Group Assignment

Giving ASK company's information as follows:

Unit: Thousand USD

Accounts	Money
Cash	110,000
Accounts Receivable	13,210
Prepaid insurance	2,600
Prepaid Rent	3,200
Office equipment	9,870
Inventories	14,500
Machineries	40,980
Building	90,000
Note receivable	1,000
Accumulated Depreciation	8,650
Allowance for Doubtful Accounts	1,200
Accounts payable	3,900
Rent payable	9,000
Note payable	3,120
Withdrawals	1,500
Rent revenue received in advance	6,900
Salaries payable	14,500
VAT payable	11,000
Sales	190,000
Fees earned	2,100
Rent revenue	47,650
Salaries expense	10,000
Rent expense	1,080
Utilities Expense	1,250
Supplies expense	980
Insurance Expense	900
Water expense	500
Interest expense	760
Depreciation Expense	7,500
Advertising expense	1,100
Cost of goods sold	90,000
Bad Debts expense	1,200
Miscellaneous expense	240
Contributed Capital	101,350

Request

1. Give 2 examples of assets increasing and assets falling with a specific amount (1 point)

2. Give 2 examples of capital increase and capital decrease with a specific amount (1 point)

3. Give 2 examples of increased assets and increased capital with a specific amount (1 point)

4. Give 2 examples of decreased assets and decreased capital with a specific amount (1 point)

5. Prepare adjusted amounts after doing request 1,2,3,4 (1 point)

6. Perform period-end closing entries (1 point)

7. Prepare statement of changes in Owners Equity (1 point)

8. Prepare balance sheet (clearly identify assets, liabilities and equity) (2 points)

9. Prepare income statement (1 points)