hmwk_ch4 - PE 41B 1. 2. 3. 4. Balance Sheet column Income...

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PE 4–1B 1. Balance Sheet column 5. Income Statement column 2. Income Statement column 6. Balance Sheet column 3. Balance Sheet column 7. Balance Sheet column 4. Balance Sheet column 8. Income Statement column PE 4–2A A net loss of $30,410 ($278,100 – $247,690) would be reported. When the Credit column exceeds the Debit column, a net loss is reported. If the Debit column of the Balance Sheet columns is more than the Credit column, a net income is reported. PE 4–2B A net income of $86,850 ($523,550 – $436,700) would be reported. When the Credit column exceeds the Debit column, net income is reported. If the Debit column of the Income Statement columns is more than the Credit column, a net loss is reported.
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PE 4–3A PADGET ADVERTISING SERVICES Retained Earnings Statement For the Year Ended December 31, 2007 Retained earnings, January 1, 2007. .................................... $550,600 Net income. ............................................................................. $68,150 Less dividends. ...................................................................... 40,000 Increase in retained earnings. .............................................. 28,150 Retained earnings, December 31, 2007. .............................. $578,750 PE 4–4A 1. Current liability 5. Current asset 2. Property, plant, and equipment 6. Current liability 3. Current asset 7. Current liability 4. Long-term liability 8. Stockholders’ equity PE 4–4B 1. Current liability 5. Long-term liability 2. Current asset 6. Current asset 3. Stockholders’ equity 7. Current asset 4. Current liability 8. Property, plant, and equipment
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PE 4–5A Oct. 31 Fees Earned. ......................................................... 475,150 Income Summary. ........................................... 475,150 31 Income Summary. ................................................. 526,025 Wages Expense. .............................................. 390,000 Rent Expense. ................................................. 85,000 Supplies Expense. .......................................... 38,350 Miscellaneous Expense. ................................. 12,675 31 Retained Earnings. ............................................... 50,875 Income Summary. ........................................... 50,875 31 Retained Earnings. ............................................... 36,000 Dividends. ........................................................ 36,000 PE 4–5B Apr. 30 Fees Earned. ......................................................... 690,500 Income Summary. ........................................... 690,500 30 Income Summary. ................................................. 553,350 Wages Expense. .............................................. 410,000
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hmwk_ch4 - PE 41B 1. 2. 3. 4. Balance Sheet column Income...

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