Acc 290 Week 1 Wileyplus – 100% Correct

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ACC 290 Week 1 WileyPLUS – 100% Correct

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ACC 290 Week 1 WileyPLUS
Question 1
Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.
Accounts payable | | $ 7,580 | | Notes payable | | $ 12,160 |
Accounts receivable | | 4,580 | | Rent expense | | 12,580 |
Advertising expense | | 4,320 | | Retained earnings | | ? |
Cash | | 5,680 | | Service revenue | | 30,160 |
Common stock | | 17,580 | | Supplies | | 4,480 |
Dividends | | 5,080 | | Supplies expense | | 1,380 |
Equipment | | 29,380 | | | | |

Prepare an income statement for Marsh Corporation.
Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.)
Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.)

Question 2
The Clear 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.

Question 3This information relates to Molina Co. for the year 2014. Retained earnings, January 1, 2014 | | $75,703 |
Advertising expense | | 2,034 |
Dividends | | 6,779 |
Rent expense | | 11,751 |
Service revenue | | 65,534 |
Utilities expense | | 2,712 |
Salaries and wages expense | | 33,897 |
|
After analyzing the data, prepare an income statement for the year ending December 31, 2014.After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2014. (List items that increase retained earnings...