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Accounting 2100 Final Study Guide KSU

Terms in this set (11)

Revenues
Refers to a companies sales net discounts and returns. Money received

Examples:
Sales
Service Rev.
Loan fees
Interest
Balance Sheet
Information about a company at a specific point in time
The following account balances were drawn from the 2013 financial statements of Gunn Company:

Based on the above information, what is the balance of Common Stock for Gunn Company?
Assets (4,440 + 1,500 +8000)=Liabilities (1,250) +Equity

Equity=12,650=Common Stock +Retained Earnings
(2,700+9,500-7250)=4950

12,650=Common Stock+4,950= 7,700=Common Stock
Olaf Company began 2013 with $600 in its supplies account. During the year, the company purchased $1,700 of supplies on account. The company paid $1,500 on accounts payable by year end. On December 31, 2013, Olaf counted $700 of supplies on hand. Olaf's financial statements for 2013 would show:
Beg. Balance = 600+1700 supplies purchased on account= 2300 Available - 700 supplies on land =
1600 supplies expense
The following accounts and balances were drawn from the records of Hoover Company on December 31, 2013: (use for questions 8-9)
Cash: 1000 Accounts receivable :850
Divdends: 500 Common Stock: 975
Land :800 Revenue : 800
Accounts Payable: 450 Expense:550

Total assets on the December 31, 2013 balance sheet would amount to:
Assets: 1000Cash+800Land+850AR
=2650 Total Assets
The amount of net income shown on the December 31, 2013 income statement would amount to:
800Revenue-550Expenses=250 Net income
Norris Company experienced the following transactions during 2013, its first year in operation. (use for questions 10-11)

1. Issued $6,000 of common stock to stockholders.
2. Provided $2,300 of services on account.
3. Paid $1,600 cash for operating expenses.
4. Collected $1,900 of cash from accounts receivable.
5. Paid a $100 cash dividend to stockholders.

The amount of net cash flow from operating activities shown on Norris Company's 2013 statement of cash flows is
Orperating Activity?
1.Not OA
2.Not OA
3.Yes OA
4.Yes OA
5.Not OA

1900 IN- 1600 OUT = 300 OA Cash
The total amount of assets shown on Norris Company's December 31, 2013 balance sheet is:
6000 Cash
2300 AR
-1600 Cash
1900 No Affect
-100 Cash

6600= Amount of assets
Gross margin is equal to (formula)
Revenue-Cost of golds sold/ Revenue
Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2014:

1) Started the business by issuing common stock for $7,500 cash
2) Paid cash to purchase $5,000 of inventory
3) Sold inventory that cost $3,000 for $7,250 cash
4) Incurred and paid operating expenses, $250

Schumacher Company engaged in the following transactions during 2015:

1) Paid cash to purchase $5,800 of inventory
2) Sold inventory that cost $7,000 for $15,150 cash
3) Incurred and paid operating expenses, $500

The gross margin for the year 2014 and 2015 respectively is:
2014=7250-3000=4250
2015= 15150-7000=8150=Gross Margin
Cost of Goods Sold is reported as what type of account on which statement?
Expense on the Income Statement
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