Accounting In-Class Exercise : Week 1
CSU Corp began operations on Jan 1st, 20X2. Prepare an income statement, a retained earnings statement, and
a balance sheet for Jan 31st, 20X2 using the information below. Remember, each item must be used, and by
only once.
Accounts Receivable (A/R): 1,800
Accounts Payable (A/P): 2,000
Cost of Goods Sold (COGS): 9,000
Notes Payable (N/P): 5,000
Common Stock (C.S.): $10,000
Retained Earnings - Beginning (RE-Beg): ?
Equipment (Equip): $16,000
Insurance Expense (Ins. Exp.): 1,000
Revenue (Rev.): $17,000
Supplies: $4,000
Supplies Expenses (Supp Exp.): $200
Cash: 1400
Dividend (Div): 600
Sample Statements
Income Statement for the Month Ended January 31, 20X2
Income Statement | Amount
——————————————
Revenue | $17,000
Expenses:
Cost of Goods Sold (COGS) | (9,000)
Insurance Expense | (1,000)
Supplies Expense | (200)
Total Expenses | (10,200)
Net Income | $6,800
CSU Corp began operations on Jan 1st, 20X2. Prepare an income statement, a retained earnings statement, and
a balance sheet for Jan 31st, 20X2 using the information below. Remember, each item must be used, and by
only once.
Accounts Receivable (A/R): 1,800
Accounts Payable (A/P): 2,000
Cost of Goods Sold (COGS): 9,000
Notes Payable (N/P): 5,000
Common Stock (C.S.): $10,000
Retained Earnings - Beginning (RE-Beg): ?
Equipment (Equip): $16,000
Insurance Expense (Ins. Exp.): 1,000
Revenue (Rev.): $17,000
Supplies: $4,000
Supplies Expenses (Supp Exp.): $200
Cash: 1400
Dividend (Div): 600
Sample Statements
Income Statement for the Month Ended January 31, 20X2
Income Statement | Amount
——————————————
Revenue | $17,000
Expenses:
Cost of Goods Sold (COGS) | (9,000)
Insurance Expense | (1,000)
Supplies Expense | (200)
Total Expenses | (10,200)
Net Income | $6,800
