accounting

Topics: Balance sheet, Generally Accepted Accounting Principles, Asset Pages: 5 (360 words) Published: May 31, 2014
Homework Week 2

Exercise E1-1

SEC – K
Audit – G
Sole Proprietorship – I
Corporation – E
Accounting – A
Accounting Entity – D
Audit Report – J
Cost Principle – F
Partnership – C
FASB – L
IASB – H
Unit of Measure – B
GAAP – N
IFRS – M

E1-2

Accounts receivable – Asset
Cash and cash equivalents – Asset
Net sales – Revenue
Notes payable – Liability
Taxes payable – Liability
Retained earnings – Stockholders’ Equity
Cost of products sold – Expense
Marketing, administrative and other operating expenses – Expense Income taxes – Expense
Accounts payable – Liability
Land – Asset
Property, plant and equipment – Asset
Long term debt – Liability
Inventories – Asset
Interest expense – Expense

E1-3

Notes payable to banks – Liability
General and administrative – Expense
Accounts payable – Liability
Dividends payable – Liability
Retained earnings – Stockholders’ Equity
Cash and cash equivalents – Asset
Accounts receivable – Asset
Provision for income taxes – Expense
Cost of goods sold – Expense
Machinery and equipment – Asset
Net sales – Revenue
Inventories – Asset
Marketing, selling and advertising – Expense
Buildings – Asset
Land – Asset
Income taxes payable – Liability
Distribution and warehousing costs – Expense
Investments (in other companies) – Asset

E1-11

Henshelwood Limitd
 
Income Statement
 
For the Month of January 2013
 
 
 
Total Revenues
$ 448,500.00
Less: Total expenses (excluding income tax)
$ 283,500.00
Pretax income
$ 165,000.00
Less: Income tax expense
$ 51,750.00
Net Income
$ 113,250.00

Henshelwood Limited
 
Balance Sheet
 
At January 31st, 2013
 
Assets
 
Assets
2013
Cash
97,725.00
Receivables from customers
51,750.00
Merchandise inventory
144,900.00
Total Assets
294,375.00

 
Liabilities
 
Liabilities
2013
Payable to suppliers
39,675.00
Income taxes payable
51,750.00
Total liabilities
91,425.00
 
 
Stockholders' Equity
 
Stockholders' Equity
2013
Contributed capital
89,700.00
Retained earnings
113,250.00
Total stockholders' equity
202,950.00
Total liabilities and stockholders' equity
294,375.00

CP1-2 (Answers in RED)

1. What is the amount of net income for the most recent year? In 2009, net income was $199,364,000
In 2008, net income was $160,231,000
In 2007, net income was $116,206,000

2. What amount of revenue was earned in the most recent year? In 2009, revenue (net sales) was $1,834,618,000
In 2008, revenue (net sales) was $1,507,724,000
In 2007, revenue (net sales) was $1,224,717,000
3. How much inventory (in dollars) does the company have as of January 31, 2009? According to the balance sheet, as of January 31st, the inventory equals to $169,698,000

4. By what amount did cash and cash equivalents change during the most recent year? In 2008, the amount was $105,271,000 and it increased substantially in 2009 to $316,035,000.

5. Who is the auditor for the company?
The auditor of Urban Outfitter’s financial statement was Deloitte & Touche LLP.
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