University Of Pennsylvania Operations And Supply Chain Management Assignment Help - Accounting Basics

Question - Accounting Basics for Managers Problem 1: Listed below are a number of financial
statement captions. Indicate in the spaces to the right of each caption (1) the category of each
item, and (2) the financial statement(s) on which the item can usually be found. Problem
2: At the beginning of the current fiscal year, the balance sheet of Arches Co. showed
liabilities of $380,000. During the year liabilities increased by $10,000, assets increased by
$55,000, and paid-in capital increased $20,000 to $165,000. Dividends declared and paid
during the year were $60,000.
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Accounting Basics for Managers Problem 1: Listed below are a number of financial statement
captions. Indicate in the spaces to the right of each cap ...Read More tion (1) the category of each item, and (2) the
financial statement(s) on which the item can usually be found. Problem 2: At the beginning of the
current fiscal year, the balance sheet of Arches Co. showed liabilities of $380,000. During the year
liabilities increased by $10,000, assets increased by $55,000, and paid-in capital increased $20,000
to $165,000. Dividends declared and paid during the year were $60,000. At the end of the year,
owners' equity totaled $402,000. Calculate net income or loss for the year. Problem 3: Using the
column headings provided below, show the effect, if any, of the transaction entry or adjusting entry on
the appropriate balance sheet category or on the income statement by entering the account name,
amount, and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the
expanded balance sheet equation; items that affect net income should not be shown as affecting
owners' equity. (1.) The firm borrowed $2,000 from the bank; a short-term note was signed. (2.)
Merchandise inventory costing $750 was purchased; cash of $200 was paid and the balance is due in
30 days. (3.) Employee wages of $1,000 were accrued at the end of the month. (4.) Merchandise that
cost $350 was sold for $450 in cash. (5.) This month's rent of $700 was paid. (6.) Revenues from
services during month totaled $6,500. Of this amount, $2,000 was received in cash and the balance is
expected to be received within 30 days. (7.) During the month, supplies were purchased at a cost of
$520, and debited into the Supplies (asset) account. A total of $400 of supplies were used during the
month. (8.) Interest of $240 has been earned on a note receivable, but has not yet been
received. Problem 4: The following is a portion of the current assets section of the balance sheets of
The... ...Read Less

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