ACCT 2121 Following are accounts and their balances for ABC Corporation at 12/31/11 (A+)

ACCT 2121 Following are accounts and their balances for ABC Corporation at 12/31/11. Calculate total stockholders’ equity at the end of the year.

Present your answer as a number with no commas or decimals.

Accounts Payable 10,000

Accounts Receivable 17,000

Advertising Expense 2,500

Cash 35,000

Contributed Capital 25,000

Dividends 2,200

Notes Payable 7,500

Rent Expense 3,000

Retained Earnings, BEGINNING of Year 7,800

Service Revenue 23,000

Supplies 4,000

Wages Expense 9,600

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2. ACCT 2121 Following are the accounts and their balances for XYZ Corporation at 12/31/11 (A+)

ACCT 2121 Following are the accounts and their balances for XYZ Corporation at 12/31/11. What is net income for the year?

Present your answer as a number with no commas or decimals.

Accounts Payable 375

Accounts Receivable 4,750

Cash 4,000

Contributed Capital 5,000

Dividends 1,000

Income Tax Expense 1,825

Retained Earnings 4,500

Salaries Expense 12,000

Service Revenue 19,000

Supplies 2,000

Supplies Expense 2,600

Utilities Expense 700

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ACCT 2121 Following are the accounts and their balances for XYZ Corporation at 12/31/11 (A+)

ACCT 2121 Following are the accounts and their balances for XYZ Corporation at 12/31/11. What are total assets at the end of the year?

Present your answer as a number with no commas or decimals.

Accounts Payable 1,500

Accounts Receivable 5,250

Advertising Expense 3,250

Auto 17,500

Auto Expense 3,300

Cash 3,000

Contributed Capital 9,200

Dividends 2,300

Income Tax Expense 3,100

Notes Payable 7,500

Retained Earnings 6,860

Salaries Expense 19,360

Service Revenue 32,000

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ACCT 2121 Total assets at the beginning of the year are $660,000 and total liabilities are $350,000 (A+)

ACCT 2121 Total assets at the beginning of the year are $660,000 and total liabilities are $350,000. If total assets increase by $150,000 and total liabilities decrease by $109,000 during the year, what is the amount of stockholder’s equity at the end of the year?

Present your answer as a number with no commas or decimals.

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Regal Entertainment Group operates movie theaters and food concession counters throughout the United States (A+)

Regal Entertainment Group operates movie theaters and food concession counters throughout the United States. Its income statement for the quarter ended June 26, 2008, reported the following amounts (in thousands):

Admissions Revenues $455,700

Concessions Expenses 25,500

Concessions Revenues 188,900

Film Rental Expenses 247,000

General and Administrative Expenses 65,700

Net Income ?

Other Expenses 233,800

Other Revenues 31,200

Rent Expense 90,000

Total Expenses ?

Required:

1 Prepare an income statement for the quarter ended June 26, 2008, in order to solve for the missing amounts.

2 Compute the two missing amounts in each of the following independent cases. Assume that it is the end of 2008, the first full year of operations for the company.

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ACCT 2020 Penington Corporation was formed on January 1, 2012 (A+)

ACCT2020 Penington Corporation was formed on January 1, 2012. At December 31, 2012, Trent Radinsky, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows.

PENINGTON CORPORATION

Balance Sheet

December 31, 2012

Assets Liabilities and Stockholders\’ Equity

Cash $20,000 Accounts Payable $30,000

Accounts Receivable 50,000 Notes Payable 15,000

Inventory 33,000 Boat Loan 18,000

Boat 24,000 Stockholders\’ Equity 64,000

Trent willingly admits that he is not an accountant by training. He is concerned that his balance sheet might not be correct. He has provided you with the following additional information.

1. The boat actually belongs to Radinsky, not to Penington Corporation. However, because he thinks he might take customers out on the boat occasionally, he decided to list it as an asset of the company. To be consistent he also listed as a liability of the corporation his personal loan that he took out at the bank to buy the boat.

2. The inventory was originally purchased for $21,000, but due to a surge in demand Trent now thinks he could sell it for $33,000. He thought it would be best to record it at $33,000.

3. Included in the accounts receivable balance is $12,000 that Trent loaned to his brother 5 years ago. Trent included this in the receivables of Penington Corporation so he wouldn\’t forget that his brother owes him money.

Required:

Provide a corrected balance sheet for Penington Corporation.

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ACCT 2020 The Long Run Golf & Country Club details the following accounts in its financial statements (A+)

ACCT2020 The Long Run Golf & Country Club details the following accounts in its financial statements.

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

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

Accounts payable and accrued liabilities

Accounts receivable

Property, plant, and equipment

Food and beverage operations revenue

Golf course operations revenue

Inventory

Long-term debt

Office and general expense

Professional fees expense

Wages and benefits expense

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ACCT 2020 Indicate which statement you would examine to find each of the following items (A+)

ACCT2020 Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows.

(a) Revenue during the period.

(b) Supplies on hand at the end of the year.

(c) Cash received from issuing new bonds during the period.

(d) Total debts outstanding at the end of the period.

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ACCT 2020 In alphabetical order below are balance sheet items for Mantle Company at December 31, 2012 (A+)

ACCT2020 In alphabetical order below are balance sheet items for Mantle Company at December 31, 2012.

Accounts payable $75,000

Accounts receivable 81,000

Cash 22,000

Common stock 28,000

Required:

Prepare a balance sheet following the format of MANTLE COMPANY

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ACCT 2020 Presented below are a number of transactions (A+)

ACCT2020 Presented below are a number of transactions. Determine whether each transaction affects:

Common stock

Dividends

Revenue

Expense

Does not affect stockholders\’ equity

Provide titles for the revenues and expenses. (The first one is completed for you as an example.)

Affects Transaction Account Title

Expense (a) Costs incurred for advertising. Advertising Expense

(b) Assets received for services performed.

(c) Costs incurred for insurance.

(d) Amounts paid to employees.

(e) Cash distributed to stockholders.

(f) Assets received in exchange for the use of the company\’s building.

(g) Costs incurred for utilities used.

(h) Cash purchase of equipment.

(i) Issued common stock for cash.

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