Homework Answers
| A | Assets | Liabilities +equity | types of transaction | ||||||||
| cash | office supplies | land | = | payable | capital + revenue - expenses | ||||||
| a | 33000 | 33000 | |||||||||
| b | 330 | = | 330 | ||||||||
| Balance | 33000 | 330 | = | 330 | 33000 | ||||||
| C | 28000 | 28000 | |||||||||
| Balance | 5000 | 350 | 28000 | = | 350 | 33000 | |||||
| D | 1800 | 1800 | |||||||||
| Balance | 6800 | 350 | 28000 | = | 350 | 33000 | 1800 | ||||
| E | -100 | -100 | |||||||||
| Balance | 6700 | 350 | 28000 | = | 250 | 33000 | 1800 | ||||
| F | Not a business transaction | ||||||||||
| G | -400 | ||||||||||
| -200 | -600 | ||||||||||
| Balance | 6100 | 350 | 28000 | = | 250 | 33000 | 1800 | -600 | |||
| H | 150 | -150 | |||||||||
| Balance | 6250 | 200 | 28000 | 250 | 33000 | 1800 | -600 | ||||
| i | -1300 | -1300 | |||||||||
| Balance | 4950 | 200 | 28000 | 250 | 31700 | 1800 | -600 | ||||
| B | ||||
| Income statement | ||||
| revenue | ||||
| service | 1800 | |||
| expenses | ||||
| rent | -400 | |||
| utillities | -200 | |||
| total expenses | -600 | |||
| net income | 1200 | |||
(c)
| investment by ower | 33000 | |
| withdrawl | -1300 | |
| netincome | 1200 | |
| 32900 | ||
(D)
| balance sheet | |||||
| assets | liabilities | ||||
| cash | 4950 | accounts payable | 250 | ||
| office supplies | 200 | ||||
| land | 28000 | ||||
| capital | 32900 | ||||
| 33150 | 33150 | ||||
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Complete the Income Statement, Statement of Owner's Equity and
Balance Sheet for Help Today company. Fill in the templates...
Exercise 2-16
HELP TODAY
Income Statement
For Month Ended August 31
Revenues
Consulting fees earned $
Expenses
Rent expense $
Salaries expense
Telephone expense
Miscellaneous expenses ______
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Net income $
Exercise 2-17
HELP TODAY
Statement of Owner’s Equity
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C. Camry, Capital, July 31 $ 0
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