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Posted: February 21st, 2022
Finance
FINANCE 305 Week 5 Homework Assignment
Name: _______________________________ Date: ___________
On a separate spreadsheet, do the following. Make sure the right amount is shown on the excel spreadsheet.
1. Given the following data, prepare an appropriate balance sheet.
Assets include: Case – $2,973
Accounts receivable – $1,118
Merchandise inventory – $17,476
Equipment – $16,951
Liabilities include:
Accounts payable – $2,417
Wages payable – $884
Mortgage note payable – $15,000
Owner’s capital is $23,000
2. Given the following data, complete the income statement using the following information:
Gross sales: $25,283
Returns and allowances: $492
Cost of beginning inventory: $5,384
Cost of purchases: $18,923
Cost of ending inventory: $5,557
Total operating expense: $3,750