Chaper 2
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Chaper 2

Course Number: ACC ACC50, Summer 2010

College/University: Rutgers

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4f8bce4974f9d9bb7330af9241e588cfc45d2cdb.xlsx 2.5A A. HERE COMES THE CLOWNS! Balance Sheet June 30, 2009 ASSETS: Cash Notes Receivable Accounts Receivable Animals Cages Costumes Props and Equiment Tents Trucks and Wagons Total LIABILITIES: Salaries Payable Accounts Payable Notes Payable Total $89,220.00 $9,500.00 $7,450.00 $189,060.00 $24,630.00 $31,500.00 $89,580.00 $6,300.00 $105,840.00 $553,080.00 $9,750.00...

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2.5A 4f8bce4974f9d9bb7330af9241e588cfc45d2cdb.xlsx A. HERE COMES THE CLOWNS! Balance Sheet June 30, 2009 ASSETS: Cash Notes Receivable Accounts Receivable Animals Cages Costumes Props and Equiment Tents Trucks and Wagons Total LIABILITIES: Salaries Payable Accounts Payable Notes Payable Total $89,220.00 $9,500.00 $7,450.00 $189,060.00 $24,630.00 $31,500.00 $89,580.00 $6,300.00 $105,840.00 $553,080.00 $9,750.00 $26,100.00 $180,000.00 $215,850.00 EQUITY: Captial Stock Retained Earnings Total $310,000.00 $27,230.00 $337,230.00 B. Credit the asset account Tents (to decrease it) and debit the Equity account Retained Earnings (to decrease it). I would also create an expense account for fire loss which would ultimately decrease the retained earnings at the year's end. Dr. Cr. Date Amount 06/30/10 Tents Date Balance Amount (14,300.00) Dr. 14,300.00 Cr. Amount (14,300.00) Retained Earnings Date Balance Amount Date 6/30/2010 14,300.00 2.8A A. The Sweet Soda Shop Balance Sheet September 30, 2009 ASSETS: Cash Accounts Receivable Land Building Furniture and Fixtures Supplies Total LIABILITIES: Accounts Payable Notes Payable Total EQUITY: Captial Stock Retained Earnings Total $7,400.00 $1,250.00 $55,000.00 $45,500.00 $20,000.00 $3,440.00 $132,590.00 $8,500.00 $70,000.00 $78,500.00 $50,000.00 $4,090.00 $54,090.00 Page 1 of 3 4f8bce4974f9d9bb7330af9241e588cfc45d2cdb.xlsx B. The Sweet Soda Shop Balance Sheet October 6, 2009 ASSETS: Cash Accounts Receivable Land Building Furniture and Fixtures Supplies Total LIABILITIES: Accounts Payable Notes Payable Total EQUITY: Captial Stock Retained Earnings Total $29,400.00 $1,250.00 $55,000.00 $45,500.00 $38,000.00 $4,440.00 $173,590.00 $18,000.00 $70,000.00 $88,000.00 $80,000.00 $5,590.00 $85,590.00 The Sweet Soda Shop Income Statement For the Period October 1-6, 2009 Revenue Expenses Net Income $5,500.00 $4,000.00 $1,500.00 The Sweet Soda Shop Statement of Cash Flows October 1, 2009 - October 6, 2009 Operating activities Cash received from revenue transactions Cash paid for expenses Net cash provided by operating activites Investing activities Financing activities Sale of capital stock Increase in cash for the period Beginning cash balance, October 1, 2009 Ending cash balance, October 6, 2009 $5,500.00 $(13,500.00) $(8,000.00) $- $30,000.00 $22,000.00 $7,400.00 $29,400.00 C. The Soda Sweet Shop is in a better financial position on 10/1. The current ratio on 10/6 is lower than the ratio on 10/1. This means that The SSS has less assets available to pay liabilities on 10/6 then it did on 10/1. While the increase to capital stock helped with the overall cashflow for the period the revenue did not support the expenses. Page 2 of 3 4f8bce4974f9d9bb7330af9241e588cfc45d2cdb.xlsx The Sweet Soda Shop is in a stronger financial position on October 6 than on September 30. On September 30, the company had highly liquid assets (cash and accounts receivable) of $8,650, which barely exceeded the $8,500 in liabilities (accounts payable) due in the near future. On October 6, after the additional investment of cash by stockholders, the company's cash alone exceeded its short-term obligations. 2.9A A. Berkeley Playhouse Balance Sheet September 30, 2009 ASSETS: Cash Accounts Receivable Lighting and Equipment Props & Costumes LIABILITIES: Accounts Payable Salaries Payable Notes Payable Total OWNER'S EQUITY Total $51,500.00 Helen Berkley Capital Total $28,400.00 $28,400.00 $16,900.00 $7,200.00 $9,400.00 $18,000.00 $3,900.00 $4,200.00 $15,000.00 $23,100.00 B. 1 Cash. $15000 in the company bank account and $1900 in the safe should be included as cash. $5000 in Berkeley's personal saving account is not an asset of the company. 2 A/R should only included the $7200 owed by Artistic Tours, not projections of sales. 3 Props & Costumes. $15000 increase to assets (debit) and $15000 increase to Liabilities Notes Payable (debit). 4 If Berkeley does not own the building then it is not an assest. The $27000 asset is removed from the balance sheet. The rent should have been recorded as an accounts payable expense and paid by the cash account. 5 Lighting equipment is still an asset of $9400. The manager's opinion doesn't matter. 6 The automobile is not a company asset if it is for personal use and is removed from the balance sheet. 7 A/P may only include business related expenses. $2100 of the personal visa is removed. 8 Salaries payable may only include salaries to employees who have performed work as of the date on the balance sheet. Planning for a salary for a future lead role has no place on the balance sheet and so $25000 is removed 9 The owner's equity is the Total Assets minus the Total Liabilities. Page 3 of 3

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