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HCS 380 Week 1 WileyPLUS (Ex 1-15, Ex Problem 1-3A, Ex 2-1, Ex 2-5, Problem 2-3A) Updated

  • HCS 380 Week 1 WileyPLUS (Ex 1-15, Ex Problem 1-3A, Ex 2-1, Ex 2-5, Problem 2-3A) Updated
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HCS 380 Week 1 WileyPLUS (Ex 1-15, Ex Problem 1-3A, Ex 2-1, Ex 2-5, Problem 2-3A) Updated

 

Complete the assigned exercises in WileyPLUS.

Excel Exercise 1-15
Excel Problem 1-3A
Exercise 2-1
Exercise 2-5
Problem 2-3A
Problem 2-2A

You should see the following assignments that are due for a grade:
Chapter 1 - Excel assignment;
Chapter 2 - Homework assignment – wileyplus prepare excel sheet
Chapter 2 – Problems  -- prepare excel sheet
NOTE:  Assignment must be completed by Due Date.  


E1-15 
Classify items as assets, liabilities, and stockholders' equity, and prepare accounting equation                                                                               
Suppose the following items were taken from the balance sheet of Nike, Inc. (All items are in millions.)                                                                          
                                                                                   
1.         Cash    $2,291.1                      7.         Inventory        $2,357.0         
2.         Accounts receivable    2,883.9                        8.         Income taxes payable  86.3    
3.         Common stock            2,874.2                        9.         Equipment       1,957.7           
4.         Notes payable 342.9               10.       Retained earnings       5,818.9           
5.         Buildings         3,759.9                        11.       Accounts payable        2,815.8           
6.         Mortgage payable       1,311.5                                                           
                                                                                   
Instructions                                                                            
(a)        Classify each of these items as an asset, liability, or stockholders' equity and determine the total                                                              
            dollar amount for each classification.                                                            
(b)        Determine Nike's accounting equation by calculating the value of total assets, total liabilities, and                                                            
            total stockholders' equity.                                                                  
(c )       To what extent does Nike rely on debt versus equity financing?                                                                  
NOTE:  Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?"


P1-3A 
Prepare an income statement, retained earnings statement and balance sheet; discuss results                                                          
On June 1, Hightower Service Co. was started with an initial investment in the company of $22,100 cash.                                                           
Here are the assets, liabilities, and common stock of the company at June 30, and the revenues and                                                          
expenses for the month of June, its first month of operations:                                                          
                                                           
            Cash    $4,600             Notes payable $12,000
            Accounts receivable    4,000               Accounts payable        500
            Service revenue           7,500               Supplies expense         1,000
            Supplies           2,400               Maintenance and repairs expense       600
            Advertising expense   400                  Utilities expense          300
            Equipment       26,000             Salaries and wages expense    1,400
            Common Stock           22,100                        
                                                           
In June, the company issued no additional stock but paid dividends of $1,400.                                                     
                                                           
Instructions                                                    
(a)        Prepare an income statement and retained earnings statement for the month of June and a balance sheet                                       
            at June 30, 2014.                                            
(b)        Briefly discuss whether the company's first month of operations was a success.                                         
(c )       Discuss the company's decision to distribute a dividend.                                         
NOTE:  Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .

 

Exercise 2-1

Classify each of the following financial statement items taken from Mordica Corporation’s balance sheet.

                                                            Accounts payable
                                                            Accounts receivable
Entry field with incorrect answer       Accumulated depreciation—equipment
                                                            Buildings
                                                            Cash
                                                            Interest payable
                                                            Goodwill
                                                            Income taxes payable
                                                            Inventory
                                                             Stock investments (to be
                                                            Land (in use)
                                                            Mortgage payable
                                                            Supplies
                                                            Equipment
                                                            Prepaid rent


Exercise 2-5
http://edugen.wiley.com/edugen/art2/common/pixel.gif

 


These items are taken from the financial statements of Donavan Co. at December 31, 2014.
Buildings
  
$121,035
Accounts receivable
  
14,414
Prepaid insurance
  
3,661
Cash
  
13,545
Equipment
  
94,266
Land
  
70,013
Insurance expense
  
892
Depreciation expense
  
6,063
Interest expense
  
2,974
Common stock
  
68,640
Retained earnings (January 1, 2014)
  
45,760
Accumulated depreciation—buildings
  
52,166
Accounts payable
  
10,868
Notes payable
  
107,078
Accumulated depreciation—equipment
  
21,416
Interest payable
  
4,118
Service revenue
  
16,817


Problem 2-3A

You are provided with the following information for Ramirez Enterprises, effective as of its April 30, 2014, year-end.
Accounts payable
  
$ 868
Accounts receivable
  
918
Accumulated depreciation—equipment
  
670
Cash
  
1,378
Common stock
  
1,224
Cost of goods sold
  
1,094
Depreciation expense
  
301
Dividends
  
359
Equipment
  
2,528
Income tax expense
  
199
Income taxes payable
  
169
Insurance expense
  
244
Interest expense
  
434
Inventory
  
1,075
Land
  
3,208
Mortgage payable
  
3,608
Notes payable
  
169
Prepaid insurance
  
94
Retained earnings (beginning)
  
1,600
Salaries and wages expense
  
666
Salaries and wages payable
  
256
Sales revenue
  
5,208
Stock investments (short-term)
  
1,274
Prepare an income statement for Ramirez Enterprises for the year ended April 30, 2014.

Problem 2-2A

These items are taken from the financial statements of Tresh Corporation for 2014.
Retained earnings (beginning of year)
  
$34,462
Utilities expense
  
2,128
Equipment
  
69,462
Accounts payable
  
23,048
Cash
  
12,343
Salaries and wages payable
  
4,884
Common stock
  
12,000
Dividends
  
12,000
Service revenue
  
71,415
Prepaid insurance
  
5,384
Maintenance and repairs expense
  
1,672
Depreciation expense
  
3,189
Accounts receivable
  
16,448
Insurance expense
  
2,611
Salaries and wages expense
  
40,415
Accumulated depreciation—equipment
  
19,843

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