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(Horngren, Harrison, Oliver, Accounting - 9th edition)

Assignment 1.1 Handout 1. Match the following accounting terms with their correct definition: TERMS: 1. Accounting Equation 2. Asset 3. Balance Sheet 4. Expense 5. Income Statement 6. Liability 7. Net Income 8. Net Loss 9. Revenue 10. Statement of Cash Flows 11. Statement of Retained Earnings DEFINITIONS: A. An economic resource that is expected to be of benefit in the future B. An economic obligation (a debt) payable to an individual or an organization outside the business C. Excess of total expenses over total revenues D. Excess of total revenues over total expenses E. The basic tool of accounting, stated as Assets = Liabilities + Equity F. Decrease in equity that occurs from using assets or increasing liabilities in the course of delivering goods or services to customers G. Amounts earned by delivering goods or services to customers H. Report of cash receipts and cash payments during a period I. Report of an entity's assets, liabilities, and equity as of a specific date J. Report of an entity's revenues, expenses and net incomeet loss for the period K. Report that shows the changes in retained earnings for a period of time 2. Terry Maness, Inc., publishes a travel magazine. In need of cash, the business asks Metro Bank for a loan. The bank requires borrowers to submit financial statements. With little knowledge of accounting, Terry Maness, the sole shareholder, does not know how to proceed. Requirements R1. Explain how to prepare the balance sheet and the income statement. R2. Which organization is the self-regulating body of accountants that defines pronouncements that guide how the financials will be prepared? R3. Indicate why a lender would require this information. R4. What type of organization is Terry Maness? 1 3. Select financial information for three corporations follows: Requirements R1. Compute the missing amount in the accounting equation for each entity. R2. List in alphabetical order the five main characteristics of a corporation. R3. Which accounting concept tells us that the previous three corporations will continue to exist in the future? 4. Bell Computers, Inc., balance sheet data at May 31, 2010, and June 30, 2010, follow: Requirements R1. Following are three situations about stockholders' investments and dividends of the business during June. For each situation, compute the amount of net income or net loss during June 2010. 5. As the manager of an Aunty Pasta Corporation restaurant, you must deal with a variety of business transactions. Requirement R1. Give an example of a transaction that has each of the following effects on the accounting equation: 2 6. Indicate the effects of the following business transactions on the accounting equation of a Flickster Video store. Transaction (a) is answered as a guide. 7. The analysis of the first eight transactions of Printman Copy & Print Service, Inc., follows. Stockholders made only one investment and there were no dividend payments. Requirements R1. Describe each transaction. R2. If these transactions fully describe the operations of Printman Copy & Print Service during the month, what was the amount of net income or net loss? 8. Eager Beaver, Inc., started 2011 with total assets of $24,000 and total liabilities of $11,000. At the end of 2011, the business's total assets stood at $34,000, and its total liabilities were $17,000. Requirements R1. Did the stockholders' equity of Eager Beaver increase or decrease during 2011? By how much? R2. Identify two possible reasons for the change in stockholders' equity during the year. 3 9. The 2011 annual report of Priority Parcel Service (PPS) reported revenue of $28 billion. Total expenses for the year were $21 billion. PPS ended the year with total assets of $37 billion, and it owed debts totaling $17 billion. At year-end 2010, the business reported total assets of $30 billion and total liabilities of $17 billion. Requirements R1. Compute PPS's net income for 2011. R2. Did PPS's stockholders' equity increase or decrease during 2011? By how much? R3. How would you rate PPS's performance for 2011good or bad? Give your reason. (Challenge) 10. Compute the missing amount for Jones Corporation. You will need to work through total stockholders' equity. Requirements R1. Did Jones earn a net income or suffer a net loss for the year? Compute the amount. R2. Would you consider Jones's performance for the year to be good or bad? Give your reason. 11. Jake's Roasted Peanuts, Inc., supplies snack foods. The business experienced the following events. Requirement R1. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected. 4