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3.000 Module 7 Assignment #1 Introductory Accounting does not require complex math or complicated procedures. It is important to assign cost figures to their correct place in the key financial documents. This Homework is a two-step process: Place the items listed below into either the Balance Sheet or the Income Statement Item Amounts Balance Sheet Income Statement Example: Trucks (4) $97,000 $97.000 Cash $6,000 Salaries Expense $23,000 Supplies $3,000 Revenue $121,900 Inventory $7,000 ERDOG Advertising Expense $4,000 Common Stock $60,000 Rent Expense $10,000 Depreciation Expense $17,000 Notes Payable $34,400 Accounts Payable $10,000 LLL000 Utilities Expense $3,000 Salaries Payable $6,000 Accounts Receivable $5,000 5.000 Retained Earnings $16,000 Building $120,000 Utilities Payable $1,100 Cost of Goods Sold $55,000 55.000 10.000 D DOG 17.000 4 3.000 . Check your answers using the following formulas: REVENUE - COST OF GOODS SOLD = GROSS PROFIT - OPERATING EXPENSES = NET INCOME (57.000) 00-55.000 = 66400-(23.000 +4.000 + 10.000 + 17.000 +3.000) = 9,400 ASSETS = LIABILITIES + OWNERS EQUITY (OWNER'S EQUITY - RETAINED EARNINGS ENDING BALANCE + COMMON STOCK) Retained Earnings Beginning Balance 16.000 + Net Income (Loss) 9.900 . Dividends Retained Earnings Ending Balance 25.900 Review your assignments. If you have the items in the right places, you should be able to calculate an Owner's Equity of $89,500 and a Gross Profit of $66,900. Be sure to include the Example: Trucks (4) in your calculations. If you don't get those answers, then you've probably got something in the wrong place. 3.000 Module 7 Assignment #1 Introductory Accounting does not require complex math or complicated procedures. It is important to assign cost figures to their correct place in the key financial documents. This Homework is a two-step process: Place the items listed below into either the Balance Sheet or the Income Statement Item Amounts Balance Sheet Income Statement Example: Trucks (4) $97,000 $97.000 Cash $6,000 Salaries Expense $23,000 Supplies $3,000 Revenue $121,900 Inventory $7,000 ERDOG Advertising Expense $4,000 Common Stock $60,000 Rent Expense $10,000 Depreciation Expense $17,000 Notes Payable $34,400 Accounts Payable $10,000 LLL000 Utilities Expense $3,000 Salaries Payable $6,000 Accounts Receivable $5,000 5.000 Retained Earnings $16,000 Building $120,000 Utilities Payable $1,100 Cost of Goods Sold $55,000 55.000 10.000 D DOG 17.000 4 3.000 . Check your answers using the following formulas: REVENUE - COST OF GOODS SOLD = GROSS PROFIT - OPERATING EXPENSES = NET INCOME (57.000) 00-55.000 = 66400-(23.000 +4.000 + 10.000 + 17.000 +3.000) = 9,400 ASSETS = LIABILITIES + OWNERS EQUITY (OWNER'S EQUITY - RETAINED EARNINGS ENDING BALANCE + COMMON STOCK) Retained Earnings Beginning Balance 16.000 + Net Income (Loss) 9.900 . Dividends Retained Earnings Ending Balance 25.900 Review your assignments. If you have the items in the right places, you should be able to calculate an Owner's Equity of $89,500 and a Gross Profit of $66,900. Be sure to include the Example: Trucks (4) in your calculations. If you don't get those answers, then you've probably got something in the wrong place
