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MBA560 Financial and Managerial Accounting: Module 1 Test (2 Problems)




Module 1 Test;Problem 1.;At the beginning of 2010, Gonzales Company's accounting records had the;general ledger accounts and balances shown in the table below. During 2010, the;following transactions occurred;1. Received $80,000 cash for providing services to customers;2. Paid rent expense, $10,000;3. Purchased land for $9,000 cash;4. Paid $5,000 on note payable;5. Paid operating expenses, $52,000;6. Paid cash dividend, $6,000;Required;1) Record the transactions in the appropriate general ledger accounts.;Record the amounts of revenue, expense, and dividends in the Retained Earnings;column, providing appropriate titles for these accounts in the last column of;the table.;2) What is the amount of total assets as of December 31, 2010?;3) What is the amount of total stockholders' equity as of December 31;2010?;Problem 2.;Given are the amounts of assets, liabilities, owner?s equity, revenues;and expenses of AQUA Inc. at 12/31/10. The beginning amount of Retained;Earnings at 1/1/10 was $20,000, and during the year Dividends of $60,000 were;taken out by the owners of Aqua Inc.;Accounts Payable 59,000 Land 78,000;Accounts Receivable 15,000 Unearned Revenue 45,000;Advertising Expense 13,000 Utilities Expense 5,000;Building 160,000 Rent Expense 13,000;Cash 140,000 Operating Expenses 23,000;Supplies 10,000 Common Stock 240,000;Salary payable 2,000 Accumulated Depreciation 10,000;Prepaid Insurance Expense 20,000 Service Revenue 170,000;Interest Expense 9,000 Retained Earnings?Prepare the year-end Balance Sheet and Income Statement for AQUA LLP at;the end of the year. (Include Correct Headings)


Paper#37678 | Written in 18-Jul-2015

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