This document provides instructions for a graded assessment involving calculations and journal entries for a clothing company's income statement and balance sheet for November, as well as transactions for a pet food company. It asks the student to fill in missing values, match financial statement effects to transactions, and record journal entries to record various business transactions for the pet food company on its income statement and balance sheet.
This document provides instructions for a graded assessment involving calculations and journal entries for a clothing company's income statement and balance sheet for November, as well as transactions for a pet food company. It asks the student to fill in missing values, match financial statement effects to transactions, and record journal entries to record various business transactions for the pet food company on its income statement and balance sheet.
This document provides instructions for a graded assessment involving calculations and journal entries for a clothing company's income statement and balance sheet for November, as well as transactions for a pet food company. It asks the student to fill in missing values, match financial statement effects to transactions, and record journal entries to record various business transactions for the pet food company on its income statement and balance sheet.
This document provides instructions for a graded assessment involving calculations and journal entries for a clothing company's income statement and balance sheet for November, as well as transactions for a pet food company. It asks the student to fill in missing values, match financial statement effects to transactions, and record journal entries to record various business transactions for the pet food company on its income statement and balance sheet.
Please use the textboxes provided to demonstrate all calculatio
the month the company receives $46,000 from a shareholder
Required (1) (16 Points)
Fill in the missing amounts below.
SUPER STYLE CLOTHING
Income Statement For the Month of November Sales Cost of sales Net income
SUPER STYLE CLOTHING
Balance Sheet At the End of November Cash Accounts Receivable Inventory Total assets Accounts Payable Bank loan Total liabilities Contributed Capital Retained earnings Total equity Total liabilities and equity
Required (2) (12 Points)
Consider the transactions listed on the left. Match each
Transaction Corresponding Number Financial Statement Effect
Pay wages with cash 1 Increase assets and increase liabilities Repay bank loan 2 Decrease liabilities and decrease assets Prepay insurance expense 3 Decrease assets and decrease equity Receive prepayment from customer 4 Decrease assets and increase assets
Required (3) (16 Points)
Record the following transactions for Mouser Pet Foods, Inc.,
Balance Sheet Income Statement
Transaction Cash Asset (+)Noncash Assets(=) Liabilities (+)Contributed Capital(+) Earned Capital Revenues (-) Expenses (=) Net Income Sell stock in company for $78,000 A A (+) (=) (+) (+) (-) (=) Obtain long-term bank loan of $30,000. B B (+) (=) (+) (+) (-) (=) Purchase manufacturing equipment for $20,400 cash. C C (+) (=) (+) (+) (-) (=) Rent manufacturing and warehousing space and pay $34,800 D D (+) (=) (+) (+) (-) (=) Purchase $30,000 of inventory, paying $6,000 in cash and the E E (+) (=) (+) (+) (-) (=) inventory purchased in transaction (e) for $33,900 on account. F F (+) (=) (+) (+) (-) (=) Pay $24,000 to creditors. G G (+) (=) (+) (+) (-) (=) Make loan payment of $4,800 of which interest is $480 and H H (+) (=) (+) (+) (-) (=)
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