Problem
Rather than references to an external source, I want you to use your own words in your comments. Regardless of the propriety of the citation, the comment will be evaluated based on how well you demonstrate an understanding of the material. Getting the answer correct is not as important as knowing how the correct answer was calculated.
Checkout this tutorial on financial accounting, then select any questions from the topics below and post a quality response. Please do not copy and paste the language from an external source. I expect 80% of the content to be in your own words.
Financial Accounting: Basic Background (YouTube Video)
1) TOPIC 1: posted Sunday: What is the purpose of the balance sheet? Be sure to discuss the three key elements that make up the balance sheet. How does the balance sheet related to the income statement?
2) TOPIC 2: posted Tuesday: See you at tonight's class meeting.
After reviewing the tutorial video above AND reading the week one lesson, attempt these exercises:
I. Prepare an Income Statement using these account balances
Cash $ 5,200
Salaries expense 2,100
Accounts payable 3,200
Retained earnings 3,800
Utilities expense 1,000
Supplies 13,600
Service revenue 9,100
Common stock 5,800
II. Prepare the Statement of Stockholders' Equity, given these transactions
At the beginning of the year (January 1), a company has $11,000 of common stock outstanding and retained earnings of $7,300. During the year, the company reports net income of $7,600 and pays dividends of $2,300. In addition, the company issues additional common stock for $7,100.
III. A company has the following account balances at the end of the year. Prepare a Balance Sheet
Accounts Balances
Equipment $ 24,500
Accounts payable 2,700
Salaries expense 31,500
Common stock 11,000
Land 16,500
Notes payable 18,500
Service revenue 37,500
Cash 5,700
Retained earnings?
The response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.