Hi there, I have this HW due tomorrow but between work and having to move I had no time this week. I need help with the last 4 questions, I already did the 1st 2 questions.

Thank you very much for your help.

1. Classifying B/S Accounts Classify each of the following accounts as it would be reported on a B/S (CA=current asset, CL=current liability, SE=stockholders' equity, NCA=noncurrent asset, NCL=noncurrent liability): Account Classification Wages payable CL Accounts payable CL Accounts receivable CA Buildings NCA Cash CA Common stock SE Income taxes payable CL Land NCA Equipment NCA Notes payable due in 6 months CL Retained earnings SE Supplies CA 2. Reporting a Classified B/S Based on the transactions of Spotlighter Inc., for the month of January, listed in M2-9 in p.76 of our textbook, prepare a classified B/S for Spotlighter Inc. as of January 31, 2015: Spotlighter Inc Balance Sheet As of January 31, 2015 Assets Liabilities Current Assets: Current Liabilities: Cash $8070 Accounts Payable $700 Supplies $1000 Notes Payable $ 4740 Total Current Assets $9070 Total Current Liabilities $5440 Property, Plant and Equipment Total Assets Stockholders' Equity Common Stock $1000 $10070 Total Liabilities & Stockholders' Equity $4630 $10070 3. B/S Effects of Transactions Analyze the accounting equation effects of the following transactions using the example (a): (a) Construction Company received $70,000 cash invested by owners and issued common stock. (b) Bought a field by paying $60,000 cash. It is estimated to be worth $65,000. (c) Lumber supply was delivered. Normal price is $10,000 but the supplier gave 10% discount. Construction Company hasn't yet received the $9,000 bill from the supplier. (d) Borrowed $25,000 from the bank. The loan must be repaid in two years. (e) One owner sold $10,000 worth of his common stock to another shareholder for $11,000. Assets (a) (b) (c) (d) (e) Cash Land = + 70,000 +60,000 Liabilities Cash + Stockholders' Equity Common Stock + 70,000 -60,000 4. Ordering Current Assets and Current Liabilities within a B/S Using the following description, prepare a classified Balance Sheet at September 30 for AAA Corp: Account Balance Description Accounts Payable $ 2,000 Due in 30 days Cash $ 1,800 Common Stock Equipment Land Note Payable (long-term) Retained Earnings Salaries and Wages Payable Supplies 30,000 38,000 18,900 25,000 Due in 6 years 3,000 Total earnings through Sep 30 200 Due in 7 days 1,500 5. Preparing a Classified B/S The following accounts are taken from the financial statements of Facebook Inc. at September 30, 2013 (Amounts are in millions): Accounts Payable $ 700 Cash $ 3,100 Common Stock 10,400 Equipment 2,700 Income Tax Expense 300 Interest Expense 50 Note Payable (long-term) 900 Notes Payable (short-term) 300 Prepaid Rent 1,100 Retained Earnings 2,600 Service Revenue 5,300 Short Term Investments 6,300 Software 1,700 Prepare a classified B/S at September 30, 2013. 6. Impact of Transactions on the Current Ratio AAA Corp. has current assets of $1,000,000 and current liabilities of $500,000, resulting in a current ratio of 2.0. For each of the following transaction, determine if the current ratio will increase, decrease or remain the same. Consider each transaction independent of the others. (a) Purchased $20,000 of supplies on credit. (b) Paid Accounts Payable in the amount of $50,000. (c) Recorded $100,000 of cash contributed by a stockholder for common stock. (d) Borrowed $250,000 from a local bank, to be repaid in 90 days. NOTE: Debit and credit confuse many students. Just think of debit and credit as left and right. Luckily, credit has an "R" for right. Asset items show on the left side of the B/S, hence increase in asset item is recorded on the left, i.e, the debit. Decrease in asset will be on the right hand side. Liability and equity items are credit items, and increase of L or SE shows up on the right. Again, decrease in L or SE item will show up on the left side. An example, ABC Corp pays cash $500 for supplies. 1. You know cash is asset, and so is supply. Remember assets are "left" side items. 2. Supplies (as an asset item) increases, so it goes to the left side of journal, T-account and B/S. 3. Cash decreases, so it goes to right side. Result in the Journal Supplies 500 Cash 500 Result in T-accounts Cash |500 | | | Supplies 500 | | | |