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1、Chapter11.TheMillRunGolf&CountryClubdetailsthefollowingaccountsinitsfinancialstatements.(a)(b)Accountspayableandaccruedliabilities________Accountsreceivable________Property,plant,andequipment________Foodandbeverageoperationsrevenue________Golfcourseoperationsrevenue________Inve
2、ntory________Long-termdebt________Officeandgeneralexpense________Professionalfeesexpense________Wagesandbenefitsexpense________Instructions.(a)Classifyeachoftheaboveaccountsasanasset(A),liability(L),stockholders’equity(SE),revenue(R),orexpense(E)item.(b)Classifyeachoftheaboveac
3、countsasafinancingactivity(F),investingactivity(I),oroperatingactivity(O).Ifyoubelieveaparticularaccountdoesn’tfitinanyoftheseactivities,explainwhy.2.Thefollowinginformationwastakenfromthe2004financialstatementsofpharmaceuticalgiantMerckandCo.Alldollaramountsareinmillions.Retai
4、nedearnings,January1,2004$34,142.0Materialsandproductionexpense4,959.8Marketingandadministrativeexpense7,346.3Dividends3,329.1Salesrevenue22,938.6Researchanddevelopmentexpense4,010.2Taxexpense2.161.1Otherrevenue1,352.2Instructions.(a)Afteranalyzingthedata,prepareanincomestateme
5、ntandaretainedearningsstatementfortheyearendingDecember31,2004.(b)SupposethatMerckdecidedtoreduceitsresearchanddevelopmentexpenseby50%.Whatwouldbetheshort-termimplications?Whatwouldbethelong-termimplications?Howdoyouthinkthestockmarketwouldreact?2.KelloggCompanyistheworld’slead
6、ingproducerofready-to-eatcerealandaleadingproducerofgrain-basedconveniencefoodssuchasfrozenwafflesandcerealbars.Thefollowingitemsweretakenfromits2004incomestatementandbalancesheet.Alldollarsareinmillions._____Retainedearnings$2,701.3_____Long-termdebt$3,892.6_____Costofgoodssol
7、d5,298.7_____Inventories681.0_____Sellingandadministrativeexpense2,634.1_____Netsales9,613.9_____Cash417.4_____Accountspayable767.2_____Notespayable709.7_____Commonstock103.8_____Interestexpense308.6_____Incometaxexpense475.3_____Otherexpense6.6Instructions.Performeachofthefoll
8、owing.(a)Ineachcaseidentifywhethertheitemisanasset(A),
