Refer to the Scientific Products (Illustration 5-16) example in Chapter 5 of th
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