Book1 - Expenses Operational Exps 23,000 Wage Expense...

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Matthew Caban HW #1 1.) a. Cash 75,000 C/S 75,000 b. Inventory 30,000 A/P 30,000 c. Office Equipment 5,000 Cash 5,000 d. Cost of Goods Sold 26,000 Inv 26,000 A/R 50,000 Sales Rev 50,000 e. Salaries Expense 10,000 Cash 10,000 f. Operating Exp 4,000 Cash 4,000 g. Cash 18,000 A/R 18,000 h. A/P 27,000 Cash 27,000 i. Bad Debt Expense 1,000 Cash 1,000 j. RE 6,000 Dividends Payable 6,000 3.) A/D (Equipment) 1,000 Equipment 1,000 Astor Company  Income Statement Dec. 31 2006 Sales 95,000 Cost of Goods Sold 36,000 Gross Profit 59,000
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Unformatted text preview: Expenses Operational Exps 23,000 Wage Expense 12,000 Bad Debt Expense 750 Deprec. Exp 10,500 46,250 Net Income 12,750 Astor Company Balance Sheet Dec. 31 2006 Assets = Liabilities + Owners' Equity Cash 16,800 Div Payable 1500 C/S 80,000 PPE 100,000 A/P 9,000 R/E 17,250 A/D PPE-10,500 N/P 25,000 Inventory 56,000 Wage Payable 12,000 A/R 5,250 Interest Payable 250 167,550 L+OE 145,000...
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Book1 - Expenses Operational Exps 23,000 Wage Expense...

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