September 2023 Question 1 Marsh Corporation began operations on January 1 2014 The following information is available for Marsh Corporation

Question 1

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014. Accounts payable   $ 6,880   Notes payable   $ 10,760 Accounts receivable   3,880   Rent expense   11,880 Advertising expense   4,180   Retained earnings   ? Cash   4,980   Service revenue   28,760 Common stock   16,880   Supplies   3,780 Dividends   4,380   Supplies expense   1,520 Equipment   28,680

 

Question 2

	Your answer is correct.

The Clear View Golf & Country Club details the following accounts in its financial statements.

(a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item.

(b) Classify each of the following accounts as a financing activity, investing activity, or operating activity.

 

Question 3

This information relates to Molina Co. for the year 2014. Retained earnings, January 1, 2014   $82,236 Advertising expense   2,209 Dividends   7,364 Rent expense   12,765 Service revenue   71,189 Utilities expense   2,946 Salaries and wages expense   36,822

 

 

Question 4

	Your answer is correct.

Suppose the following information (in thousands of dollars) is available for H.J. Heinz Company—famous for ketchup and other fine food products—for the year ended April 30, 2014.

Prepaid insurance		$ 130,311		Buildings		$4,094,724
Land		75,385		Cash		380,569
Goodwill		3,948,228		Accounts receivable		1,218,723
Trademarks		790,628		Accumulated depreciation—buildings		2,128,167
Inventory		1,200,361

 

 

Question 5

	Your answer is correct.

 

The statement of financial position for Ruiz Company includes the following accounts (in British pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies £5,200; and Debt Investments (short-term) £6,700. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence. (List current assets in reverse order of liquidity. Do not enter currency symbols in your answer.)