Wine History

1905 words 8 pages
Brief Exercise 1-3 | | Your answer is correct. |
Indicate in which part of the statement of cash flows each item would appear: operating activities, investing activities, or financing activities. (a) | | Operating activities | | Cash received from customers. | | | | | | (b) | | Financing activities | | Cash paid to stockholders (dividends). | | | | | | (c) | | Financing activities | | Cash received from issuing new common stock. | | | | | | (d) | | Operating activities | | Cash paid to suppliers. | | | | | | (e) | | Investing activities | | Cash paid to purchase a new office building. |
Brief Exercise 1-6 | | Your answer is correct. |
Eskimo Pie Corporation markets a broad
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Retained Earnings Statement
For the Year Ended December 31, 2012 | Retained Earnings, January 1 | $ 132821 | Add: Net Income / (Loss) | 229882 | | 362703 | Less: Dividends | $ 66411 | Retained Earnings, December 31 | $ 296292 | |

Exercise 1-10 | Deer Track Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2012. Revenues during 2012: camping fees | | $162,796 | | Dividends | | $11,101 | Revenues during 2012: general store | | 30,833 | | Notes payable | | 61,665 | Accounts payable | | 13,566 | | Expenses during 2012 | | 155,396 | Cash | | 10,483 | | Supplies | | 6,783 | Equipment | | 140,596 | | Common stock | | 49,332 | | | | | Retained earnings (1/1/2012) | | 6,167 | | |

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| *(a) | | Your answer is correct. |
Determine Deer Track Park’s net income for 2012. Deer Track Park’s net income for 2012 | | $ 38233 | | |

Attempts: 1 of 5 used | |

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| *(b1) | | Your answer is correct. |
Prepare a retained earnings statement for Deer Track Park year ended December 31, 2012. (List items that increase retained earnings first.) DEER TRACK PARK
Retained Earnings Statement
For the Year Ended December 31, 2012 | Retained Earnings, January 1 | $ 6167 | Add: Net Income / (Loss) | 38233 | | 44400 | Less: Dividends | 11101

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