Identify the financial statement (balance sheet or income statement) in which each item would appear
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Requirements:
Part 1.
Captivating Inc. is a motivational consulting business. At the end of its accounting period, May 31, 20Y2, Captivating Inc. has assets of $2,450,000 and liabilities of $1,180,000. Using the accounting equation and considering each case independently, determine the following amounts:
a. Stockholders’ equity as of May 31, 20Y2.
fill in the blank 1 of 1$
b. Stockholders’ equity as of May 31, 20Y3, assuming that assets increased by $825,000 and liabilities increased by $515,000 during 20Y3.
fill in the blank 1 of 1$
c. Stockholders’ equity as of May 31, 20Y3, assuming that assets decreased by $375,000 and liabilities increased by $60,000 during 20Y3.
fill in the blank 1 of 1$
d. Stockholders’ equity as of May 31, 20Y3, assuming that assets increased by $725,000 and liabilities decreased by $120,000 during 20Y3.
fill in the blank 1 of 1$
e. Net income (or net loss) during 20Y3, assuming that as of May 31, 20Y3, assets were $3,300,000, liabilities were $1,400,000, and no additional common stock was issued or dividends paid.
fill in the blank 1 of 1$
Part 2.
The following selected transactions were completed by Cota Delivery Service during July:
Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list:
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in stockholders’ equity.
Decrease in an asset, decrease in a liability.
Decrease in an asset, decrease in stockholders’ equity.
1. Received cash in exchange for common stock, $50,000.
2. Purchased supplies for cash, $1,800.
3. Paid rent for July, $4,500.
4. Paid advertising expense, $1,200.
5. Received cash for providing delivery services, $11,500.
6. Billed customers for delivery services on account, $33,970.
7. Paid creditors on account, $900.
8. Received cash from customers on account, $27,500.
9. Determined that the cost of supplies on hand was $300 and $1,500 of supplies had been used during the month.
10. Paid cash dividends, $1,000.
Part 3.
Each of the following items is shown on the financial statements of Exxon Mobil Corporation (XOM):
a. Identify the financial statement (balance sheet or income statement) in which each item would appear.
b. Can an item appear on more than one financial statement?
c. Is the accounting equation relevant for Exxon Mobil Corporation? Explain.
fill in the blank 1 of 3
, the accounting equation fill in the blank 2 of 3
relevant to all companies. The accounting equation is the basis for fill in the blank 3 of 3
accounting systems.
Part 4.
Missing amounts from financial statements
The financial statements at the end of Wolverine Realty’s first month of operations are as follows:
By analyzing the interrelationships among the four financial statements, determine the proper amounts for the missing items. Use the minus sign to indicate cash outflows, cash payments, and decreases in cash in the Statement of Cash Flows.
Part 6
Analyze Target for three years
Target Corporation (TGT) is one of the largest retailers in the United States. Target operates over 1,800 stores that sell a wide assortment of merchandise, including a variety of grocery items.
Target recently reported the following end-of-year balance sheet data (in millions):
a. Compute the ratio of liabilities to stockholders’ equity for all three years. Round to two decimal places.
b. Which of the following statements is true?
1. A high ratio of liabilities to stockholders equity is favorable to the creditors.
2. A low ratio of liabilities to stockholders equity is favorable to the creditors.
3. A high ratio of liabilities to stockholders equity is favorable to the stockholders.
4. A low ratio of liabilities to stockholders equity is favorable to the stockholders.
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