FINANCE305 Week 5 Homework Assignment
Question # 00818888
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Updated on: 02/09/2022 09:41 PM Due on: 02/10/2022
FINANCE 305 Week 5 Homework Assignment
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
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Solution: FINANCE305 Week 5 Homework Assignment