ACC 202 CUNY Lehman College Managerial Accounting Worksheet

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Business Finance

ACC 202

CUNY Lehman College

ACC

Description

1. The total assets and total liabilities for a recent year of Apple (AAPL) and Microsoft (MSFT) are shown here.

Apple
(In millions)
Microsoft
(In millions)
Assets$375,319$258,848
Liabilities241,272176,130

Determine the stockholders' equity of each company.

Apple$ million
Microsoft$ million

2. Determine the missing amounts (in millions) for the condensed balance sheets shown below.

Costco
(COST)
Target
(TGT)
Walmart
(WMT)
Assets$36,347

$38,999 $
Liabilities25,268 123,700
Stockholders' equity 11,709 80,822

3. Financial information related to All Seasons Company for the month ended June 30, 20Y7, is as follows

  1. Common stock, June 1, 20Y7$30,000
    Stock issued in June20,000
    Net income for June87,500
    Dividends during June15,000
    Retained earnings, June 1, 20Y7145,000

    Prepare a statement of stockholders' equity for the month ended June 30, 20Y7. If an amount is zero, enter "0".
    All Seasons Company
    Statement of Stockholders' Equity
    For the Month Ended June 30, 20Y7

    Common StockRetained EarningsTotal
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Balances, June 1, 20Y7
    Balances, June 30, 20Y7
    Dividends
    Net income
    Net loss
    $$$
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts Payable
    Cash
    Issuance of common stock
    Rent expense
    Supplies expense
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Balances, June 1, 20Y7
    Balances, June 30, 20Y7
    Miscellaneous expense
    Net income
    Net loss
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts receivable
    Cash
    Dividends
    Supplies
    Wages expense
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Balances, June 1, 20Y7
    Balances, June 30, 20Y7
    Issuance of common stock
    Net income
    Net loss
    $$$
    4. Income Statement
    JLM Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions for August follows:
    Fees earned$2,550,000
    Wages expense1,612,500
    Miscellaneous expense41,250
    Rent expense240,000
    Supplies expense22,500

    Prepare an income statement for the month ended August 31.
    JLM Services
    Income Statement
    For the Month Ended August 31, 20Y5
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Cash
    Fees earned
    Operating expenses
    $
    Operating expenses:
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts payable
    Accounts receivable
    Cash
    Sales expense
    Wages expense
    $
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts payable
    Accounts receivable
    Cash
    Prepaid rent
    Rent expense
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts payable
    Accounts receivable
    Cash
    Supplies
    Supplies expense
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts payable
    Accounts receivable
    Cash
    Miscellaneous expense
    Petty cash
    Total operating expenses
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Net income
    Net loss
    $
    5. Balance Sheets, Net Income
    Financial information related to Montana Interiors for October and November 20Y8 is as follows:
    October 31, 20Y8November 30, 20Y8
    Accounts payable $ 40,000 $ 65,000
    Accounts receivable 75,000 118,000
    Capital stock 60,000 60,000
    Retained earnings ? ?
    Cash 110,000 140,000
    Supplies 15,000 20,000
    a. Prepare balance sheet for Montana Interiors as of October 31, 20Y8.
    Montana Interiors
    Balance Sheet
    October 31, 20Y8
    Assets
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts payable
    Capital stock
    Cash
    Retaining earnings
    $
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts payable
    Accounts receivable
    Capital stock
    Retained earnings
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts payable
    Capital stock
    Retained earnings
    Supplies
    Total assets$
    Liabilities
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts payable
    Accounts receivable
    Capital stock
    Retained earnings
    $
    Stockholders' Equity
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts payable
    Accounts receivable
    Capital stock
    Cash
    $
    THIS IS A DROP DOWN LIST
    PLEASE SELECT THE RIGHT ONE v
    Accounts payable
    Accounts receivable
    Cash
    Retained earnings
    Total liabilities and stockholders' equity$
    Prepare balance sheet for Montana Interiors as of November 30, 20Y8.
    Montana Interiors
    Balance Sheet
    November 30, 20Y8
    Assets
    THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE v Accounts payable Capital stockCashRetained earnings

    $
    THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE vAccounts payable
    Accounts receivable
    Capital stock
    Retained earnings
    THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE vAccounts payable
    Capital stock
    Retained earnings
    Supplies
    Total assets$
    Liabilities
    THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE vAccounts payable
    Accounts receivable
    Capital stock
    Cash
    Retained earnings
    Supplies
    $
    Stockholders' Equity
    THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE vAccounts payable
    Accounts receivable
    Capital stock
    Cash
    $
    THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE vAccounts payable
    Accounts receivable
    Cash
    Retained earnings
    Total liabilities and stockholders' equity$
    b. Determine the amount of net income for November, assuming that no additional capital stock was issued and no dividends were paid during the month.
    $c. Determine the amount of net income for November, assuming that no additional capital stock was issued but dividends of $20,000 were paid during the month.
    $

6. Income Statement, Statement of stockholders’ equity, and Balance Sheet

The amounts of the assets and liabilities of Viva Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $135,000 and the common stock was $45,000 as of October 1, 20Y5, the beginning of the current year. Dividends of $9,000 were paid during the year.

Accounts payable $157,500
Accounts receivable 288,900
Cash 149,400
Common stock 63,000
Fees earned 810,000
Miscellaneous expense 33,300
Rent expense 162,000
Supplies 11,700
Supplies expense 34,200
Taxes expense 27,000
Utilities expense 67,500
Wages expense 382,500

Instructions:

1. Prepare an income statement for the current year ended September 30, 20Y6.

Viva Travel Service
Income Statement
For the Year Ended September 30, 20Y6
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Fees earned
Miscellaneous expense
Rent expense
Supplies expense
Taxes expense
$
Operating expenses:
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Cash
Fees earned
Supplies
Wages expense
$
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts receivable
Cash
Fees earned
Supplies
Rent Expense
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Cash
Fees earned
Supplies
Utilities expense
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts receivable
Cash
Fees earned
Supplies
Supplies expense
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Cash
Fees earned
Supplies
Taxes expense
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts receivable
Cash
Fees earned
Supplies
Miscellaneous expense

Total operating expenses
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Net income
Net loss
$

2. Prepare a statement of stockholders' equity for the current year ended September 30, 20Y6. If an amount is zero, enter "0".

Viva Travel Service
Statement of Stockholders' Equity
For the Year Ended September 30, 20Y6
Common StockRetained EarningsTotal
Balances, Oct. 1, 20Y5$$$
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Cash
Decrease in cash
Increase in cash
Issuance of common stock
Net loss
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Accounts receivable
Cash
Net income
Net loss
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Accounts receivable
Cash
Dividends
Net loss
Balances, Sept. 30, 20Y6$$$

3. Prepare a balance sheet as of September 30, 20Y6.

Viva Travel Service
Balance Sheet
September 30, 20Y6
Assets
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Capital stock
Cash
Retained earnings
Wages expense
$
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Accounts receivable
Capital stock
Rent expense
Retained earnings
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Capital stock
Retained earnings
Supplies
Supplies expense
Total assets$
Liabilities
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Accounts receivable
Capital stock
Retained earnings
Utilities expense
$
Stockholders' Equity
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Accounts receivable
Capital stock
Cash
Taxes expense
$
THIS IS A DROP DOWN LIST

PLEASE SELECT THE RIGHT ONE v

Accounts payable
Accounts receivable
Cash
Miscellaneous expense
Retained earnings
Total liabilities and stockholders' equity$

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Explanation & Answer

Hi,Please find attached the proposed answers.Do not hesitate to contact me if you have questions.Thank you for the opportunity that you give to working with you.Best Regards,

Question 1
Assets (millions)
Liabilities (millions)

Apple
$375,319
$241,872

Microsoft
$258,848
$176,130

Stockholders' Equity

$133,447

$82,718

Costco
$36,347
$25,268
$11,079

Target
$38,999
$27,290
$11,709

Walmart
$204,522
$123,700
$80,822

Common
Stock

Retained
Earnings

Total

$30,000
$20,000

$145,000

$175,000
$20,000
$87,500
($15,000)
$267,500

Question 2
Assets (millions)
Liabilities (millions)
Stockholders' Equity

Question 3
Common stock, June 1, 20Y7
Stock issued in June
Net income for June
Dividends during June
Retained earnings, June 1, 20Y7

$30,000
$20,000
$87,500
$15,000
$145,000

All Seasons Company
...


Anonymous
Awesome! Perfect study aid.

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