Review Problem for Final Exam-lori hart

Review Problem for Final Exam-lori hart - Review Problem...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Review Problem for Final Exam As an alternative to a summer job paying $6 per hour between her sophomore and junior years in college, Lori Hart accepted an opportunity to lease and operate the tennis court concession in a local city recreational complex during June, July, and August, 20x6. Although she kept no accounting records (Lori is a PE major), Lori was careful to handle all funds related to the tennis concession through a special bank account opened for that purpose. An analysis of those deposit slips and check stubs for the three months is summarized below. Lori invested $1400 of her own money and was issued Common Stock. When Lori wasn’t using the tennis courts, she rented them out. She received $7,375 and is owed $200 for a company that rented the courts on a weekend late in August Lori received $2,125 for tennis lessons she gave; however, some tennis lessons were canceled because of rain and could not be rescheduled. Lori needs to refund $150 to those students. Lori borrowed $900 from the bank in June. She repaid the loan, plus $20 in interest, in August. Lori purchased a used ball throwing machine and will be useful for only one more summer.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 5

Review Problem for Final Exam-lori hart - Review Problem...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online