Homework Answers
1. Calculation of Retained earnings
Since Total Assets=Total Liabilities+Total Shareholders' Equity
| Total Assets | |
| Account Receivable | 145 |
| Buildings | 545 |
| Cash | 77 |
| Land | 220 |
| Supplies | 59 |
| Total(A) | 1046 |
| Total Liabilities and Shareholders' Equity | |
| Accounts Payables | 72 |
| Common Stock | 110 |
| Notes Payable | 468 |
| Unearned Revenue | 98 |
| Total(B) | 748 |
| Retained Earnings (A)-(B) | 298 |
| OR | 300 |
2. Calculation Of Total Assets
| Total Assets | Classification/ Reasons | ||
| 1 | Common Stock | - | Shareholders' Equity |
| 2. | Equipment | 64 | Fixed Assets |
| 3 | Consulting Service on Account | 13 | Account Receivable |
| 4 | Salary Paid | - | Income Statement |
| 5 | Received Cash from Account receivable | (6) | Decrease in Account Receivable |
| Cash | 6 | Cash and cash Equivalents | |
| 6. | Money Borrowed | - | Borrowings |
| Total | 77 |
3.
| Assets | Liabilities | Shareholders' Equity | ||
| 1st Transaction | ||||
| Account Receivable | 500 | |||
| Less:- Cash Received | (325) | 175 | ||
| Cash Received | 325 | |||
| Revenue | 500 | |||
| 2nd Transaction | ||||
| Cash | 175 | |||
| Unearned Revenue(175-100) | 75 | |||
| Revenue | 100 | |||
| Total | 675 | 75 | 600 |
4.
- Inventory Balance in Books= Beginning Balance+Purchase during the year
=345+165=$510
- Inventory during physical count= $155
- Decrease in Inventory or Inventory Issued =510-155=$ 355
Journal Entry
debit Supplies Expenses $355
Credit Supplies $355
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