223_Hwk_2_Solutions - HA 223 Fall 2006 Homework 2 M25....

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HA 223 – Fall 2006 – Homework 2 M2–5. Assets = Liabilities + Stockholders’ Equity a. Cash +1,000 Notes payable +1,000 b. Cash +3,000 Contributed capital +3,000 c. Cash Equipment –100 +500 Notes payable +400 d. Cash –100 Retained earnings –100 e. Cash –200 Notes receivable +200 M2–8. a. Cash (+A). ............................................................................. 1,000 Notes payable (+L). ......................................................... 1,000 b. Cash (+A). ............................................................................. 3,000 Contributed capital (+SE). ............................................... 3,000 c. Equipment (+A). .................................................................... 500 Cash ( - A). ........................................................................ 100 Notes payable (+L). ......................................................... 400 d. Retained earnings ( - SE). ...................................................... 100 Cash ( - A). ........................................................................ 100 e. Notes receivable (+A). .......................................................... 200 Cash ( - A). ........................................................................ 200
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M2–9. Cash Notes Receivable Equipment Beg. 1,000 Beg. 1,000 Beg. 16,300 (a) 1,000 100 (c) (e) 200 (c) 500 (b) 3,000 100 (d) 200 (e) 4,600 1,200 16,800 Notes Payable Contributed Capital Retained Earnings 3,000 Beg. 5,500 Beg. 9,800 Beg. 1,000 (a) 3,000 (b) (d) 100 400 (c) 4,400 8,500 9,700 M2–10. Burress Inc. Balance Sheet At January 31, 2008 Assets Liabilities Current assets: Current liabilities: Cash $ 4,600 Notes payable $ 4,400 Notes receivable 1,200 Total current liabilities 4,400 Total current assets 5,800 Stockholders’ Equity Contributed capital 8,500 Equipment 16,800 Retained earnings 9,700 Total stockholders’ equity 18,200 Total Assets $22,600 Total Liabilities & Stockholders’ Equity $22,600
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E2–4. Assets
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223_Hwk_2_Solutions - HA 223 Fall 2006 Homework 2 M25....

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