Finance FINANCE 305 Week 5 Homework Assignment Name: _______________________________ Date: ___________ On a separate spreadsheet, do the following. Ma

FINANCE 305 Week 5 Homework Assignment

Name: _______________________________ Date: ___________

On a separate spreadsheet, do the following. Make sure the right amount is shown on the excel spreadsheet.

1. Given the following data, prepare an appropriate balance sheet.

Assets include: Case – $2,973

Accounts receivable – $1,118

Merchandise inventory – $17,476

Equipment – $16,951

Liabilities include:

Accounts payable – $2,417

Wages payable – $884

Mortgage note payable – $15,000

Owner’s capital is $23,000

2. Given the following data, complete the income statement using the following information:

Gross sales: $25,283

Returns and allowances: $492

Cost of beginning inventory: $5,384

Cost of purchases: $18,923

Cost of ending inventory: $5,557

Total operating expense: $3,750

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