* READ CHAPTER ONE OF Survey of Accounting, 9th Edition, by Carl S. Warren and Amanda G. Farmer *

Answer Exercises 11, 12, and 15 at the end of the chapter.

E-11

Based on the data presented in Exercise 1-10, identify those items that would appear on the income statement.

E-12

Identify each of the following items as (a) an asset, (b) a liability, (c) revenue, (d) an expense, or (e) a dividend:

1. Amounts due from customers

2. Amounts owed to suppliers

3. Cash on hand

4. Cash paid to stockholders

5. Cash sales

6. Equipment

7. Note payable owed to the bank

8. Rent paid for the month

9. Sales commissions paid to salespersons

10. Wages paid to employees

E-15

One item is omitted in each of the following summaries of balance sheet and income statement data for four different corporations, AL, CO, KS, and MT.

	AL	CO	KS	MT
Beginning of the year:
Assets	$400,000	$300,000	$550,000	$ (d)
Liabilities	200,000	130,000	325,000	350,000
End of the year:
Assets	800,000	460,000	660,000	1,200,000
Liabilities	450,000	110,000	360,000	700,000
During the year:
Additional issue of capital stock	(a)	50,000	100,000	100,000
Dividends	50,000	20,000	(c)	90,000
Revenue	175,000	(b)	115,000	420,000
Expenses	65,000	70,000	130,000	480,000

Determine the missing amounts, identifying them by letter. [Hint: First determine the amount of increase or decrease in stockholders equity during the year.]