Homework Answers
a.
Sales - Revenue
Cash at bank - Asset
Suppliers payable - Liability
Wages expense - Expense
Share capital - Share capital
Cost of goods sold - Expense
Inventory - Asset
Electricity expense - Expense
Accounts receivable - Asset
Travel expenses - Expense
b.
Total assets - Cash + Inventory + Accounts Receivable = $123,000 + $15,000 + $38,000 = $176,000
Total liabilities - Suppliers payable = $34,000 = $34,000
Owners equity - $118,000 + $24,000 (profit) = $142,000
Total revenue - Sales = $68,000
Total expense - Wages expense + Cost of goods sold + Electricity expense + Travel expense
= $10,000 + $23,000 + $8,000 + $3,000 = $44,000
Profit - Sales - Total expense = $68,000 - $44,000 = $24,000
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1.
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2.
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3.
All depreciation expense is
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4.
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5.
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6.
All operating expenses except
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1.
Dividends declared and paid
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2.
During the year equipment was
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3.
All depreciation expense is
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4.
All sales and purchases are
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Accounts payable pertain to
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All operating expenses except
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