B_Series_SolutionsChap11

B_Series_SolutionsChap11 - SOLUTIONS TO EXERCISES SERIES B...

Info iconThis preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

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

Unformatted text preview: SOLUTIONS TO EXERCISES - SERIES B - CHAPTER 11 EXERCISE 11-1B Transactions Cash Acquired from Owner $20,000 Revenues 14,500 Expenses 9,300 Withdrawal 500 Dan Jones Sole Proprietorship Financial Statements For the Year Ended December 31, 2009 Income Statement Revenues $14,500 Expenses (9,300) Net Income $ 5,200 Capital Statement Beginning Capital Balance $ -0- Plus: Capital Acquired from Owner 20,000 Plus: Net Income 5,200 Less: Withdrawal by Owner (500) Ending Capital Balance $24,700 11-53 11-54 EXERCISE 11-1B (cont.) Dan Jones Sole Proprietorship Financial Statements Balance Sheet As of December 31, 2009 Assets Cash $24,700 Total Assets $24,700 Liabilities $ -0- Equity Jones, Capital 24,700 Total Liabilities and Equity $24,700 Statement of Cash Flows For the Year Ended December 31, 2009 Cash Flows From Operating Activities: Inflow from Revenues $14,500 Outflow for Expenses (9,300) Net Cash Flow from Operating Activities $ 5,200 Cash Flows From Investing Activities -0- Cash Flows From Financing Activities: Inflow from Owner 20,000 Outflow for Owner Withdrawals (500) 11-55 Net Cash Flow from Financing Activities 19,500 Net Change in Cash 24,700 Plus: Beginning Cash Balance-0- Ending Cash Balance $24,700 11-56 EXERCISE 11-2B Transactions: Cash Contributions C. Mills $24,500 35% P. Price 45,500 65% Total $70,000 100% Revenues $15,000 Expenses 6,300 Mills Withdrawal 600 Price Withdrawal 1,400 M&P Partnership Financial Statements For the Year Ended December 31, 2009 Income Statement Revenues $15,000 Expenses (6,300) Net Income $ 8,700 Capital Statement Beginning Capital Balance $ -0- Plus: Capital Acquired from Owners 70,000 Plus: Net Income 8,700 Less: Withdrawals by Owners (2,000) 11-57 Ending Capital Balance $76,700 11-58 EXERCISE 11-2B (cont.) Prepared for the instructor’s use: Analysis of Capital Accounts: Mills Price Total Beginning Capital Balance $ -0- $ -0- $ -0- Investments 24,500 45,500 70,000 Net Income 8,700 C. Mills 35% 3,045 P. Price 65% 5,655 Withdrawals (600) (1,400) (2,000) Ending Capital Balances $26,945 $49,755 $76,700 11-59 EXERCISE 11-2B (cont.) M&P Partnership Financial Statements Balance Sheet As of December 31, 2009 Assets Cash $76,700 Total Assets $76,700 Liabilities $ -0- Equity C. Mills, Capital $26,945 P. Price, Capital 49,755 Total Equity 76,700 Total Liabilities and Equity $76,700 Statement of Cash Flows For the Year Ended December 31, 2009 Cash Flows From Operating Activities: Inflow from Revenues $15,000 Outflow for Expenses (6,300) Net Cash Flow from Operating Activities $ 8,700 Cash Flows From Investing Activities -0- Cash Flows From Financing Activities: 11-60 Inflow from Partners 70,000 Outflow for Partners’ Withdrawals...
View Full Document

This note was uploaded on 04/01/2008 for the course ACIS 2115 taught by Professor Jayardley during the Spring '07 term at Virginia Tech.

Page1 / 67

B_Series_SolutionsChap11 - SOLUTIONS TO EXERCISES SERIES B...

This preview shows document pages 1 - 10. Sign up to view the full document.

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