438771875-HW1-pdf - assignmetnts PDF

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E1-4 Honda Motor Corporation Balance Sheet At March 31, Current Year (in billions of yen) Assets Cash and cash equivalents Trade accounts, notes, and other receivables Inventories Investments Net property, plant, and equipment Other assets

¥ 1,279 788 900 640 1,939 6,025

Total assets

¥11,571

Liabilities and stockholders’ equity Liabilities: Accounts payable and other current liabilities

¥ 3,568

Long-term debt Other liabilities

2,043 1,377

Total liabilities Stockholders’ equity: Common stock

6,988

Retained earnings Total stockholders’ equity

4,324 4,583

Total liabilities and stockholders’ equity

259

¥11,571

P1-2 1. James Cook Lawn Service Income Statement For the Quarter Ended August 31, current year Revenues from Services Fee revenue--cash --credit

$15,000 700

Total revenue

$15,700

Expenses Gas, oil and lubrication Pickup repairs Repairs of mowers Miscellaneous supplies used Helpers

1,230 250 110 80 5,400

Payroll taxes Preparation of payroll tax forms

190 25

Insurance expense

125

Telephone

110

Interest expense (on note paid) Depreciation expense Total expenses Net income

78 600 8,198 $ 7,502

2. Yes because there are account receivable and account payable. To find out the profit made by the company, there is a need to prepare a balance sheet at August 31, current year. Because the above report reflects only revenues, expenses, and net income, it is reasonable to suppose that James would need the following: (1) A balance sheet–that is, a statement that reports for the business, at the end of August, each asset (name and amount, such as Cash, $XX), each liability (such as Wages Payable, $XX), and stockholders’ equity. (2) A statement of retained earnings that shows how income and dividends (if any) affect retained earnings on the balance sheet.

AP1-1 1. Influence Corporation Income Statement For the Year Ended December 31, current year Revenue Sales revenue

$100,000

Expenses Expenses, including the cost of the merchandise sold(total expenses) Income before income taxes(pretax income)

68,500 31,500

Income tax expense

9,450 $ 22,050

Net income 2. Influence Corporation Statement of stockholders’ Equity For the Year Ended December 31, current year Common Stock Balance December 31, previous year Common stock for current year Net Income for current year

$

Dividends Balance December 31, current year

0 62,000

Retained Earnings $

0 22,050

$62,000

0 $22,050

3. Influence Corporation Balance Sheet At December 31, current year Assets Cash Receivables from customers Inventory of merchandise

$ 13,150 10,900 27,000

Equipment Total assets

66,000 $117,050

Liabilities and stakeholders’ equity Liabilities: Accounts payable

$31,500

Salary payable Total liabilities

1,500 33,000

Stockholders’ equity Common stock Retained earnings

62,000 22,050

Total stockholders’ equity Total liabilities and stockholders’ equity

84,050 $117,050...