Homework Answers
a.
| 2015 | Assets | Liabilities | Equity | Income Statement | |||||
| No. | Cash | Land | Liabilities | Common Stock | Retained Earnings | Rev | Exp | Net Income | Cash Flow |
| Beg. bal. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1. | 9,000 | 9,000 | 9,000 | ||||||
| 2. | 5,000 | 5,000 | 5,000 | ||||||
| 3. | 4,000 | 4,000 | 4,000 | 4,000 | |||||
| 4. | -2,900 | -2,900 | 2,900 | -2,900 | |||||
| 5. | -500 | -500 | -500 | ||||||
| Totals | 14,600 | 0 | 5,000 | 9,000 | 600 | 4,000 | 2,900 | 1,100 | |
| 2016 | |||||||||
| No. | |||||||||
| Beg. bal. | 14,600 | 0 | 5,000 | 9,000 | 600 | 0 | 0 | 0 | |
| 1. | 4,500 | 4,500 | 4,500 | ||||||
| 2. | -2,000 | -2,000 | -2,000 | ||||||
| 3. | 6,700 | 6,700 | 6,700 | 6,700 | |||||
| 4. | -4,300 | -4,300 | 4,300 | -4,300 | |||||
| 5. | -700 | -700 | -700 | ||||||
| Totals | 18,800 | 0 | 3,000 | 13,500 | 2,300 | 6,700 | 4,300 | 2,400 | |
| 2017 | |||||||||
| No. | |||||||||
| Beg. bal. | 18,800 | 0 | 3,000 | 13,500 | 2,300 | ||||
| 1. | 2,500 | 2,500 | 2,500 | ||||||
| 2. | 1,000 | 1,000 | 1,000 | ||||||
| 3. | 7,400 | 7,400 | 7,400 | 7,400 | |||||
| 4. | -7,900 | -7,900 | 7,900 | -7,900 | |||||
| 5. | -300 | -300 | -300 | ||||||
| 6. | -9,000 | 9,000 | -9,000 | ||||||
| Totals | 12,500 | 9,000 | 4,000 | 16,000 | 1,500 | 7,400 | 7,900 | -500 | |
b.
| Income Statement | |||
| 2015 | 2016 | 2017 | |
| Revenue | 4,000 | 6,700 | 7,400 |
| Operating Expenses | - 2,900 | -4,300 | -7,900 |
| Net Income | 1,100 | 2,400 | -500 |
Add Answer to:
Demonstration Problem 1-1 - The Accounting Cycle The events below apply to Computer Services Company (CSC)....
Demonstration Problem 5-1: Accounting for Uncollectible Receivables The Solo Company was started on January 1, 2018....
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Acquired $60,000 cash from the issue of common stock.
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the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
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Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
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Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and...
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9 and 10 9. Beatrice Company received $4,000 in cash revenues, paid cash expenses of $3,450,...
9 and 10
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The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000 cash from the issue of common stock.
Received an $8,200 cash advance for services to be provided in
the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
Incurred $16,100 of operating expenses on account.
Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35.000 from the issue of common stock 2. Performed $54.000 of services on account. 3. Incurred $7700 of other operating expenses on account. 4. Pald $27.000 cash for salaries expense. 5. Collected $37.500 of accounts receivable. 6. Pald a $3.600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Pald $6,100 of the accounts payable. Required a. Record...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
9 and 10
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Warren Enterprises began operations during Year 1. The company had the following events during Yeart • The business issued $23,000 of common stock to its stockholders. • The business purchased land for $15,000 cash • Services were provided to customers for $19,000 cash • Services were provided to customers for $8,000 on account • The company borrowed $19,000 from the bank • Operating expenses of $15.000 were incurred and paid in cash • Salary expense of $1100 was accrued •...
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