BUS115HWCh05.3ansS2008-1

BUS115HWCh05.3ansS2008-1 - FRANKLIN COLLEGE BUSINESS 115...

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FRANKLIN COLLEGE BUSINESS 115 FINANCIAL ACCOUNTING PROFESSOR GEORGES ROCOURT SPRING SEMESTER 2008 FINANCIAL ACCOUNTING, 13 TH EDITION Homework Assignment for Chapter # 5 (Part # 3) – ANSWER SHEET Discussion Question # 10: After all revenue, expense, and dividend accounts have been closed, the only accounts that remain open are the permanent (or real) accounts appearing in the balance sheet . In comparison to the adjusted trial balance, the after-closing trial balance contains only balance sheet accounts . Also, the Retained Earnings account is no longer reported at its beginning balance, but appears in the after- closing trial balance with the value of the end-of-year retained earnings. Discussion Question # 13: Adequate disclosure means that properly prepared financial statements should also include whatever supplemental information is necessary for an intelligent user to interpret the statements properly. Problem # 5.2A (LAWN PRIDE): a. LAWN PRIDE, INC. Income Statement For the Year Ended December 31, 2007 Revenue: Mowing revenue earned $ 1 7 0 0 0 0 Expenses: Insurance expense $ 2 4 0 0 Office rent expense 3 6 0 0 0 Supplies expense 5 2 0 0 Salary expense 6 0 0 0 0 Depreciation expense: trucks 3 0 0 0 0 Depreciation expense: mowing equipment 4 0 0 0 3 0 0 0 Fuel expense 1 5 0 0 Miscellaneous expense
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This homework help was uploaded on 04/20/2008 for the course BUS 115 taught by Professor Rocourt during the Spring '08 term at Franklin CH.

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BUS115HWCh05.3ansS2008-1 - FRANKLIN COLLEGE BUSINESS 115...

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