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CLASS,

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

• TOPIC A - 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? 


• TOPIC B - posted Tuesday: See you at tonight's class meeting.

After reviewing the tutorial video above AND reading the week one lesson, attempt these exercises:

1) 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

2) 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.

3) 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 ?

please if you will use the internet please don’t accept this homework I looking to someone he will use his own words and also he is good in accounting