UOP ACC 290 Week 1 WileyPLUS

UOP ACC 290 Week 1 WileyPLUS

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Question 1

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.

Accounts payable $ 7,580 Notes payable $ 12,160
Accounts receivable 4,580 Rent expense 12,580
Advertising expense 4,320 Retained earnings ?
Cash 5,680 Service revenue 30,160
Common stock 17,580 Supplies 4,480
Dividends 5,080 Supplies expense 1,380
Equipment 29,380

 

Prepare an income statement for Marsh Corporation.

Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.)

Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.)

 

Question 2

The Clear View Golf & Country Club details the following accounts in its financial statements.

(a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item.

(b) Classify each of the following accounts as a financing activity, investing activity, or operating activity.

 

Question 3

This information relates to Molina Co. for the year 2014.

Retained earnings, January 1, 2014 $75,703
Advertising expense 2,034
Dividends 6,779
Rent expense 11,751
Service revenue 65,534
Utilities expense 2,712
Salaries and wages expense 33,897

After analyzing the data, prepare an income statement for the year ending December 31, 2014.

After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2014. (List items that increase retained earnings first.)

 

Question 4
For each of the following events affecting the stockholders’ equity of Noland, indicate whether the event would: increase retained earnings, decrease retained earnings, increase common stock, or decrease common stock.

 

Question 5

The statement of financial position for Ruiz Company includes the following accounts (in British pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies £5,200; and Debt Investments (short-term) £6,700. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence. (List current assets in reverse order of liquidity. Do not enter currency symbols in your answer.)

 

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