Spring 2007 midterm 1 solution

Spring 2007 midterm 1 solution - Accounting Cycle BALANCE...

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Accounting Cycle 071M1solutions BALANCE SHEET: Spring 2007 A B C D Assets: Midterm 1 Solutions Cash 535,400 619,000 516,600 454,000 Accounts Receivable 90,000 80,000 123,000 168,000 Prepaid Equipment Rent 10,000 12,500 15,000 20,000 Note Receivable - - - - Interest Receivable - - - - Total Assets: 635,400 711,500 654,600 642,000 Liabilities: Rent Payable - - - - Salaries Payable 9,000 9,900 12,600 14,800 Interest Payable - - - - Unearned Revenue - - - - Note Payable - - - - Total Liabilities: 9,000 9,900 12,600 14,800 Owners' Equity: Contributed Capital 228,000 232,000 285,000 320,000 Retained Earnings 398,400 469,600 357,000 307,200 Total Owners' Equity: 626,400 701,600 642,000 627,200 Total Liab. And Owners' Equity 635,400 711,500 654,600 642,000 INCOME STATEMENT: Consulting Revenue 354,000 487,000 462,000 513,000 Interest Revenue 550 1,100 1,650 2,200 Expenses: Salaries 215,250 237,000 301,000 354,000 Office Rent 92,000 104,000 116,000 128,000 Equipment Rent 24,000 30,000 36,000 48,000 Interest
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Spring 2007 midterm 1 solution - Accounting Cycle BALANCE...

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