ACC 210 Study Guide - Midterm Guide: Retained Earnings, Income Statement
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17 Aug 2018
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1. Produce a balance sheet for a company that distinguishesbetween current and non-current assets and liabilities.
2. Create a balance sheet from a trial balance.
3. Create a comparison of net income based on different methods ofinventory accounting.
4. Analyze a statement of cash flows and show where each line itemcan be found or calculated from the other financialstatements.
5. Prepare a full analysis of key financial ratios for a companyand state conclusions about the financial strength of the companycompared to industry ratios.
Create a BalanceSheet from the trial balance: | ||||
Debits | Credits | Classification | ||
Cash | 300,000.00 | Current asset | ||
Sales | (10,000,000.00) | Income statement | ||
Cost of Goods Sold | 7,000,000.00 | Income statement | ||
Selling Expenses | 500,000.00 | Income statement | ||
Other income | (50,000.00) | Income statement | ||
Administrative expenses | 350,000.00 | Income statement | ||
Interest Expenses | 12,500.00 | Income statement | ||
Land | 300,000.00 | non-current asset | ||
Building | 2,000,000.00 | non-current asset | ||
Long Term bond payable | (550,000.00) | non-current liability | ||
Accrued Liabilities | (50,000.00) | current- liability | ||
Accumulated Depreciation Buildings | (250,000.00) | non-current asset | ||
Equipment | 750,000.00 | non-current asset | ||
Receivables | 100,000.00 | current asset | ||
Allowance for doubtful accounts | (7,500.00) | current asset | ||
Accumulated depreciation equipment | (125,000.00) | non-current asset | ||
Common Stock | (200,000.00) | equity | ||
Payables | (115,000.00) | current Liability | ||
Inventories | 200,000.00 | current asset | ||
Prepaid Expenses | 50,000.00 | current asset | ||
Retained Earnings | (215,000.00) | equity | ||
11,562,500.00 | (11,562,500.00) |
Assets | Equity and Liabilities | |||||||||
Current Assets | Current Liabilities | |||||||||
Total Current Assets | - | Total Current Liabilities | - | |||||||
Total long term Liabilities | - | |||||||||
Total property plant and equipment | - | |||||||||
Total Equity | - | |||||||||
Total Assets | - | Total Equity and liabilities | - | |||||||
Create a BalanceSheet from the trial balance: | ||||
Debits | Credits | Classification | ||
Cash | 300,000.00 | Current asset | ||
Sales | (10,000,000.00) | Income statement | ||
Cost of Goods Sold | 7,000,000.00 | Income statement | ||
Selling Expenses | 500,000.00 | Income statement | ||
Other income | (50,000.00) | Income statement | ||
Administrative expenses | 350,000.00 | Income statement | ||
Interest Expenses | 12,500.00 | Income statement | ||
Land | 300,000.00 | non-current asset | ||
Building | 2,000,000.00 | non-current asset | ||
Long Term bond payable | (550,000.00) | non-current liability | ||
Accrued Liabilities | (50,000.00) | current- liability | ||
Accumulated Depreciation Buildings | (250,000.00) | non-current asset | ||
Equipment | 750,000.00 | non-current asset | ||
Receivables | 100,000.00 | current asset | ||
Allowance for doubtful accounts | (7,500.00) | current asset | ||
Accumulated depreciation equipment | (125,000.00) | non-current asset | ||
Common Stock | (200,000.00) | equity | ||
Payables | (115,000.00) | current Liability | ||
Inventories | 200,000.00 | current asset | ||
Prepaid Expenses | 50,000.00 | current asset | ||
Retained Earnings | (215,000.00) | equity | ||
11,562,500.00 | (11,562,500.00) |