Ch02HWSol(6th) - Chapter 2 HW Assignment: E2-2, 3, 9, 15,...

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Chapter 2 HW Assignment: E2-2, 3, 9, 15, 16, 17; P2-7, 9, 10, 17, 24 (1 – 10) Solutions E2-2 1. Operating activity 2. Financing activity 3. Investing activity 4. Financing activity 5. Investing activity 6. Operating activity 7. Investing activity 8. Financing activity 9. Investing activity 10. Operating activity E2-3 a. I b. O c. F d. O e. O f. I g. F h. O i. O j. F E2-9 ASSETS = LIABILITIES + OWNERS' EQUITY Date Accounts Cash Other Assets Contributed Capital Retained Earnings Beginning Amounts 5,000 = 1,500 + 3,000 + 500 Feb. 2 Cash 1,800 Revenues 1,800 Feb. 3 Rent Expense –1,200 Cash –1,200 Feb. 4 Cash –300 Loan Payable –300 Feb. 4 Miscellaneous Expense –35 Cash –35 Feb. 5 Cash 4,250 Revenues 4,250 Feb. 5 Equipment 3,200 Cash –3,200 Chapter 2 HW Solutions Page 1
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Feb. 6 Wages Expense –525 Cash –525 Feb. 6 Office Supplies Expense –128 Cash –128 Ending Amounts 5,662 + 3,200 = 1,200 + 3,000 + 4,662 Amelio’s Law Firm Income Statement For the First Week of February Revenues $ 6,050 Rent (1,200) Miscellaneous (35) Wages (525) Office supplies (128 ) Net income $ 4,162 E2-15 a. Cash flows from financing activities: Proceeds from owners $ 30,957 Proceeds from issuance of note payable 13,057 Payments of debt (80,323 ) Net cash used for financing activities
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Ch02HWSol(6th) - Chapter 2 HW Assignment: E2-2, 3, 9, 15,...

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