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MBA-510 Fall 2017 Professor: Aaron M. Williamson Jr. Thursday, October 12, 2017 Due: Saturday, October 14, 2017 27 Points(25 Regular + 2 Bonus) Name:_______________________________________ Date:_________________________________________ 11:00 PM Hawaii Standard Time Quiz #1 Matching 1) A business that provides a good or service to customers, generates _________. 2) On January 1, 2012 Gamers Club Incorporated pays Rectify Realtor $10,000 in cash for the use of an office building through May 31, 2012. What type of account other than cash would Rectify Realtor need to recognize on January 1, 2012 from this transaction. 3) What specific owners equity account does dividends reduce. 4) Seize Supplier Incorporated allows Core Construction Company to purchase an electric hammer on credit(i.e. no cash is exchanged). What account other than equipment would Core Construction Company need to recognize from this transaction on the date of purchase. 5) These short term asset are purchased by an organization at wholesale prices specifically to be resold to customers at retail to generate revenue for the organization. 6) On January 1, 2012 Gamers Club Incorporated pays Rectify Realtor $10,000 in cash for the use of an office building through May 31, 2012. What type of account other than cash would Gamers Club Incorporated need to recognize on January 1, 2012 from this transaction.(Note-not the same as "2", please read carefully) A) B) C) D) F) G) H) Loss Contributions Accounts Payable Revenue Inventory Cash Common Stock I) J) K) L) M) N) O) Gain Prepaid Expenses Unearned Revenue Retained Earnings Cost of Goods Sold Capital Stock Earnings Page(2 of 4) Primary Account Classification & Income Statement, Statement of Retained Earnings and Balance Sheet Preparation The following financial data was taken from The Grill Masters Corporations 2013 Financial Statements: 1.) In the column to the left of the Financial Data Table identify what type of primary account the subaccounts listed in the table fall under; [A]-Assets, [L]-Liabilities, [OE]-Owners Equity, [R]-Revenue, [E]-Expenses, [G]-Gains or [LO]-Losses. Financial Data Table: Salary & Wages Expense...................................... Utilities Expense................................................ Cash............................................................. Accounts Payable.............................................. Depreciation Expense.......................................... Inventory........................................................ Accounts Receivable........................................... Utilities Payable................................................. Cost of Goods Sold........................................... Equipment....................................................... Administrative Expense........................................ Sales Revenue.................................................. Common Stock(i.e. Capital Stock)........................... Income Tax Expense(38% Tax bracket)...................... Interest Expense................................................ Loss on Sale of Fabricating Machine.......................... Dividends....................................................... Interest Payable................................................. Bond Payable(10 Year Bond)................................. January 1, 2013 Retained Earnings............................ Manufacturing Facility.......................................... Primary Account $1,765,000 $28,550 $16,725,000 $65,000 $65,000 $205,000 $485,000 $10,145 $3,875,000 $7,345,100 $765,000 $12,755,250 $2,399,590 $2,358,280 $37,500 $13,200 $1,588,820 $881,265 $11,750,200 $22,395,000 $15,000,000 OE - Withdrawal Page(3 of 4) 2.) Using the financial data for The Grill Masters Incorporated prepare complete the Income Statement, Statement of Retained Earnings and Balance Sheet that follow: The Grill Masters Incorporated Income Statement Year Ending December 31, 2013 Sales Revenue $ $ $ Gross Profit Operating Expenses: $ $ $ $ Total Operating Expenses $ Net Operating Income Other Revenue/Gains (Expenses/Losses): $ $ Total Other Revenue/Gains(Expenses/Losses) $ Income Before Taxes $ $ Net Income $ $ The Grill Masters Incorporated Statement of Retained Earnings Year Ending December 31, 2013 Beginning Retained Earnings Subtotal Ending Retained Earnings $ $ $ $ $ Page(4 of 4) The Grill Masters Incorporated Balance Sheet Year Ending December 31, 2013 Assets: Current Assets: $ $ $ Total Current Assets $ Non-Current Assets: $ $ Total Non-Current Assets $ Total Assets $ Liabilities & Owners Equity: Short-Term Liabilities: $ $ $ Total Short-Term Liabilities $ Long-Term Liabilities: $ Total Long-Term Liabilities $ Total Liabilities $ Owners Equity: $ $ Total Owners Equity Total Liabilities & Owners Equity $ $