Question

Spring 2020 Section 902 (1) Kaitlin Cavallo & I 01/17/20 8:18 AM Homework: Chapter 1 homework Save Score: 0 of 1 pt 1 of 1 (1 complete) HW Score: 0%, 0 of 1 pt X CP1-55 Continuing Problem (similar to) Question Help Wonder Wilderness Company is a service-based company that rents canoes for use on local lakes and rivers, Ashley and Zain Waldon graduated from college about 10 years ago. They both worked for one of the "Big Four accounting firms and became CPAS Because they both love the outdoors, they decided to begin a new business that will combine their love of outdoor activities with their business knowledge. Ashley and Zain decide that they will create a new corporation, Wonder Wilderness Company, or WWC for short The business began operations on November 1, 2018 Click the icon to view the transactions) Read the requirements Requirement 1. Analyze the effects of Wonder Wilderness Company's transactions on the accounting equation. Included are the following headings: Cash Accounts Receivable (AR): Office Supplies Of Sup Canoes, Accounts Payable (AP) Units Payable (Ull Pay). Telephone Payable (Tele. Pay) Common Stock (CS), Dividends (Div.), Canoe Rental Revenue (Rent Rev), Rent Expense (Rent Exp. Utilities Expense (Ul. Exp) Wages Expense (Wage Exp), and Telephone Expenso (Tele. Exp) Analyze the events chronologically, one transaction at a time, beginning with the transaction on November 1 For each transaction that follows the November 1st transaction calculate the balance in each account after analyzing its effect on the accounting equation After calculating the ending balance of each account on November 30, calculate total assets and total abilities and equity (Complete only the necessary answer boxes for your transaction lines. Do not enter any zeros for your transaction lines Carry down all balances to the "Bal" line, including zero balance accounts, entering a "o for any zoro balances Enter a decrease in an account with a minus sign or parentheses) Assets Equity Liabilities & Will & Cash & AR on + Canoes - AP Tole Tele 120.000 Enter any number in the edit fields and then cick Check Answer 16 remaining Clear A Check Answer

Answer 1

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Wonder Wildness
Answer 1	Assets							=	Liabilities					Equity
Date	Cash	+	A/R	+	Off. Supp	+	Canoes	=	A/P	+	Util. Pay	+	Tele Pay	CS	-	Div	+	Rent Rev.	-	Rent Exp.	-	Util Exp.	-	Wage Exp.	-	Tele Exp.
1-Nov	20,000.00	+		+		+		=		+		+		20,000.00	-		+		-		-		-		-
2-Nov	(900.00)	+		+		+		=		+		+			-		+		-	900.00	-		-		-
3-Nov		+		+		+	4,900.00	=	4,900.00	+		+			-		+		-		-		-		-
4-Nov		+		+	800.00	+		=	800.00	+		+			-		+		-		-		-		-
7-Nov	2,000.00	+		+		+		=		+		+			-		+	2,000.00	-		-		-		-
13-Nov	(1,600.00)	+		+		+		=		+		+			-		+		-		-		-	1,600.00	-
15-Nov	(100.00)	+		+		+		=		+		+			-	100.00	+		-		-		-		-
16-Nov		+		+		+		=		+	200.00	+			-		+		-		-	200.00	-		-
20-Nov		+		+		+		=		+		+	130.00		-		+		-		-		-		-	130.00
22-Nov		+	3,300.00	+		+		=		+		+			-		+	3,300.00	-		-		-		-
26-Nov	(2,400.00)	+		+		+		=	(2,400.00)	+		+			-		+		-		-		-		-
28-Nov	800.00	+	(800.00)	+		+		=		+		+			-		+		-		-		-		-
30-Nov	(200.00)	+		+		+		=		+		+			-	200.00	+		-		-		-		-
	$ 17,600.00	+	$ 2,500.00	+	$ 800.00	+	$ 4,900.00	=	$ 3,300.00	+	$ 200.00		$ 130.00	$ 20,000.00		$ 300.00		$ 5,300.00		$ 900.00		$ 200.00		$ 1,600.00		$ 130.00

Answer 2
Income Statement	Amount $
Rent Revenue	5,300.00
Total Revenue	5,300.00
Less: Expenses
Rent Expense	900.00
Utilities Expense	200.00
Wages Expense	1,600.00
Telephone Expense	130.00
Total Expenses	2,830.00
Net Income	2,470.00
Answer 3
Statement of Retained Earnings	Amount $
Opening Retained Earnings	-
Add: Net Income	2,470.00
Less: Dividends	300.00
Closing Retained Earnings	2,170.00
Answer 4
Balance Sheet
Assets	Amount $
Cash	17,600.00
Accounts Receivable	2,500.00
Office Supplies	800.00
Canoes	4,900.00
Total Assets	25,800.00
Liabilities
Accounts Payable	3,300.00
Utilities Payable	200.00
Telephone Expense Payable	130.00
Total Liabilities	3,630.00
Stockholder's Equity
Common Stock	20,000.00
Retained Earnings	2,170.00
Total Stockholder's Equity	22,170.00
Total Liabilities & Stockholder's Equity	25,800.00

Return on Assets
Total Assets	25,800.00		A
Net Income	2,470.00		B
Return on Assets	9.57%		C=B/A