Inclass ch3 I - Lecture notes 1-2 PDF

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In class exercises which are with the solutions too to help students to work on the lecture assignemnts before class...

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Ch 3 In-Class Exercise Income Statement and Balance Sheet 1.

Financial statement data for Tina’s Steak House are given below. All figures are in thousands of dollars. Use this data to construct an Income Statement for the year ending December 31, 2014. Advertising Beginning of year inventory Depreciation End of year inventory General and administrative expenses Gross sales Interest expense Lease payments Management salaries Purchases Research and development Returns and allowances Taxes

440 4,820 560 5,240 180 25,160 210 140 1,560 19,460 220 180 1,340

2. Financial statement data for Fred’s Fish House (FFH) are given below. All figures are in thousands of dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2014. When FFH’s stock was originally issued, what was the average price paid for one share of FFH’stock? Gross fixed assets Accounts payable Accruals Accumulated depreciation Additional paid in capital Beginning of year inventory Cash COGS Common stock ($1 par value) Current portion of LT Debt Gross Accounts receivable Inventory LT Debt (excluding current portion) Notes payable Purchases Retained earnings Allowance for doubtful accounts

2,940 340 90 810 840 780 310 6,420 220 110 432 940 1,280 120 6,580 790 22...