073M1solutions

073M1solutions - 31,200 Accounts Payable Yr 1 6,300 3,800...

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073M1 Midterm 1 Answers A B C D Accounting Cycle Note Payable: Interest Expense Yr 1 18,000 24,000 40,000 28,000 Interest Expense Yr 2 24,000 36,000 60,000 48,000 Prepaid Interest Yr 1 0 0 0 0 Interest Payable Yr 2 6,000 6,000 10,000 4,000 Office Rent: Office Rent Expense Yr 1 87,400 102,267 117,500 115,733 Prepaid Office Rent Yr 1 0 0 0 0 Office Rent Payable Yr 1 87,400 102,267 117,500 115,733 Office Rent Expense Yr 2 152,900 153,733 175,033 153,467 Prepaid Office Rent Yr 2 58,500 44,000 54,267 34,400 Office Rent Payable Yr 2 0 0 0 0 Salaries: Salaries Expense Yr 1 347,200 388,267 453,600 433,067 Prepaid Salaries Yr 1 12,400 12,800 10,800 11,600 Salaries Payable Yr 1 18,600 36,267 21,600 21,267 Consulting Services: Consulting Revenues Yr 1 1,765,500 1,909,000 2,240,500 ### Consulting Revenues Yr 2 184,500 201,000 229,500 207,000 Accounts Receivable Yr 1 720,000 770,000 940,000 820,000 Unearned Revenues Yr 1 184,500 201,000 229,500 207,000 Interest Revenue Yr 1 3,600 4,800 5,000 3,000 Supplies: Supplies Expense Yr 1 32,000 28,700 55,800
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Unformatted text preview: 31,200 Accounts Payable Yr 1 6,300 3,800 4,600 1,600 Supplies Inventory Yr 1 8,000 12,300 6,200 7,800 Financial Statement Articulation AA- Yr 2 Cash Collected From Clien 158 187 226 203 BB- Yr 2 Rent Revenues 81 80 77 72 CC- Dec. 31, Yr 2 Salaries Payable 12 27 18 52 DD- Yr 2 Utilities Expense 32 36 32 43 EE- Dec. 31, Yr 2 Prepaid Insurance 21 21 21 24 Statement of Cash Flows Operating: NI 130 130 130 220 Gain-410-390-370-380 Loss 80 90 60 10 Depreciation 110 110 130 170 Accounts Receivable 540 520 510 450 Supplies-90-70-60-20 Accounts Payable 30 50 60 40 Rent Payable-110-130-130-110 Salaries Payable-130-110-100-60 Investing: Sell Investment 700 720 750 790 Buy PPE-60-70-90-90 Sell PPE 50 60 80 10 Buy Investment-480-410-470-460 Financing: Pay Dividends-180-200-210-370 Issue NP 30 50 70 50 CC 100 80 60 110...
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073M1solutions - 31,200 Accounts Payable Yr 1 6,300 3,800...

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