Wine History

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Brief Exercise 1-3
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| Your answer is correct. |
Indicate in which part of the statement of cash flows each item would appear: operating activities, investing activities, or financing activities. (a)| | Operating activities| | Cash received from customers.| | | | | |

(b)| | Financing activities| | Cash paid to stockholders (dividends).| | | | | |
(c)| | Financing activities| | Cash received from issuing new common stock.| | | | | |
(d)| | Operating activities| | Cash paid to suppliers.| | | | | |
(e)| | Investing activities| | Cash paid to purchase a new office building.| Brief Exercise 1-6
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| Your answer is correct. |
Eskimo Pie Corporation markets a broad range of frozen treats, including its famous Eskimo Pie ice cream bars. The following items were taken from a recent income statement and balance sheet.

In each case, identify whether the item would appear on the balance sheet or income statement. (a)| | Income Statement| | Income tax expense|
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(b)| | Balance Sheet| | Inventories|
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(c)| | Balance Sheet| | Accounts payable|
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(d)| | Balance Sheet| | Retained earnings|
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(e)| | Balance Sheet| | Property, plant, and equipment| | | | | |
(f)| | Income Statement| | Net sales|
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(g)| | Income Statement| | Cost of goods sold|
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(h)| | Balance Sheet| | Common stock|
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(i)| | Balance Sheet| | Receivables|
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(j)| | Income Statement| | Interest expense|
Brief Exercise 1-7 |
| Your answer is correct. |
Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows. (a)| | Income statement| | Revenue during the period.| | | | | |

(b)| | Balance sheet| | Supplies on hand at the end of the year.| | | | | |
(c)| | Statement of cash flows| | Cash received from issuing new bonds during the period.| | | | | |
(d)| | Balance sheet| | Total debts outstanding at the end of the period.|
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| Brief Exercise 1-10 |
| Your answer is correct. |
Indicate whether each of these items is an asset, a liability, or part of stockholders’ equity. (a)| | Asset| | Accounts receivable| | | | | |
(b)| | Liability| | Salaries and wages payable|
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(c)| | Asset| | Equipment|
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(d)| | Asset| | Supplies|
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(e)| | Stockholders’ Equity| | Common stock|
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(f)| | Liability| | Notes payable|
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Exercise 1-3
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| Your answer is correct. |
The Fair View Golf & Country Club details the following accounts in its financial statements.

(a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item.

(b) Classify each of the following accounts as a financing activity, investing activity, or operating activity. | | (a)| | (b)|
Accounts payable| | Liability| | Operating activity|
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Accounts receivable| | Asset| | Operating activity|
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Equipment| | Asset| | Investing activity|
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Sales revenue| | Revenue| | Operating activity|
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Service revenue| | Revenue| | Operating activity|
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Inventory| | Asset| | Operating activity|
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Mortgage payable| | Liability| | Financing activity|
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Supplies expense| | Expense| | Operating activity|
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Rent expense| | Expense| | Operating activity|
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Salaries and wages expense| | Expense| | Operating activity|

Exercise 1-4
| This information relates to Alexis Co. for the year 2012. Retained earnings, January 1, 2012| |...
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