The University of Texas at Austin

McCombs School of Business

Foundations of Accounting $($ACC $310$F$)$

Assignment $1$ on FS and AIS

Once you have completed the assignment below, you must submit your answers using the answer sheet provided in Canvas; not all answers will be turned in$.$ Once submitted, your answers cannot be changed, but where appropriate, partial credit will be given. For future reference, you should keep a copy of your answers $($outside of Canvas$)$ as they will not be available to view given the nature of the grading process.

The Lowe Company was founded in $2019$; since then, the company has been fairly successful; however, in an effort to save some money, the president has been keeping track of the financial records rather than hiring a professional accountant. Although some data is missing, a comparative report of year$-$end account balances appears below; all numbers are as of December ${31}^{st}$ unless noted otherwise.

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