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Date Submitted: 03/04/2011 06:02 PM
* Individual Assignment: Ch. 1, 2, & 7 Textbook Exercises
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* Chapter 1:
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* Exercise E1-1
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Urlacher Company performs the following accounting tasks during the year.
__I____Analyzing and interpreting information.
__I____Classifying economic events.
___C__Explaining uses, meaning, and limitations of data.
___R___Keeping a systematic chronological diary of events.
__R____Measuring events in dollars and cents.
__R____Preparing accounting reports.
__c___Reporting information in a standard format.
__I__ _Selecting economic activities relevant to the company.
___C___Summarizing economic events.
Accounting is “an information system that identifies, records, and communicates the economic events of an organization to interested users.”
Instructions:
Categorize the accounting tasks performed by Urlacher as relating to the identification (I), recording (R), or communication (C) aspects of accounting.
* Exercise E1-5
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Meredith Cleaners has the following balance sheet items.
Accounts payable Liability Accounts receivable Asset
Cash Asset Notes payable Liability
Cleaning equipment Asset Salaries payable Liability
Cleaning supplies Asset Common stock Stockholders’ Equity
Instructions
Classify each item as an asset, liability, or stockholders’ equity.
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* Exercise E1-12
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The following information relates to Linda Stanley Co. for the year 2008.
Retained earnings, January 1, 2008 $ 48,000
Advertising expense $ 1,800
Dividends during 2008 6,000
Rent expense 10,400
Service revenue 62,500
Utilities expense 3,100
Salaries expense 30,000
Instructions
After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2008.
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* Linda Stanley Co.
* Income Statement
* For the Year Ended December 31, 2008
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