Student Name:
Class:
67,700$
53,400$
Total
Common Retained Shareholders’
Stock Earnings Equity
Less: Dividends
Beginning balance
Issuance of common stock
Add: Net income
1,200$ Accounts payable 4,400$
Equipment
Building
Common stock
Retained earnings
Total stockholders’ equity
Supplies
Problem 01-03
McGraw-Hill
Instructor
Income Statement
LONGHORN CORPORATION
Statement of Stockholders’ Equity
LONGHORN CORPORATION
Service Revenue
Expenses:
Cost of goods sold
For the Year Ended December 31, 2021
Assets
Cash
For the Year Ended December 31, 2021
Liabilities
Delivery
Total expenses
Salaries
1,200$ 67,700$
29,000 53,400
Given Data P01-03:
Year end amounts reported:
Cash
LONGHORN CORPORATION
Service revenue
Cost of goods sold
Equipment
Accounts payable
Building
Common stock at beginning of year
Common stock issued during year
Retained earnings at beginning of year
Delivery expense
Salaries expense
Supplies
Salaries payable
Student Name:
Class:
(c) = 6,000$
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
10,000$ 7,000$ 17,000$
(a) 1,100 1,100
Income Statement
Revenues
Beginning balance
Expenses
Salaries
Issuances
Statement of Stockholders’ Equity
Given Data P01-04:
BULLDOG, INC.
Year Ended December 31, 2021
Year Ended December 31, 2021
BULLDOG, INC.
Accounts payable
Common Stock
Retained Earnings
Total liabilities and
Cash
Accounts receivable
Supplies
Equipment
Add: Net Income
Advertising
Utilities
Less: Dividends
Add: Net income
Less: Dividends
Issuance of common stock
Total liabilities and
Total stockholders’ equity
Retained Earnings
Common Stock
Total liabilities
Salaries payable
Accounts receivable
Student Name:
Class:
37,000$
7,000$
Correct!
Total
Common Retained Stockholders’
Stock Earnings Equity
16,000$ 7,300$ 23,300$
4,800$ 2,200$
CORNHUSKER COMPANY
For the Year Ended December 31, 2021
Statement of Stockholders’ Equity
CORNHUSKER COMPANY
For the Year Ended December 31, 2021
Income Statement
Expenses:
Service revenues
Assets
Rent
CORNHUSKER COMPANY
Balance Sheet
December 31, 2021
Balance Sheet
Instructor
Accounts payable
Liabilities
Problem 01-05
McGraw-Hill
Cash
Beginning balance (Jan. 1)
Total expenses
Utilities
Insurance
Salaries
4,800$
7,000
21,000
December 31, 2021
Financial Information
CORNHUSKER COMPANY
Given Data P01-05:
Cash remaining
Rent expense for the year
Land that has been purchased
Retained earnings
Utility expense for the year
Accounts receivable from customers
Insurance expense for the year
Retained earnings at The beginning of the year
Service revenue recognized 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 2021
Salaries owed at the end of the year