ACCY 201 - Friday Discussion (FD) Homework #1 - 10 points Spring2021

Deadline: you must submit this assignment electronically via Connect using the submission link I have provided in the
module by 11:59pm, Sunday 1/31. Make sure your name, your TA’s name, and your discussion section time are clearly
indicated on your submission to ensure you receive credit.

1. Waltzing Along, Inc. listed the items below on their 2019 financial statements. For each item, indicate whether
Waltzing Along would report the related account in the Balance Sheet, Income Statement, and/or Statement of
Stockholders Equity. For items on the balance sheet, indicate whether it would be classified as an asset, liability,
or stockholders’ equity. For items on the income statement, indicate whether it would be classified as a revenue
or an expense. I have done the first one as an example for you.

a. Retained Earnings (RE appears both on the Balance Sheet and on the Statement of Stockholder’s Equity. On
the Balance Sheet, RE would be classified as Stockholders’ Equity).
b. Accounts Receivable
c. Sales Revenue
d. Notes Payable
e. Buildings
f. Accounts Payable
g. Rent Expense
h. Interest Revenue
i. Cash

2. Magpie Electricals began operations on 1/1/2018. Below is a table showing Revenues and Expenses, and
Dividends declared and paid during 2018, 2019, and 2020:

Year Revenues Expenses Dividends

2018 $571,450 $540,923 $3,100
2019 $645,911 $652,088 $0
2020 $712,876 $670,104 $2,830
Calculate Net Income (or loss) for each year and the balance of Retained Earnings at the end of each year (assume
Retained Earnings on 1/1/2018 was $0).

3. Calculate missing information using knowledge of the accounting equation: Below is some selected
information from the financial statements of Schrute Farms (amounts are in millions). Calculate the missing
amount for total assets as of 12/31/20. You must show all of your work to receive full credit.

Balance as of December 31,2019:

Total Assets $84,910
Total Liabilities $60,050
Balance as of December 31, 2020:
Total Assets $????
Total Liabilities $65,735
Summary of events occurring during the year 2020:
Common Stock issuances $0
Net Income (loss) $2,008
Dividends $35

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ACCY 201 - Friday Discussion (FD) Homework #1 - 10 points Spring2021
Deadline: you must submit this assignment electronically via Connect using the submission link I have provided in the
module by 11:59pm, Sunday 1/31. Make sure your name, your TA’s name, and your discussion section time are clearly
indicated on your submission to ensure you receive credit.

4. Find Financial Statement information online for a real company: Find the annual report for Chipotle Mexican Grill, Inc.
online using the link https://ir.chipotle.com/annual-reports and then clicking on the PDF file for the ‘2019 Annual Report
which will open the PDF file for Chipotle’s Annual Report for 2019:

Once you open the annual report, scroll down to ‘Part II; Item 8-Financial Statements and supplementary data’ which
begins on page 27. Please answer the following questions:
a. What firm serves as the auditor for Chipotle?
b. What amount did Chipotle report for Total Assets in the Balance Sheet as of December 31, 2019? What is
Chipotle’s largest asset (name the item and the amount)?
c. What amount did Chipotle report for Total Liabilities in the Balance Sheet as of December 31, 2019? What is
Chipotle’s largest liability (name the item and the amount)?
d. What amount did Chipotle report for Total Shareholders’ Equity in the Balance Sheet as of December 31, 2019?
e. Using your answers to b, c, and d, verify that the accounting equation balances.
f. What does Chipotle call its Income Statement?
g. What was the amount of Chipotle’s Sales (aka ‘Revenue’) for the fiscal year ended December 31, 2019?
h. What was Chipotle’s largest expense for the fiscal year ended December 31, 2019 (name the item and the
amount)?
i. What was Chipotle’s Net Income for the fiscal year ended December 31, 2019?

FD Homework rubric:
Homework assignments will be graded for accuracy/correctness as well as completion, according to the rubric
posted in compass. It is copied below as well for your convenience:

Homework assignments will be graded for accuracy/correctness as well as completion. All FD homework is
scored out of 10 points, and the following rubric will be used to assign a score to your homework assignments:

10 9 8 7 5 0
The student The student The student The student The student Assignment was
completed all parts completed all parts completed all parts completed all parts completed more not submitted, or
of the homework of the homework of the homework of the homework than half the the student
assignment with assignment, with 3 assignment, with 4 assignment but assignment, but 3 completed less
100% accuracy. or less minor or more minor had significant or more parts of than half the
mistakes (minor mistakes (multiple mistakes (e.g. the assignment assignment.
calculation error, small calculation significant were not
misplaced decimal, errors, etc.) calculation errors) completed.
transposed or the student
number, etc.). omitted 2 or less
parts of the
assignment

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ACCY 201 - Friday Discussion (FD) Homework #1 - 10 points Spring2021
Deadline: you must submit this assignment electronically via Connect using the submission link I have provided in the
module by 11:59pm, Sunday 1/31. Make sure your name, your TA’s name, and your discussion section time are clearly
indicated on your submission to ensure you receive credit.

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