Homework Answers
Answer-a-
| Transactions | Assets | = | Liabilities | + | Stockholders' Equity |
| Aug.1,2016 Totals | $700,000 | = | $550,000 | + | $150,000 |
| Aug.3. borrowed | +24,000 | +24,000 | |||
| New Totals | $724,000 | = | $574,000 | + | $150,000 |
| Aug.7 bought | +38,000 | +38,000 | |||
| New Totals | $762,000 | = | $612,000 | + | $150,000 |
| Aug.10 Paid | (14,000) | (14,000) | |||
| New Totals | $748,000 | = | $612,000 | + | $136,000 |
| Aug.14 received | +100,000 | +100,000 | |||
| (66,000) | (66,000) | ||||
| New Totals | $782,000 | = | $612,000 | + | $170,000 |
| Aug.17 paid | (28,000) | (28,000) | |||
| New Totals | $754,000 | = | $584,000 | + | $170,000 |
| Aug.21 collected | 0 | 0 | 0 | ||
| New Totals | $754,000 | = | $584,000 | + | $170,000 |
| Aug.24 Repaid | (20,400) | (20,000) | (400) | ||
| New Totals | $733,600 | = | $564,000 | + | $169,600 |
| Aug.29 cash dividend | (10,000) | (10,000) | |||
| August 31,2016 Totals | $723,600 | = | $564,000 | + | $159,600 |
b-Net Income
| Revenue from sales | $100,000 |
| Less: Cost of goods sold | -$66,000 |
| Less:Operating Expenses | -$14,000 |
| Less: Interest Expenses | -$400 |
| Net Income for August | $19,600 |
Total Revenue= $100,000
Total Expenses= $80,400
c-Net Change in Assets ($723,600-$700,000)= $23,600
Net Change in Liabilities ($564,000-$550,000)=$14,000
Net Change in Stockholders' Equity ($159,600-$150,000)= $9,600
d-Transactions changed stockholders' equity= Aug.10 paid for operating expenses, Aug.14 , Aug.24 and Aug.29
e-Interest is an expense because a company can get benefit in tax deduction but dividend can not show an expense and can get tax exemption.
f-Money borrowed from bank receives in cash form which is an asset thats why it increases assets not income. Income can generate to do operating activities of business.
g-Accounts payable and accounts receivable paid and receive in cash. They do not affect net income because company has made provision for them already.
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