f.acct - WILEY plus Financial Accounting by Kimmel Homework...

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WILEY plus Financial Accounting by Kimmel Homework E1-9 Sleep Cheap is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December  31, 2007. Revenues during 2007: camping fees  $137,000  Dividends  $9,000  Revenues during 2007: general store  25,000  Notes payable  50,000  Accounts payable  11,000  Expenses during 2007  129,000  Cash on hand  8,500  Supplies on hand  2,500  Equipment  119,000  Common stock  40,000  Retained earnings (1/1/2007)  5,000  Determine net income from Sleep Cheap for 2007 and complete the financial statements below based on the information provided.  (List assets in  order of liquidity and liabilities in order of magnitude with notes payable first.)   SLEEP CHEAP Retained Earnings Statement  For the Year Ended December 31, 2007 Retained earnings January 1 $  5,000  Net income  33,000  38,000  Dividends  9,000  Retained earnings December 31 $  29,000  SLEEP CHEAP Balance Sheet December 31, 2007 Assets  Cash $  8,500  Supplies 2,500  Equipment 119,000      Total assets  $  130,000  Liabilities and Stockholders' Equity Liabilities      Notes payable $  50,000       Accounts payable 11,000          Total liabilities  $  61,000  Stockholders' equity      Common stock  40,000       Retained earnings 29,000  69,000          Total liabilities and stockholders' equity $  130,000 On June 1 Fix-it-Up Service Company was started with an investment of $26,200 cash. Here are the assets and liabilities of the company on June 30,  and the revenues and expenses for the month of June, its first month of operations.  Cash  $4,600  Notes payable  $14,000  Accounts receivable   4,000  Accounts payable  500  Revenue  8,000  Supplies expense  1,000  Supplies  2,400  600 
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Advertising expense  400  Utilities expense  300  Equipment  32,000  Wage expense  1,400  P1-3A In June, the company issued no additional common stock, but paid dividends of $2,000.  Complete an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 2007.   (List expenses in  order of magnitude.  Assets in order of liquidity and liabilities in order of magnitude with notes payable first.)   FIX-IT-UP SERVICE CO. Income Statement  For the Month Ended June,30 2007 Revenues      Revenue $ 8,000 Expenses       Wage expense  $ 1,400      Supplies expense 1,000      600      Advertising expense 400      Utilities expense 300         Total expenses 3,700 Net income $ 4,300 FIX-IT-UP SERVICE CO. Retained Earnings Statement 
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This note was uploaded on 06/09/2008 for the course E/M E/M 102 taught by Professor Wohl during the Spring '08 term at Gustavus.

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f.acct - WILEY plus Financial Accounting by Kimmel Homework...

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