Name:
Section:
Score: 0%
Key Code:
1.
Revenues:
Expenses:
2.
Retained earnings, January 1, Year 1
3.
Problem 1-5
Instructions
2
Answers are entered in the cells with gray backgrounds.
CASSANDRA CORPORATION
Income Statement
For the Year Ended December 31, Year 1
CASSANDRA CORPORATION
Retained Earnings Statement
For the Year Ended December 31, Year 1
CASSANDRA CORPORATION
Balance Sheet
December 31, Year 1
Assets
Total assets
Total liabilities
4.
Cash flows from operating activities:
Net cash flows from operating activities
CASSANDRA CORPORATION
Statement of Cash Flows
For the Year Ended December 31, Year 1
Liabilities
Name:
Section:
Score:
Scoring: ON
1.
Revenues:
Sales 800,000$
Expenses:
2.
Retained earnings, January 1, Year 1 –$
Add net income 230,000$
3.
Cash 40,000$
Accounts receivable 110,000
Instructions
Answers are entered in the cells with gray backgrounds.
Problem 1-5
SOLUTION
See student sheet for student’s score.
Retained Earnings Statement
For the Year Ended December 31, Year 1
CASSANDRA CORPORATION
Balance Sheet
CASSANDRA CORPORATION
Income Statement
For the Year Ended December 31, Year 1
CASSANDRA CORPORATION
December 31, Year 1
Assets
Total assets 530,000$
Accounts payable 20,000$
Income taxes payable 8,000
Note payable (due in ten years) 50,000
Total liabilities 78,000$
4.
Cash flows from operating activities:
Cash receipts from operating activities 690,000$
Cash payments for operating activities (657,000)
Net cash flows from operating activities 33,000$
CASSANDRA CORPORATION
Statement of Cash Flows
For the Year Ended December 31, Year 1
Liabilities
Name:
Section:
Score: 0%
Key Code:
COIL COMPANY
Retained Earnings Statement
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Exercise 1-13
Instructions
2
A red asterisk (*) will appear in the column to the right of an incorrect answer.
Name:
Section:
Score:
Scoring: ON
Instructions
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Exercise 1-13
SOLUTION
See student sheet for student’s score.
A red asterisk (*) will appear in the column to the right of an incorrect answer.
Name:
Section:
Score: 0%
Key Code:
Fees earned
Operating expenses:
MOONLIGHT SERVICES
Income Statement
For the Month Ended February 28, 20Y5
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Exercise 1-14
Student
Instructions
2
Name:
Section:
Score:
Scoring: ON
Fees earned 925,000$
Operating expenses:
Wages expense 400,000$
Income Statement
For the Month Ended February 28, 20Y5
Instructions
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Exercise 1-14
SOLUTION
See student sheet for student’s score.
MOONLIGHT SERVICES
Name:
Section:
Score: 0%
Key Code:
a.
Cash
Accounts receivable
Cash
Accounts receivable
Supplies
Total assets
November 30, 20Y8
Exercise 1-16
Assets
Instructions
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A red asterisk (*) will appear in the column to the right of an incorrect answer.
2
MONTANA INTERIORS
Balance Sheet
October 31, 20Y8
Assets
MONTANA INTERIORS
Balance Sheet
Total liabilities and stockholders’ equity
b.
Retained earnings, November 30
Retained earnings, October 31
Name:
Section:
Score:
Scoring: ON
a.
Cash 110,000$
Accounts receivable 75,000
Supplies 15,000
Total assets 200,000$
Accounts payable 40,000$
Supplies 20,000
Total assets 278,000$
Accounts payable 65,000$
Liabilities
Stockholders’ Equity
MONTANA INTERIORS
Balance Sheet
October 31, 20Y8
Assets
Liabilities
Instructions
Answers are entered in the cells with gray backgrounds.
Exercise 1-16
SOLUTION
See student sheet for student’s score.
MONTANA INTERIORS
Balance Sheet
Assets
b.
Retained earnings, November 30 153,000$
Retained earnings, October 31 100,000
Net income 53,000$
Name:
Section:
Score: 0%
Key Code:
Cash flows from operating activities:
Net cash flows from operating activities
For the Month Ended July 31, Year 1
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A red asterisk (*) will appear in the column to the right of an incorrect answer.
LOONEY INC.
Exercise 1-20
Instructions
2
Statement of Cash Flows
Name:
Section:
Score:
Scoring: ON
Cash flows from operating activities:
Cash received from customers 600,000$
Cash payments for expenses 380,000
Net cash flows from operating activities 220,000$
Cash flows from investing activities:
Cash payment for purchase of equipment (95,000)
Exercise 1-20
SOLUTION
See student sheet for student’s score.
Instructions
Answers are entered in the cells with gray backgrounds.
LOONEY INC.
Statement of Cash Flows
For the Month Ended July 31, Year 1