Hcs 380 week 1 wileyplus (ex 1 15, ex problem 1 3a, ex 2 1, ex 2 5, problem 2 3a)

HCS 380 Week 1 WileyPLUS (Ex 1­15, Ex Problem 1­ 3A, Ex 2­1, Ex 2­5, Problem 2­3A)

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You should see the following assignments that are due for a grade: Chapter 1 ­ Excel assignment; Chapter 2 ­ Homework assignment – wileyplus prepare excel sheet Chapter 2 – Problems ­­ prepare excel sheet NOTE: Assignment must be completed by Due Date.

E1­15 Classify items as assets, liabilities, and stockholders' equity, and prepare accounting equation Suppose the following items were taken from the balance sheet of Nike, Inc. (All items are in millions.)

1. Cash $2,291.1 7. Inventory$2,357.0 2. Accounts receivable 2,883.98. Income taxes payable 86.3 3. Common stock 2,874.29. Equipment 1,957.7 4. Notes payable 342.9 10. Retained earnings 5,818.9 5. Buildings 3,759.911. Accounts payable2,815.8 6. Mortgage payable 1,311.5 Instructions (a)Classify each of these items as an asset, liability, or stockholders' equity and determine the total dollar amount for each classification. (b)Determine Nike's accounting equation by calculating the value of total assets, total liabilities, and

total stockholders' equity. (c ) To what extent does Nike rely on debt versus equity financing?

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?"

P1­3A Prepare an income statement, retained earnings statement and balance sheet; discuss results On June 1, Hightower Service Co. was started with an initial investment in the company of $22,100 cash.

Here are the assets, liabilities, and common stock of the company at June 30, and the revenues and expenses for the month of June, its first month of operations: Cash $4,600 Notes payable $12,000 Accounts receivable 4,000 Accounts payable500 Service revenue 7,500 Supplies expense 1,000 Supplies 2,400 Maintenance and repairs expense 600 Advertising expense 400 Utilities expense 300 Equipment 26,000 Salaries and wages expense 1,400 Common Stock 22,100 In June, the company issued no additional stock but paid dividends of $1,400.

Instructions (a)Prepare an income statement and retained earnings statement for the month of June and a balance sheet

at June 30, 2014. (b)Briefly discuss whether the company's first month of operations was a success. (c ) Discuss the company's decision to distribute a dividend.

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .

Exercise 2­1 Classify each of the following financial statement items taken from Mordica Corporation’s balance sheet.

Accounts payable Accounts receivable Entry field with incorrect answer Accumulated depreciation—equipment Buildings Cash Interest payable Goodwill Income taxes payable Inventory

Stock investments (to be Land (in use) Mortgage payable Supplies Equipment Prepaid rent Exercise 2­5 http://edugen.wiley.com/edugen/art2/common/pixel.gif These items are taken from the financial statements of Donavan Co. at December 31, 2014.

Buildings $121,035 Accounts receivable 14,414 Prepaid insurance 3,661 Cash 13,545 Equipment 94,266 Land 70,013 Insurance expense 892 Depreciation expense 6,063 Interest expense 2,974 Common stock 68,640 Retained earnings (January 1, 2014) 45,760 Accumulated depreciation—buildings 52,166 Accounts payable

10,868 Notes payable 107,078 Accumulated depreciation—equipment 21,416 Interest payable 4,118 Service revenue 16,817 Problem 2­3A You are provided with the following information for Ramirez Enterprises, effective as of its April 30, 2014, year­ end.

Accounts payable $ 868 Accounts receivable 918 Accumulated depreciation—equipment 670 Cash 1,378 Common stock 1,224 Cost of goods sold 1,094 Depreciation expense 301 Dividends 359 Equipment 2,528 Income tax expense 199 Income taxes payable 169

Insurance expense

244 Interest expense

434 Inventory

1,075 Land

3,208 Mortgage payable

3,608 Notes payable

169 Prepaid insurance

94 Retained earnings (beginning)

1,600 Salaries and wages expense

666 Salaries and wages payable

256 Sales revenue

5,208 Stock investments (short­term)

1,274 Prepare an income statement for Ramirez Enterprises for the year ended April 30, 2014.

Problem 2­2A These items are taken from the financial statements of Tresh Corporation for 2014.

Retained earnings (beginning of year) $34,462 Utilities expense 2,128 Equipment 69,462 Accounts payable 23,048 Cash 12,343 Salaries and wages payable 4,884 Common stock 12,000 Dividends 12,000 Service revenue 71,415 Prepaid insurance 5,384 Maintenance and repairs expense 1,672 Depreciation expense 3,189 Accounts receivable 16,448 Insurance expense 2,611

Salaries and wages expense 40,415 Accumulated depreciation—equipment 19,843