Please help me with this week one assignment for financial accounting for managers.

MBA 510 Financial Accounting For Managers Chapter 1 Customized Homework Problems Fall Masters 2017 Professor: Aaron M. Williamson Jr. Name: ______________________________________ Date: ________________________________________ Exercises Covering Primary Accounts: 1.) Demonstrate how the primary account increases by placing a "+" sign on the credit or debit side of the designated t-account of each of the primary accounts displayed. a.) Assets b.) Liabilities c.) Owners Equity d.) Revenue e.) Expenses f.) Gains g.) Losses 2.) Determine how the primary account was impacted by the activity, do this by indicating whether the activity caused a "credit" or "debit" to the account balance. a.) Cool McDonald son of the big Boss Ronald McDonald obtained assets during 2016. b.) All of Cool's McDonald restaurants earned revenue during 2016. c.) Cool McDonalds incurred expenses during 2016. d.) Cool McDonald has entered into a relationship with the Bank of Hawaii that obligates him to fulfill certain requirements in the future. e.) Losses were recognized in other restaurant activity during 2016 for Cool McDonald. f.) Gains were recognized in other restaurants activity during 2016 for Cool McDonald. g.) The Increase in assets were greater than labilities during 2016 for all of Cool McDonald's restaurants. Page (2 of 7) 3.) Draw or verbalize a real example of an object or activity that describes the listed primary accounts. Use McDonald Corporation as the organization from which the pictorial or verbal examples are based. a.) Asset b.) Liabilities c.) Owners Equity d.) Revenue e.) Expenses f.) Gains Page (3 of 7) g.) Losses 4.) Match each sub-account on the left to the correct primary account, positive increasing impact designation(debit or credit) and financial statement the account belongs in the applicable columns to the right Primary Accounts: Assets=A, Liabilities=L, Owners Equity=OE, Revenue=R, Expenses=E, Gains=G & Losses=LO. How Does The Sub Account Increase: Debit=D or Credit=C To Which Financial Statement Does The Sub-Account Belong: Income Statement=I/S, Balance Sheet=B/S, Statement of Owners Equity=S/OE Primary Accounts a. b. c. e. f. g. h. i. j. k. l. m. n. o. p. q. r. s. t. u. v. w. x. y. z. ab. ac. Delivery Truck Cash Register Wages Expense Service Revenue Inventory Supplies Supplies Expense Cost of Goods Sold Retained Earnings Capital Stock Gain on Sell of Refrigerator Unearned Revenue Notes Payable Loan Payable Loss on Sell of Cash Register Flat Screen T.V.'s Salaries Payable Sales Revenue Franchise Expense Accounts Receivable Accounts Payable Cash Prepaid Expense Notes Receivable Advertising Expense Administrative Expense Marketing Expense How Does The SubAccount Increase To Which Financial Statement Does The Sub Account Belong Page (4 of 7) Accounting Equation 5.) Complete the puzzle using the accounts that follow, please note that some accounts may be used more than once: a.) b.) c.) d.) e.) f.) g.) Assets=A Liabilities=L Retained Earnings=RE Revenue=R Expenses=E Losses=LO Owners Equity=OE Complete Accounting Equation Version - 1(Puzzle Sub-Part 1) = + Complete Accounting Equation Version - 2(Puzzle Sub-Part 2) = + + - ( + 6.) On December 31, 2014 Sally's McDonald restaurant had a total asset balance of $500,000 and Owners Equity of $345,000. What was Sally's restaurants total lability balance as of December 31, 2014. Assets Liabilities = Owners Equity + 7.) On December 31, 2014 Mikiala's McDonald restaurant had total liabilities of $865,250 and total revenue earned during 2014 amounted to $1,785,900. The only expenses that the restaurant incurred during 2014 were in wages and salaries of $550,000 and administrative costs of $415,155. What was Mikiala's restaurants total asset balance as of December 31, 2014. Assets Liabilities = Owners Equity + 8.) On December 31, 2014 Donte's McDonald restaurant had a total lability balance of $945,200 and a total Asset Balance of $2,050,010. During 2015 Donte's McDonald restaurant generated $2,300,345 in revenue and incurred $1,205,785 in expenses. If Assets increased by $555,310 during 2015, what was the total lability balance as of December 31, 2015. Assets Liabilities = Owners Equity + ) Page (5 of 7) Financial Statement Preparation The following financial data was taken from Indigo Kai's McDonald Restaurant 2016 financial activity: 9.) In the column to the left of the Financial Data Table identify what type of primary account the subaccounts listed in the table fall under; [A]-Assets, [L]-Liabilities, [OE]-Owners Equity, [R]-Revenue, [E]-Expenses, [G]-Gains or [LO]-Losses. Financial Data Table: Salary & Wages Expense...................................... Utilities Expense................................................ Cash............................................................. Accounts Payable.............................................. Depreciation Expense.......................................... Inventory(Buns, Burgers & Fries)............................. Accounts Receivable........................................... Utilities Payable................................................. Cost of Goods Sold........................................... Equipment....................................................... Administrative Expense........................................ Supplies......................................................... Sales Revenue.................................................. Capital Stock................................................... Income Tax Expense(38% Tax bracket)...................... Interest Expense................................................ Loss on Sale of Walk-In Refrigerator.......................... Dividends....................................................... Supplies Expense.............................................. Interest Payable................................................. Loan Payable(10 Year Loan)................................. January 1, 2016 Retained Earnings............................ Building (Restaurant)............................................ Primary Account $725,400 $32,500 $2,310,500 $125,000 $45,000 $95,600 $2,500 $2,600 $387,500 $734,510 $120,000 $80,125 $3,501,250 $940,640 Calculate $112,500 $13,200 $585,120 $126,500 $27,932 $1,500,000 $905,220 $895,000 OE - Withdrawal Page (6 of 7) 10.) Using the financial data for Indigo Kai's McDonald Restaurant complete the following Income Statement, Statement of Retained Earnings and Balance Sheet: Indigo Kai's McDonald Restaurant Income Statement Year Ending December 31, 2016 Sales Revenue $ $ $ Gross Profit Operating Expenses: $ $ $ $ $ Total Operating Expenses $ Net Operating Income Other Revenue/Gains (Expenses/Losses): $ $ $ Total Other Revenue/Gains(Expenses/Losses) $ Income Before Taxes $ $ Net Income $ Indigo Kai's McDonald Restaurant Statement of Retained Earnings Year Ending December 31, 2016 Beginning Retained Earnings Subtotal Ending Retained Earnings $ $ $ $ $ Page (7 of 7) Indigo Kai's McDonald Restaurant Balance Sheet Year Ending December 31, 2016 Assets: Current Assets: $ $ $ $ Total Current Assets $ Non-Current Assets: $ $ Total Non-Current Assets $ Total Assets $ Liabilities & Owners Equity: Short-Term Liabilities: $ $ $ Total Short-Term Liabilities Long-Term Liabilities: $ Total Long-Term Liabilities $ Total Liabilities $ Owners Equity: $ $ Total Owners Equity Total Liabilities & Owners Equity $ $