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    Vikin Jain
    This document contains 6 exercises providing partial or missing financial information for various companies. Students are asked to calculate missing values by applying the basic accounting equation of Assets = Liabilities + Equity to make the balance sheets and income statements balance. The exercises involve calculating missing values for items such as total assets, retained earnings, sales, and net income for the years and companies described.

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    Assignments

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    Vikin Jain
    52 views3 pages
    This document contains 6 exercises providing partial or missing financial information for various companies. Students are asked to calculate missing values by applying the basic accounting equation of Assets = Liabilities + Equity to make the balance sheets and income statements balance. The exercises involve calculating missing values for items such as total assets, retained earnings, sales, and net income for the years and companies described.

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    This document contains 6 exercises providing partial or missing financial information for various companies. Students are asked to calculate missing values by applying the basic accounting equation of Assets = Liabilities + Equity to make the balance sheets and income statements balance. The exercises involve calculating missing values for items such as total assets, retained earnings, sales, and net income for the years and companies described.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    52 views3 pages

    Assignments

    Uploaded by

    Vikin Jain
    This document contains 6 exercises providing partial or missing financial information for various companies. Students are asked to calculate missing values by applying the basic accounting equation of Assets = Liabilities + Equity to make the balance sheets and income statements balance. The exercises involve calculating missing values for items such as total assets, retained earnings, sales, and net income for the years and companies described.

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    You are on page 1of 3

    Management Accounting – I (Section A, B & H)

    Term I (2021-22)
    To be practiced between Session 2 and Session 3 of Financial Accounting

    Exercise: 1-1.
    As of December 31, Charles Company had $12,000 in cash,
    held $95,000 of inventory, and owned other items that
    originally cost $13, 000. Charles Company also had borrowed
    $40,000 from First City Bank. Prepare a balance sheet for
    Charles Company as of December 31. Be sure to label each
    item and each column with appropriate terms.

    Exercise: 1-2.
    Selected balance sheet items are shown for the Microtech
    Company. Compute the missing amounts for each of the four
    years. What basic accounting equation did you apply in
    making your calculations?
    Year 1 Year 2 Year3 Year 4

    Current Assets $113,624 $ ? $85,124 $ ?

    Noncurrent assets ? 198,014 162,011 151,021

    Total assets $524,600 $ ? $ ? $220,111

    Current liabilities $56,142 $40,220 $? $?

    Noncurrent liabilities ? ? 60,100 30,222


    Paid-in capital 214,155 173,295 170,000 170,000
    Retained earnings 13,785 (3,644) 1,452 2,350
    Total liabilities and owners’ equity $524,600 $288,456 $ ? $220,111

    Exercise: 1-3.
    Selected income statement items are shown for Astrotech
    Company. Compute the missing amounts for each of the four
    years. What basic accounting equation did you apply in
    making your calculations?
    (Hint: To estimate the Year 4 missing numbers, compute the
    typical percentage each expense item is of sales for Years 1 to
    3 and apply the percentage figure for each expense item to
    Year 4’s sales.)
    Year 1 Year 2 Year 3 Year 4
    Sales $12,011 $ ? $11,545 $10,000

    Cost of goods sold 3,011 2,992 ? ?


    Gross margin ? 8,976 8,659 ?
    Other expenses 6,201 6,429 ? ?

    Profit before taxes 2,799 ? 2,363 ?


    Tax expense ? 1,019 945 ?

    Net income $1,679 $1,528 $1,418 ?

    Exercise 1.4:
    Using the information given, calculate the missing amount in each of the independent cases below:

    a. b. c.
    Current Assets $31,500 $_______ $45,000
    Noncurrent Assets $36,000 $60,000 $66,000
    Current Liabilities $21,000 $15,000 $______
    Noncurrent Liabilities $18,000 $30,000 $10,500
    Contributed Capital $______ $33,000 $33,000
    Retained Earnings $12,000 $______ $66,000
    Shareholders' Equity $______ $54,000 $______

    Exercise 1.5:
    Using the information given, calculate the missing amounts in each of the independent cases below:

    a. b. c.
    Assets $______ $288,000 $198,000
    Liabilities $36,000 $ 90,000 $132,000
    Contributed Capital $45,000 $______ $ 48,000
    Retained Earnings 1/1 $______ $ 0 $ 6,000
    Net Income $10,800 $45,000 $33,000
    Dividends $6,000 $21,600 $______
    Retained Earnings,
    $24,000 $______ $______
    12/31

    Exercise 1.6:
    Selected balance sheet amounts for Georgia-Pacific
    Corporation, a forest products company, for four recent year
    appear below (amounts in $ millions).
    Year 8 Year 9 Year 10 Year 11

    Non-current assets 5,223 5,227 10,294 ?


    Shareholders’ equity ? 2,717 2,975 2,736
    Total assets ? ? 12,060 ?

    Current liabilities 1,013 924 ?a ?b


    Current assets 1,892 ? ?a ?b
    Noncurrent liabilities 3,467 ? ? 5,164
    Total liabilities and shareholders’ ? 7,056 ? 10,622
    equity

    Current Assets – Current Liabilities = –$769.


    a

    b
    Current Assets – Current Liabilities = –$1,160.
    You are required to compute the missing balance sheet
    amounts for each of the four years.

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