Homework Answers
P1.1
a)
Prepare tabular analysis as follows:
| Assets | = | Liabilities | + | Shareholders' Equity | |||||||||
| Trans. | Cash | Accounts receivable | Supplies | Equipment | = | Accounts payable | + | Owner's capital | Service revenue | Owner's Drawings | Rent Expn. | Advertising Expn. | Salaries Expn. |
| 1 | $15,000 | $15,000 | |||||||||||
| 2 | ($600) | ($600) | |||||||||||
| 3 | ($3,000) | $3,000 | |||||||||||
| 4 | $700 | ($700) | |||||||||||
| 5 | ($900) | $900 | |||||||||||
| 6 | $3,000 | $7,000 | $10,000 | ||||||||||
| 7 | ($600) | ($600) | |||||||||||
| 8 | ($500) | ($500) | |||||||||||
| 9 | ($2,500) | ($2,500) | |||||||||||
| 10 | $4,000 | ($4,000) | |||||||||||
| Total | $13,900 | $3,000 | $900 | $3,000 | $200 | $15,000 | $10,000 | ($600) | ($600) | ($700) | ($2,500) | ||
________________________________________________________________________________
b)
Compute Income statement as follows:
| Income Statement | ||
| Sales revenue | $10,000 | |
| Less: operating expense | ||
| Salaries expense | ($2,500) | |
| Rent expense | ($600) | |
| Advertising expense | ($700) | ($3,800) |
| Net Income | $6,200 | |
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p.s, it is one whole chart just had to slide over to capture every thing. 1...
p.s, it is one whole chart just had to slide over to capture
every thing.
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p.s, it is one whole chart just had to slide over to capture
every thing.
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Expenses are incurred a. only on rare occasions. b. to produce assets. c. to produce liabilities. d. to generate revenues. On April 1, Wonder Travel Agency Inc. was established. These transactions were completed during the month. 1. Stockholders invested $30,000 cash in the company in exchange for common stock. 2. Paid $900 cash for April office rent. 3. Purchased office equipment for $3,400 cash. 4. Purchased $200 of advertising in the Chicago Tribune, on account. 5. Paid $500 cash for...
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