Lecture_V_Sol

Lecture_V_Sol - Solutions Lecture V P2-46 (35-40 min.) 1....

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Solutions – Lecture V P2-46 (35-40 min.) 1. See Exhibit 2-46 on the following page. 2. DICHEV COMPANY Balance Sheet April 30, 20X2 Liabilities and Assets Stockholders' Equity Liabilities: Cash $ 57,000 Note payable $ 24,000 Accounts receivable 47,000 Accounts payable 5,000 Merchandise inventory 43,000 Total liabilities 29,000 Prepaid rent 4,000 Stockholders' equity: Equipment and fixtures 35,000 Paid-in capital $150,000 Retained earnings 7,000 Total stk. equity $157,000 Total $186,000 Total $186,000
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EXHIBIT 2–46 1. DICHEV COMPANY Analysis of Transactions for April 20X2 (In Thousands of Dollars) Assets = Liabilities + Stockholders' Equity Accounts Mer- Pre- Equip- NoteAccounts Paid- Receiv- chandise paid Pay– Pay- in Retained Description Cash + able + Inventory + Rent + Fixtures = able + able + Capital + Earnings 1. Incorporation +150 = +150 2. Purchased merchandise –45 +45 = 3. Purchased merchandise +35 = +35 4a. Sales +25 +65 = + 90 (sales revenue) b. Cost of inventory
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This note was uploaded on 05/24/2008 for the course ACC 203 taught by Professor Choi during the Spring '08 term at NYU.

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Lecture_V_Sol - Solutions Lecture V P2-46 (35-40 min.) 1....

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