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    ACCT212_WorkingPapers_E1-21A, Learning Objectives 3, 4: Using the accounting equation; preparing a balance sheet. Amounts of the assets and liabilities of Ellen Samuel Banking Company, as of January 31, 2010, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions):

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    ACCT212_WorkingPapers_E1-21A, Learning Objectives 3, 4: Using the accounting equation; preparing a balance sheet. Amounts of the assets and liabilities of Ellen Samuel Banking Company, as of January 31, 2010, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions):

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    353 views1 page

    ACCT212 WorkingPapers E1-21A

    Uploaded by

    lowluder
    ACCT212_WorkingPapers_E1-21A, Learning Objectives 3, 4: Using the accounting equation; preparing a balance sheet. Amounts of the assets and liabilities of Ellen Samuel Banking Company, as of January 31, 2010, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions):

    Copyright:

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    of 1

    FINANCIAL ACCOUNTING - Eighth Edition E 1-21A (10-20 min.

    Solutions Manual

    Learning Objectives 3, 4: Using the accounting equation; preparing a balance sheet Amounts of the assets and liabilities of Ellen Samuel Banking Company, as of January 31, 2010, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions): Total revenue ........................ $ 37.8 Receivables........................... 0.9 Current liabilities .................. 151.1 Common stock...................... 14.0 Interest expense 0.8 Salary and other employee expenses. 17.7 Long-term liabilities.. 2.8 Investment assets..................... $ 169.6 Property and equipment, net .. 1.9 Other expenses....................... 6.9 Retained earnings, beginning 8.6 Retained earnings, ending ..... ? Cash......................................... . 2.1 Other assets............................. 14.4

    Prepare the balance sheet of Ellen Samuel Banking Company at January 31, 2010. Use the accounting equation to compute ending retained earnings.

    Solution: Ellen Samuel Banking Company Balance Sheet (Amounts in millions ) January 31, 2010

    Chapter 1: The Financial Statements

    Page 1 of 1

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