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ISU ACCT 284 - Worksheet 1

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ACCT284 SI Session (1)Leader : Eu-Roy, Lai.1. What is the main purpose of the Accounting process in a company?a. Calculate total Net Income for the year.b. To collect and process financial information for internal decision making.c. To collect and process financial information for the use of decision makers.2. Classify the following items as to where they belong in the balance sheet.a. Unearned Revenueb. Accrued Rentc. Accounts Receivabled. Dividendse. Accounts Payable3. Adam started his own business on January 1st, 2010. He did not pay dividends the first year and had a net income of $25,000 that first year. What was his Retained Earnings at December 31st, 2010? 4. Continued from the previous question... Assume in the year 2011, Adam made a net income of $80,000 and also paid dividends amounting to $10,000. What was his ending Retained earnings for 2011?5. Determine Net income based on the following information. a. Sales Revenue $50,000b. Selling expenses $6,000c. General and Administrative Expenses $4,000d. Dividends paid $3,000e. Cost of goods sold $2,000f. Dividend Revenue $5006. Report in which section does the following cash flow activities appear in the Statement of Cash Flow, and whether it is a inflow or outflow of cash.a. Paid off creditors with cash.b. Bought equipment with cash.c. Paid off employee wages with cash.d. Issued stock.e. Paid off a long term note payable with


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ISU ACCT 284 - Worksheet 1

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