Davido Digital Solutions

Basic Accounting Class

1. The total assets and total liabilities for a recent year of Company A, Inc. (COAI) and Company B, Inc. (COBI) are shown here.

Determine the stockholders' equity of each company.

a) Company A stockholders’ equity $........ millions

b) Company B stockholders’ equity $........ millions

2. Office Depot, Inc. (ODP) is a leading provider of business services, supplies, products, and technology solutions to small, medium, and enterprise businesses. The following financial statement data were adapted from recent financial statements of Staples:

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

4. JLM Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions for August follows: Fees earned $608,300 Wages expense 310,200 Miscellaneous expense 20,100 Rent expense 60,200 Supplies expense 18,900. Prepare an income statement for the month ended August 31.

5. Financial information related to All Seasons Company for the month ended June 30, 20Y7, is as follows: Common stock, June 1, 20Y7 $54,000 Stock issued in June 50,000 Net income for June 96,270 Dividends during June 10,590 Retained earnings, June 1, 20Y7 734,500 Prepare a statement of stockholders' equity for the month ended June 30, 20Y7. If an amount is zero, enter "0". Enter negative value for dividends.

6. Looney Inc. was organized on July 1, Year 1. A summary of cash flows for July follows. Cash receipts: Cash received from customers $139,200 Cash received from issuing common stock 24,000 Cash received from note payable 14,400 Cash payments: Cash paid out for expenses $79,200 Cash paid out for purchase of equipment 36,000 Cash paid as dividends 4,800 Prepare a statement of cash flows for the month ended July 31, Year 1. Use the minus sign to indicate cash outflows, decreases in cash, or cash payments. If your answer is zero enter "0".

Previous Post Next Post
Davido Digital Solutions