Items from the income statement, statement of retained earnings, and balance sheet are listed below in alphabetical
Question:
Items from the income statement, statement of retained earnings, and balance sheet are listed below in alphabetical order. For the companies shown in each column, solve for the missing amounts.
Use Exhibit 1.7 to identify relations among the items, then solve for amounts
Transcribed Image Text:
EXHIBIT 1.7 Relationships among the Financial Statements noodlecake games NOODLECAKE STUDIOS, INC. Income Statement For the Month Ended September 30, 2018 NOODLECAKE STUDIOS, INC. Statement of Retained Earnings For the Month Ended September 30, 2018 Revenues $ 9,000 Sales Revenue 2$ Retained Earnings, September 1, 2018 Service Revenue 3,000 Add: Net Income 2,000 Total Revenues 12,000 (1,000) $1,000 Subtract: Dividends Expenses Salaries and Wages Expense Rent Expense Utilities Expense Insurance Expense Advertising Ex pense Income Tax Expense Retained Earnings, September 30, 2018 5,000 2,500 1,600 300 100 500 NOODLECAKE STUDIOS, INC. Balance Sheet 10,000 $ 2,000 Total Ex penses At September 30, 2018 Net Income Assets $13,000 Cash 2,500 Accounts Receivable Supplies Equipment 500 NOODLECAKE STUDIOS, INC. Statement of Cash Flows 14,000 6,000 Software For the Month Ended September 30, 2018 $36,000 Total Assets $ 4,000 Liabilities and Stockholders' Equity Cash Flows from Operating Activities Liabilities Cash Flows from (Used in) Investing Activities $ 5,000 Accounts Payable Note Payable (20,000) 20,000 Cash Flows from Financing Activities Change in Cash Beginning Cash, September 1, 2018 Ending Cash, September 30, 2018 29,000 Total Liabilities 25,000 13,000 Stockholders' Equity $13,000 Common Stock 10,000 Retained Earnings Total Stockholders' Equity 1,000 11,000 Total Liabilities and Stockholders' Equity $36,000 Apple, Inc. Google, Inc. Intel Corp. Common Stock Dividends Net Income Retained Eamings, Beginning of Year Retained Eamings, End of Year Total Assets Total Expenses Total Liabilities Total Revenues $20 $23 $22 (a) 104 (b) (c) (d) 38 (e) (f) 34 (g) 33 (h) (1) 44 42 55 122 83 171 22 50
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259864230
6th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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