Tivity 2.1 (Individual work) Formal assessment
Copy the following table into your workbook and complete the last column
Is it an asset, liability, income, expenses
direct Owner's Equity account?
0.
Name of account
1 Fuel
Z Loan from a bank
3 Sales
4 Land and buildings
5
Interest on fixed deposit
b
Capital
7 Rent expense
8
Stationery
9 Interest on loan
1.10 Vehicles
1.11 Drawings
1.12 Trading
stock
1.13 Creditors
1.14 Salaries
1.15 Rent income
1.16 Equipment
17 Bank account
18 Current income
19 Debtors
1.20 Petty cash
1.21 Wages
1.22 Cash float
1.23 Bank overdraft
1.24 Packing material
25 Material
From the 25 accounts listed in question 1:
21 Tirtha non current assets

Instructions: use the following information to construct the 2000 balance sheet and income statement for carolina business machines. round all numbers to the nearest whole dollar. all numbers are in thousands of dollars. be sure to read the whole problem before you jump in and get started. at the end of 1999 the firm had $43,000 in gross fixed assets. in 2000 they purchased an additional $14,000 of fixed asset equipment. accumulated depreciation at the end of 1999 was $21,000. the depreciation expense in 2000 is $4,620. at the end of 2000 the firm had $3,000 in cash and $3,000 in accounts payable. in 2000 the firm extended a total of $9,000 in credit to a number of their customers in the form of accounts receivable. the firm generated $60,000 in sales revenue in 2000. their cost of goods sold was 60 percent of sales. they also incurred salaries and wages expense of $10,000. to date the firm has $1,000 in accrued salaries and wages. they borrowed $10,000 from their local bank to finance the $15,000 in inventory they now have on hand. the firm also has $7,120 invested in marketable securities. the firm currently has $20,000 in long-term debt outstanding and paid $2,000 in interest on their outstanding debt. over the firm's life, shareholders have put up $30,000. eighty percent of the shareholder's funds are in the form of retained earnings. the par value per share of carolina business machines stock is

Which of the following results in an increase in the standard of living? a. an increase in unemployment pushes down the cost of production. b. wages go up to correct for the inflation of prices. c. income increases, enabling consumers to buy more goods and services. d. rising production costs drive up the price of goods and services.

For 2016, gourmet kitchen products reported $22 million of sales and $19 million of operating costs (including depreciation). the company has $15 million of total invested capital. its after-tax cost of capital is 10%, and its federal-plus-state income tax rate was 36%. what was the firm’s economic value added (eva), that is, how much value did management add to stockholders’ wealth during 2016?