Account Classifications Practice Problem - ACC 300, University of Michigan--Ann Arbor

5. Account Classifications

in Topic 2 (Problem 5 of 6)

Hard

Accounts payable	$12,000	Accounts Receivable	20,900
Furniture	5,000	Accumulated Depreciation	6,500
Building	82,000	Cash	21,500
Common Stock	?	Sales Revenue	90,700
Cost of Goods Sold	51,500	Depreciation Expense	1,450
Dividends	6,600	Note Payable (due 3/1 Year 4)	20,000
Marketable Securities	1,400	Prepaid Expenses	18,000
Salaries Payable	2,800	Land	38,000
Note Payable (due 5/30 Year 2)	12,400	Service Revenue	22,550
Retained Earnings (1/1 Year 1 )	39,700	Salary Expense	18,000
Accrued Expenses Payable	1,500	Unearned Revenue	30,500
Utilities Expense	5,400

Determine Total assets on December 31, Year 1
Determine Current Liabilities on December 31, Year 1
Determine Net Income for the year ended December 31, Year 1
Determine the total amount of Common Stock on December 31, Year 1

Total Assets - 180,300
Current Liabilities - 59,200
Net Income - 36,900
Common Stock - 31,100