Graded project from penn foster 06168900 answers

1. The following information was made available from the

income
statement and balance sheet of Lauren Company.

Item
31-12-2010
31-12-2009
Increase (Decrease)

Accounts Receivable
$53,400
$58,600
($5,200)

Accounts Payable
$35,600
$32,700
$2,900

Merchandise Inventory
$85,000
$79,000
$6,000

Sales (2010)
$2,43,000

Interest Revenue (2010)
$5,600

Dividend Revenue (2010)
$1,200

Tax Expense (2010)
$12,300

Salaries Expense (2010)
$28,000

COGS (2010)
$65,000

Interest Expense (2010)
$3,600

Operating Expenses
$28,500

Complete the
cash flow from operating activities section for

Lauren
Company using the direct method for the year ended

December 31, 2010.2

Jill’s
Bikes

Comparative Balance Sheet

For
Years Ended December 31, 2011 and 2010

Part B: Answer each of the following questions. Each
answer is

worth 4 points.

1.
Record the following transactions using the accounting

equation.

Example:

Assets
= Liabilities + Equity

XXXX(cash)
XXXX(accounts payable)

A.
Amanda invests $17,000 cash into her merchandising

business.

B.
She buys $6,500 of office equipment and $3,000 of office

supplies
with cash from Office Depot.

C.
Additional purchases were supplies for $35,000 on

account
from various suppliers

2. Journalize
the following transactions and omit the explana-

tions.

A. ABC
Corporation purchased $15,000 of office furniture by

putting
$7,000 down in cash and the rest on account on

April 8.

B. The
corporation paid $60,000 for a two-year lease on

April 19.

C. The
corporation had sales of $45,000, of which $35,000

were on
account on April 20.

D. The
corporation borrowed $25,000 by signing a note

payable on
April 22.

E. The
corporation paid $1,250 on one of its accounts

payable on
April 26.fOR MORE QUES REFER ATTACHMENT….