ACC 202 CUNY Lehman College Managerial Accounting Worksheet

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1. The total assets and total liabilities for a recent year of Apple (AAPL) and Microsoft (MSFT) are shown here.

Determine the stockholders’ equity of each company.

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

3. Financial information related to All Seasons Company for the month ended June 30, 20Y7, is as follows

1. Common stock, June 1, 20Y7	$30,000
   Stock issued in June	20,000
   Net income for June	87,500
   Dividends during June	15,000
   Retained earnings, June 1, 20Y7	145,000

   Prepare a statement of stockholders’ equity for the month ended June 30, 20Y7. If an amount is zero, enter “0”.

   All Seasons Company
   Statement of Stockholders’ Equity
   For the Month Ended June 30, 20Y7
   	Common Stock	Retained Earnings	Total
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Balances, June 1, 20Y7 Balances, June 30, 20Y7 Dividends Net income Net loss	$	$	$
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts Payable Cash Issuance of common stock Rent expense Supplies expense
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Balances, June 1, 20Y7 Balances, June 30, 20Y7 Miscellaneous expense Net income Net loss
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts receivable Cash Dividends Supplies Wages expense
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Balances, June 1, 20Y7 Balances, June 30, 20Y7 Issuance of common stock Net income Net loss	$	$	$

   4. Income Statement

   JLM Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions for August follows:

   Fees earned	$2,550,000
   Wages expense	1,612,500
   Miscellaneous expense	41,250
   Rent expense	240,000
   Supplies expense	22,500

   Prepare an income statement for the month ended August 31.

   JLM Services
   Income Statement
   For the Month Ended August 31, 20Y5
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Cash Fees earned Operating expenses		$
   Operating expenses:
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Accounts receivable Cash Sales expense Wages expense	$
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Accounts receivable Cash Prepaid rent Rent expense
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Accounts receivable Cash Supplies Supplies expense
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Accounts receivable Cash Miscellaneous expense Petty cash
   Total operating expenses
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Net income Net loss		$

   5. Balance Sheets, Net Income

   Financial information related to Montana Interiors for October and November 20Y8 is as follows:

   		October 31, 20Y8	November 30, 20Y8
   Accounts payable		$ 40,000		$ 65,000
   Accounts receivable		75,000		118,000
   Capital stock		60,000		60,000
   Retained earnings		?		?
   Cash		110,000		140,000
   Supplies		15,000		20,000

   a. Prepare balance sheet for Montana Interiors as of October 31, 20Y8.

   Montana Interiors
   Balance Sheet
   October 31, 20Y8
   Assets
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Capital stock Cash Retaining earnings		$
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Accounts receivable Capital stock Retained earnings
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Capital stock Retained earnings Supplies
   Total assets		$
   Liabilities
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Accounts receivable Capital stock Retained earnings		$
   Stockholders’ Equity
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Accounts receivable Capital stock Cash	$
   THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Accounts receivable Cash Retained earnings
   Total liabilities and stockholders’ equity		$

   Prepare balance sheet for Montana Interiors as of November 30, 20Y8.

   Montana Interiors
   Balance Sheet
   November 30, 20Y8
   Assets
   THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE v Accounts payable Capital stockCashRetained earnings		$
   THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE vAccounts payable Accounts receivable Capital stock Retained earnings
   THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE vAccounts payable Capital stock Retained earnings Supplies
   Total assets		$
   Liabilities
   THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE vAccounts payable Accounts receivable Capital stock Cash Retained earnings Supplies		$
   Stockholders’ Equity
   THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE vAccounts payable Accounts receivable Capital stock Cash	$
   THIS IS A DROP DOWN LISTPLEASE SELECT THE RIGHT ONE vAccounts payable Accounts receivable Cash Retained earnings
   Total liabilities and stockholders’ equity		$

   b. Determine the amount of net income for November, assuming that no additional capital stock was issued and no dividends were paid during the month.
   $c. Determine the amount of net income for November, assuming that no additional capital stock was issued but dividends of $20,000 were paid during the month.
   $

6. Income Statement, Statement of stockholders’ equity, and Balance Sheet

The amounts of the assets and liabilities of Viva Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $135,000 and the common stock was $45,000 as of October 1, 20Y5, the beginning of the current year. Dividends of $9,000 were paid during the year.

Instructions:

1. Prepare an income statement for the current year ended September 30, 20Y6.

Viva Travel Service
Income Statement
For the Year Ended September 30, 20Y6
THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Fees earned Miscellaneous expense Rent expense Supplies expense Taxes expense		$
Operating expenses:
THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Cash Fees earned Supplies Wages expense	$
THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts receivable Cash Fees earned Supplies Rent Expense
THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts payable Cash Fees earned Supplies Utilities expense
THIS IS A DROP DOWN LIST PLEASE SELECT THE RIGHT ONE v Accounts receivable Cash Fees earned Supplies Supplies expense	Order a similar assignment, and have writers from our team of experts write it for you, guaranteeing you an A Similar Posts Uncategorized University of Kentucky Building and Construction & Material Added to Concrete that Creates Adhesive Exam Description QUESTION 1 Name four types of specialized concrete. QUESTION 2 Concrete is made of several different materials. What is the… Uncategorized WU Risk for Falls in Patients in the Postoperative Period Article Discussion Description The improvement project in Fall Prevention in the Post-op patient. Analysis of Existing Evidence Complete a review of current nursing… Uncategorized                msg = msg5; Uncategorized CC Job Listing Planning Question Description Your task is to choose a current article (published in the last five (5) years) or from one of the… Uncategorized Florida National University when Transfer Backfires Case Study Questions Description PS: 6 pages of content, not including presentation and references pages. Your Life Skills – Case Analysis relates to chapter… Uncategorized Washington State University Psychology of Women Quarterly Discussion Description Missed Attendance Make-Up Assignment InstructionsIn order to provide flexibility during these strange times, I am offering an assignment that will…