ACCT 503 Week 1 Homework (E117A E129B E22A E123A E124A)

ACCT 503 Week 1 Homework (E117A E129B E22A E123A E124A)

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This Tutorial contains Excel Files which can be used to solve for any values (your Question may have different company name or values, but that can be solved using Excel file)

 

 

 

E 1-17A

 

CoffeeShop Doughnuts has current assets of $280 million; property, plant, and equipment of $430 million; and other assets totaling $170 million. Current liabilities are $170 million and long-term liabilities total $300 million.

 

1.         Use these data to write CoffeeShop Doughnuts’ accounting equation.

 

                                                          

 

2.         How much in resources does CoffeeShop have to work with?

 

                                                           

 

3.         How much does CoffeeShop owe creditors?

 

                                                          

 

4.         How much of the company’s assets do the CoffeeShop stockholders actually own?

 

 

 

 

 

E1-29B

 

Assume Chen, Inc., is expanding into France.

 

 

 

 

 

The company must decide where to locate and how to finance the expansion.

 

Requirement

 

Identify the financial statement where these decision makers can find the following information about Chen, Inc. In some cases, more than one statement will report the needed data.

 

a. Net income

 

b. Current liabilities

 

c. Cash spent to acquire the building    

 

d. Adjustments to reconcile net income to net cash provided by operations

 

e. Selling, general, and administrative expenses

 

 

 

f. Ending cash balance

 

 

 

g. Ending balance of retained earnings

 

h. Income tax expense

 

i. Long-term debt

 

 

 

j. Revenue

 

k. Total assets

 

l. Dividends

 

m. Income tax payable

 

n. Common stock

 

 

 

 

 

 

 

 

 

E1-22A (similar to)

 

Assume the Carter Coffee Roasters Corp. ended the month of  August 2015  with these data:

 

 

 

Requirement

 

1.         Prepare the income statement and the statement of retained earnings of

 

Carter Coffee Roasters Corp., for the month ended August 31,2015

 

 

 

Prepare the income statement.

 

Start with the heading and then complete the rest of the statement.

 

 

 

 

 

 

 

Part 1

 

Carter Coffee Roasters Corp.

 

 

 

Income Statement

 

 

 

 

 

For the Month Ended August 31, 2015

 

 

 

 

 

 

 

 

 

 

 

E1-23A (similar to)

 

Assume the Ebert Coffee Roasters Corp. ended the month of August 2015

 

with these data:

 

 

 

Requirement

 

1.         Prepare the balance sheet of Ebert Coffee Roasters Corp., for August 31, 2015.

 

 

 

 

 

First prepare the balance sheet header, then complete the assets section of the statement and finally complete the liabilities and stockholders' equity section of the statement.

 

 

 

 

 

E1-24A (similar to)

 

Assume the Earl Coffee Roasters Corp. ended the month of August 2015

 

with this data:

 

 

 

 

 

Requirement

 

1.         Prepare the statement of cash flows of Earl Coffee Roasters Corp., for the month ended August 31,

 

2015.

 

Explain the relationship among the income statement, statement of retained earnings,

 

 

 

balance sheet, and statement of cash flows.

 

 

 

Explain the relationship among the income statement, statement of retained earnings, balance sheet, and statement of cash flows.

 

Net income on the statement of retained earnings comes directly from the

 

income statement

 

.

 

Ending retained earnings on the

 

balance sheet

 

 

 

comes directly from the

 

statement of retained earnings

 

.

 

Ending cash on the

 

statement of cash flows

 

 

 

is reported on the

 

balance sheet

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