Chapter 1 and 2 - AP1-8 a CL b.3l c CL d.NCA e CA f SI...

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Unformatted text preview: AP1-8 a. CL b.3l c. CL d.NCA e. CA f. SI g.SCF 11. SI 8.. SCF i. SC i. CA k. NCL AP1-9 a. CL b. CA G. SI (1. SCF 9. CA LEI, and SCE g. SCF h. SCF i. SI j. SI k. SCE and SCF AP2-T APE— ? A5535 Liabilitiea S! H E I u' Bank Date Delheryr Loan Com mun Be It Cash NR lnv. E I ui I. 1Man NP Pa able Shares REE RIEIDD -———--—-—-- -———--—-—-— -I-l—________ n————-————— -———--____n IEI__——-_____ -I-l__-_l_l____ EIEE'EI__-____IEEEI_ m—-—————— Liabilities SfH Eu - Cnmm Suppli REE ' _ Land NP Shares REE EDD -—-—-----—_- nim-—--—————- -_-M--____- li-_—_--____—fl ,i,- $900712 = $75 per month 1: 9 months (Le. Apt-Dec.) = $675 AP2 -32 W a. AP2—32 Asseb; Liabilities S! H E ui Bank Loan Wages Dividends Com man PIE! if Gas h N R lmento Land Buildi N P P able P able P able 8 hares PIE DD 1 250,000 | 250,000 2 50,000 59,000 3 (200,000) 60,000 140,000 4 1 30,000 1 30,000 5 30,000 175,000 205,000 R 6 [120,000] [120,000] E 7 1 1 5,000 1 1 5,000 3 1 55,000 (1 55,000] 9 55,000 2,000 57,000 E 10 (3,000)”t (3,000) E 11 4,000 1* 4,000 E 12 7,000 (7,000) DD Total 112,000 20,000 10,000 60,000 136,000 15,000 50,000 2,000 7,000 250,000 14,000 *550,000 x 6% = $3,000 ”‘1‘ ($140,000 - $ 20,000} + 30 = $4,000 AP2-32 {Continued} 0. Singh Company Statement of Income For the Year Ending December 31, 201 B Revenues Sales $205,000 Expenses Cost of goods sold $120,000 Wage expense 5?,000 Interest expense 3,000 Depreciation expense 4 000 184 000 Net income $ 21,000 Singh Company Statement of Changes in Equity Forthe ear ended December 31, 2016 Capital - Retained Common Earnings Total Balance, Beginning of Year $0 $0 Net Income 21,000 21,000 Declaration of Dividends (7,000} (1000) Issuance of Common $250300 250,000 Shares Balance, End onear 10,000 $250,000 $14,000 $264,000 _—__ AP2-32 {Continued} Singh Company Statement of Financial Position As at December 31, 2016 ASSETS Cash $112,000 Accounts Receivable 20,000 Inventory 10,000 Land 60,000 Building 136,000 TOTAL ASSETS $338,000 LIABILITIES Accounts Payable $ 15,000 Wages Payable 2,000 Dividends Payable ?,000 Bank Loan Payable 50 000 TOTAL LIABILITIES 5 T4,000 SHAREHOLDERS’ EOUITY Common Shares 250,000 Retained Earnings 14,000 TOTAL SHAREHOLDERS’ EOUITY $264,000 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $338,000 ...
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