Student Name:
Class:
Requirement 3:
Total
BRI’S SWEETS
Contributed Retained Stockholders’
Assets
Current assets:
Cash 23,080$
Accounts receivable 170
Merchandise inventory 3,090
Statement of Stockholders’ Equity (unadjusted)
BRI’S SWEETS
McGraw-Hill/Irwin
Instructor
Income Statement (unadjusted)
Problem 03-04
BRI’S SWEETS
for the Month Ended February 28, 2011
for the Month Ended February 28, 2011
Revenues:
Expenses:
Student Name:
Class:
McGraw-Hill/Irwin
Instructor
Problem 03-04
Total Liabilities 15,950
Stockholders’ Equity Correct!
Student Name:
Class:
McGraw-Hill/Irwin
Instructor
Problem 03-04
Requirement 5: 2012 2013
Total Asset Turnover 1.88 1.36
Correct! Correct!
Evaluation of ratio and promotion decision:
The ratio for 2013 is lower than it otherwise would have been given Brianna’s decision to open
a second store. The loans and inventory purchases required have increased the average total
Transactions during February, 2011:
(a) 27,600$
(b) 1,880
(c) 5,500
(d) 1,430
(e) 11,000
(f) 2,750
(m) 2,400
1,210
2013 2012 2011
Total assets 88,000$ 49,500$ 38,500$
Given Data P03-04:
BRI’S SWEETS
Purchased candy on account, due in 60 days
Monthly rent on store (paid 3 months)
Shareholder’s contributions received; stock issue
Purchased supplies for cash
Data available after 3 years in business
Balance of bank loan used
Purchased computer using bank loan
Negotiated two-year bank loan
Cost of goods sold
Cash sales
Paid for repair on display case
Collected accounts receivable
Incurred and paid employee wages
Paid cash on accounts payable
Cost of candy sold
Balance of total sales on credit
Total sales on Valentine’s Day
Paid cash for advertisement
Student Name:
Class:
Operating Activities
Cash received from customers 5,230$
Total cash used in operating activities (4,520)
Investing Activities
Financing Activities
Purchased equipment (11,000)
Problem 03-05
McGraw-Hill/Irwin
Instructor
For the Month Ended February 28, 2011
Statement of Cash Flows
BRI’S SWEETS
Transactions during February, 2011:
Cash sales
Cost of goods sold
Paid cash on accounts payable
Incurred and paid employee wages
Collected accounts receivable
Paid for repair on display case
(a) 27,600$
?
(g) 500
(h) 3,000
2,675
?
1,200
2013 2012 2011
Total assets 88,000$ 49,500$ 38,500$
Total liabilities 49,500 22,000 16,500
Total stockholde
38,500 27,500 22,000
Total sales 93,500 82,500 55,000
Given Data P03-05:
BRI’S SWEETS
Shareholder’s contributions received; stock issue
Sales in cash
Balance of total sales on credit
Cost of candy sold
to purchase furniture and fixtures
Paid cash for advertisement
Total sales on Valentine’s Day
Data available after 3 years in business
Purchased candy on account, due in 60 days
Purchased supplies for cash
Negotiated two-year bank loan
Purchased computer using bank loan
Monthly rent on store (paid 3 months)
Balance of bank loan used
Student Name:
Class:
Requirement 3:
Revenues:
Delivery service revenue 22,167$
Expenses:
Correct!
Total
Contribute Retained Stockholders’
Capital Earnings Equity
Beginning, May 31, 2011 492$ 5,827$ 6,319$
for the Year Ended May 31, 2012
Statement of Stockholders’ Equity (unadjusted)
FedEx
Problem 03-06
McGraw-Hill/Irwin
Instructor
Income Statement (unadjusted)
FedEx
(in millions)
for the Year Ended June 30, 2010
(in millions)
Student Name:
Class:
Problem 03-06
McGraw-Hill/Irwin
Instructor
Assets
Current assets:
Cash 673$
Receivables 905
Total assets 16,238$
Correct!
Liabilities and Stockholders’ Equity
Total liabilities and shareholders’ equity 16,238$
Current liabilities:
Accounts payable 51$
At May 31, 2012
(in millions)
Balance Sheet (unadjusted)
FedEx
Student Name:
Class:
Problem 03-06
McGraw-Hill/Irwin
Instructor
Cash Flows from Operating Activities
Cash received from customers 22,424$
Correct!
Cash Flows from Investing Activities
None
Cash Flows from Financing Activities
Increase in cash 313
Proceeds from Repayment of long-term debt (18)
Correct!
Requirement 4:
Total Asset Turnover 1.50
Correct!
Evaluation of ratio:
The asset turnover ratio suggests that the company obtained $1.50 in sales for
FedEx
(in millions)
for the Year Ended May 31, 2012
Statement of Cash Flows
FedEx
Property and equipment (net) 8,362$
Retained earnings 5,827
Receivables 1,162
Other current assets 1,196
Cash 360
Spare parts, supplies, and fuel 294
Other noncurrent liabilities 3,513
Other current liabilities 297
f . Repaid on long-term note 18
g. Issued additional stock 16
h. Paid employees 10,031
i. Paid for fuel used 5,348
Given Data P03-06:
(in millions of dollars)
July 1, 2009 to June 30, 2010 transactions
(in millions of dollars)
from May 31, 2011 Annual Report
Account Balances
FedEx
Student Name:
Class:
Problem 03-07
Requirement 1:
Cash
Cash
Accounts payable
Accounts payable
Accounts payable
Selling, general and admin. expenses
Cash
Accommodations revenue
Interest expense
Cash
Date Account Debit Credit
90,626 <-Correct!
(e) 83,841
83,841 <-Correct!
(f) 72,910
1,139
Cash
Accounts receivable
Cash
McGraw-Hill/Irwin
Instructor
General Journal
CEDAR FAIR, L.P.
Food and merchandise inventory
Property and equipment
Cash
Cash
Cash
Admissions revenue
Operating expenses
Cash
Accounts payable
Notes payable
Food, merchandise & games revenue
Cost of goods sold
Student Name:
Class:
Problem 03-07
McGraw-Hill/Irwin
Instructor
Requirement 2:
Operating,
Investing, Direction
Financing and Amount
Transaction Effect of the Effect
(a) O 566,266
Correct! Correct!
(b) O (412,200)
Cash Flow Analysis
CEDAR FAIR, L.P.