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HCS 380 Week 1 WileyPLUS  (Ex 1-15, Ex Problem 1-3A, Ex 2-1, Ex 2-5, Problem 2-3A)
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HCS 380 Week 1 WileyPLUS (Ex 1-15, Ex Problem 1-3A, Ex 2-1, Ex 2-5, Problem 2-3A)

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This Tutorial contains following Attachments

  • HCS 380 Week 1 WileyPLUS (Ex 1-15, Ex Problem 1-3A, Ex 2-1, Ex 2-5, Problem 2-3A).xlsx

This Tutorial contains Excel Sheet which can be used to solve below mentioned Problem for any numbers/values

 

 

Complete the assigned exercises in WileyPLUS.

 

 Excel Exercise 1-15

 

Excel Problem 1-3A

 

Exercise 2-1

 

Exercise 2-5

http://edugen.wiley.com/edugen/art2/common/pixel.gif

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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