Documentos de Académico
Documentos de Profesional
Documentos de Cultura
________________ _________________
(Signature) (Student ID Number)
Name: ________________
PROBLEM 1 2 3 4 5 6 7 TOTAL POINTS 25 25 35 25 25 25 40 200 SCORE
Required: Prepare journal entries on this and the following page to record these transactions. No explanations are necessary.
Date May 1
Credit
110,000
May 2
3,000 3,000
May 3
2,500 2,500
May 4
500 500
May 5
1,800 1,800
May 10
2,000 2,000
Page | 2
May 19
2,500 2,500
May 22
3,500 3,500
May 25
2,750 2,750
May 31
1,000 1,000
May 31
Dividends Cash
2,000 2,000
Page | 3
Page | 4
Accounts Cash Accounts Receivable Supplies Expense Automobiles Accum. Depreciation Accounts Payable Unearned fees Salaries Payable Capital Dividends Fees earned Salaries Rent expense Totals Supplies Expense Advertising Expense Depreciation Expense Totals Net Income Totals
Debit Credit Debit 50,000 10,000 8,000 160,000 55,000 15,000 22,000 55,000 45,000 275,400 125,000 24,400 422,400 422,400
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Trial Balance
Adjusting JE's
Adjusted T/B
Income Statement
Balance Sheet
Accounts Cash Accounts Receivable Supplies Expense Automobiles Accum. Depreciation Accounts Payable Unearned fees Salaries Payable Capital Dividends Fees earned Salaries Rent expense Totals Supplies Expense Advertising Expense Depreciation Expense Totals Net Income Totals
Debit Credit Debit Credit 50,000 10,000 8,000 5,000 160,000 55,000 30,000 15,000 8,000 22,000 12,000 4,000 55,000 45,000 275,400 12,000 125,000 4,000 24,400 422,400 422,400 5,000 8,000 30,000 59,000 59,000
Debit Credit Debit Credit Debit Credit 50,000 50,000 10,000 10,000 3,000 3,000 160,000 160,000 85,000 85,000 23,000 23,000 10,000 10,000 4,000 4,000 55,000 55,000 45,000 45,000 287,400 287,400 129,000 129,000 24,400 24,400 5,000 5,000 8,000 8,000 30,000 30,000 464,400 464,400 196,400 287,400 268,000 177,000 91,000 91,000 287,400 287,400 268,000 268,000
Page | 5
July 4
July 1
50,000 50,000
July 4
250,000 250,000
Page | 6
Adjusted Trial Balance Cash Accounts Receivable Supplies Building Accumulated DepreciationBuilding Long term notes payable Common Stock Dividends Sales Salaries expense Rent expense Depreciation expense - office equipment Advertising expense Office supplies expense Total
Required: Prepare the necessary closing entries. Accounts Fees earned Income summary Debit 75,000 Credit 75,000
Credit
5,000 25,000 30,260 1,000 75,000 32,800 16,800 3,960 4,000 2,800 135,260
135,260
Income summary Salaries expense Rent expense Depreciation expense-Office equipment Advertising expense Office supplies expense
14,640 14,640
1,000 1,000
Page | 7
Date Nov 1
Debit 11,400
Credit 11,400
Nov 5
8,000 8,000
Nov 7
10,000 10,000
Dec 31
9,500 9,500
Dec 31
2,500 2,500
Dec 31
1,500 1,500
Page | 8
Current Ratio
Current Assets Current Liabilities
Quick Ratio
Cash Marketable Sec A/R Quick Assets Current Liabilities
0.781
0.809
Return on Sales
Net Income Sales
or
Return on Equity
Net Income Average Equity Beg Equity End Equity
2010 Revenue Cost of Revenue Gross Profit Sales 67,390 45,725 21,665 = 32.149% 67,390
Page | 9
(millions, except per share data) Sales Credit card revenues Total revenues Cost of sales Selling, general and administrative expenses Credit card expenses Depreciation and amortization Earnings before interest expense and income taxes Net interest expense Nonrecourse debt collateralized by credit card receivables Other interest expense Interest income Net interest expense Earnings before income taxes Provision for income taxes Net earnings Basic earnings per share Diluted earnings per share Weighted average common shares outstanding Basic Diluted
See accompanying Notes to Consolidated Financial Statements.
2008 62,884 2,064 64,948 44,157 12,954 1,609 1,826 4,402 167 727 (28) 866 3,536 1,322 2,214 2.87 2.86 770.4 773.6
$ $ $
83 677 (3) 757 4,495 1,575 2,920 $ 4.03 4.00 723.6 729.4 $ $
97 707 (3) 801 3,872 1,384 2,488 $ 3.31 3.30 752.0 754.8 $ $
Page | 10
(millions, except footnotes) Assets Cash and cash equivalents, including marketable securities of $1,129 and $1,617 Credit card receivables, net of allowance of $690 and $1,016 Inventory Other current assets Total current assets Property and equipment Land Buildings and improvements Fixtures and equipment Computer hardware and software Construction-in-progress Accumulated depreciation Property and equipment, net Other noncurrent assets Total assets Liabilities and shareholders' investment Accounts payable Accrued and other current liabilities Unsecured debt and other borrowings Nonrecourse debt collateralized by credit card receivables Total current liabilities Unsecured debt and other borrowings Nonrecourse debt collateralized by credit card receivables Deferred income taxes Other noncurrent liabilities Total noncurrent liabilities Shareholders' investment Common stock Additional paid-in-capital Retained earnings Accumulated other comprehensive loss Total shareholders' investment Total liabilities and shareholders' investment
1,712 6,153 7,596 1,752 17,213 5,928 23,081 4,939 2,533 567 (11,555) 25,493 999 43,705 6,625 3,326 119 10,070 11,653 3,954 934 1,607 18,148 59 3,311 12,698 (581) 15,487 43,705
2,200 6,966 7,179 2,079 18,424 5,793 22,152 4,743 2,575 502 (10,485) 25,280 829 44,533 6,511 3,120 796 900 11,327 10,643 4,475 835 1,906 17,859 62 2,919 12,947 (581) 15,347 44,533
$ $
$ $
Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 704,038,218 shares issued and outstanding at January 29, 2011; 744,644,454 shares issued and outstanding at January 30, 2010. Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding at January 29, 2011 or January 30, 2010. See accompanying Notes to Consolidated Financial Statements.
Page | 11
(millions) Operating activities Net earnings Reconciliation to cash flow Depreciation and amortization Share-based compensation expense Deferred income taxes Bad debt expense Non-cash (gains)/losses and other, net Changes in operating accounts: Accounts receivable originated at Target Inventory Other current assets Other noncurrent assets Accounts payable Accrued and other current liabilities Other noncurrent liabilities Cash flow provided by operations Investing activities Expenditures for property and equipment Proceeds from disposal of property and equipment Change in accounts receivable originated at third parties Other investments Cash flow required for investing activities Financing activities Reductions of short-term notes payable Additions to long-term debt Reductions of long-term debt Dividends paid Repurchase of stock Stock option exercises and related tax benefit Other Cash flow required for financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year
2010 $ 2,920 2,084 109 445 528 (145) (78) (417) (124) (212) 115 149 (103) 5,271 (2,129) 69 363 (47) (1,744) 1,011 (2,259) (609) (2,452) 294 (4,015) (488) 2,200 1,712 $ $
2009 2,488 2,023 103 364 1,185 143 (57) (474) (129) (114) 174 257 (82) 5,881 (1,729) 33 (10) 3 (1,703) (1,970) (496) (423) 47 (2,842) 1,336 864 2,200 $ $
2008 2,214 1,826 72 91 1,251 316 (458) 77 (99) (55) (389) (230) (186) 4,430 (3,547) 39 (823) (42) (4,373) (500) 3,557 (1,455) (465) (2,815) 43 (8) (1,643) (1,586) 2,450 864
Cash paid for income taxes was $1,259, $1,040 and $1,399 during 2010, 2009 and 2008, respectively. Cash paid for interest (net of interest capitalized) was $752, $805 and $873 during 2010, 2009 and 2008, respectively. See accompanying Notes to Consolidated Financial Statements.
Page | 12
(millions, except footnotes) February 2, 2008 Net earnings Other comprehensive income/(loss) Pension and other benefit liability adjustments, net of taxes of $242 Net change on cash flow hedges, net of taxes of $2 Total comprehensive income Dividends declared Repurchase of stock Stock options and awards January 31, 2009 Net earnings Other comprehensive income/(loss) Pension and other benefit liability adjustments, net of taxes of $17 Net change on cash flow hedges, net of taxes of $2 Currency translation adjustment, net of taxes
Accumulated Other Comprehensive Income/(Loss) Pension and Derivative Other Instruments, Benefit Foreign Retained Liability Currency Earnings Adjustments and Other $12,761 2,214 $(134)
Total
(376)
(376)
(2)
(2)
1,836 (67.2) 1.2 752.7 $ (5) 63 $ 106 (471) (3,061) (510) $ (471) (3,066) 106
(27)
(27)
(2)
(2)
Page | 13
2,463 (9.9) 1.8 744.6 $ (1) 62 $ 157 (503) (481) (537) $ (503) (482) 157
(4)
(4)
2,920 (47.8) 7.2 704.0 (4) 1 $59 392 $3,311 (659) (2,510) $12,698 $(541) (659) (2,514) 393
$(40) $ 15,487
Dividends declared per share were $0.92, $0.67 and $0.62 in 2010, 2009 and 2008, respectively. See accompanying Notes to Consolidated Financial Statements.
Page | 14