Student Name:
Class:
67,700$
Total
Common Retained Shareholders’
Stock Earnings Equity
Issuance of common stock
Add: Net income
Less: Dividends
40,000$ 18,200$ 58,200$
Cash
Supplies
Common stock
Retained earnings
Accounts payable
Salaries payable
Total liabilities
Equipment
Building
Beginning balance
LONGHORN CORPORATION
Income Statement
LONGHORN CORPORATION
Statement of Stockholders’ Equity
LONGHORN CORPORATION
Service Revenue
Problem 01-03
McGraw-Hill
Instructor
Delivery
Total expenses
Cost of goods sold
Salaries
Given Data P01-03:
LONGHORN CORPORATION
Common stock at beginning of year
Common stock issued during year
Retained earnings at beginning of year
Delivery expense
Salaries expense
Salaries payable
Year end amounts reported:
Accounts payable
Service revenue
Cost of goods sold
Student Name:
Class:
(c) = 6,000$
Correct!
Problem 01-04
McGraw-Hill
Instructor
On the Statement of Stockholders’ Equity:
Suggested order of calculation:
From (e), (f), and (g):
From total assets:
From Statement of Stockholders’ Equity:
Total
Common Retained Stockholders’
39,000$ Stock Earnings Equity
4,000$ (d)
Common Stock
Retained Earnings
Total liabilities and
Accounts receivable
Supplies
Equipment
Given Data P01-04:
BULLDOG, INC.
BULLDOG, INC.
Balance Sheet
Assets
Liabilities
Statement of Stockholders’ Equity
Income Statement
Revenues
BULLDOG, INC.
Accounts payable
Cash
Advertising
Utilities
Less: Dividends
Beginning balance
Expenses
Salaries
Issuances
Issuance of Common stock
Add: Net income
Less: Dividends
Insurance
Salaries
Rent
Total expenses
Utilities
Student Name:
Class:
37,000$
Total
Common Retained Stockholders’
Stock Earnings Equity
4,800$ 2,200$
Common Stock
Total liabilities and
Total stockholders’ equity
Retained Earnings
Instructor
Accounts payable
Stockholders’ Equity
Liabilities
Problem 01-05
McGraw-Hill
Cash
December 31, 2018
Balance Sheet
CORNHUSKER COMPANY
Balance Sheet
CORNHUSKER COMPANY
For the Year Ended December 31, 2018
Statement of Stockholders’ Equity
CORNHUSKER COMPANY
For the Year Ended December 31, 2018
Income Statement
Service revenues
Assets
Total liabilities
Salaries payable
Accounts receivable
4,800$
7,000
Cash remaining
Rent expense for the year
December 31, 2018
Financial Information
CORNHUSKER COMPANY
Given Data P01-05:
Accounts receivable from customers
Insurance expense for the year
Balance of retained earnings at beginning of 2018
Service revenue earned during the year
Salary expense for the year
Accounts payable to suppliers
Dividends paid to shareholder during the year
Common stock that has been issued prior to 2018
Salaries owed at the end of the year
Retained earnings
Utility expense for the year