solution demo 8 - SOLUTIONS TO DEMONSTRATION PROBLEM...

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SOLUTIONS TO DEMONSTRATION PROBLEM Demonstration Problem 8-1 Solution, Scenario 1 Financial Statements for Russell Sole Proprietorship For 2008 Income Statement Capital Statement Balance Sheet, 12/31 Service Rev. $29,000 Beginning Capital Bal. $ -0- Assets Expenses 19,000 Plus Invest. by Owner 60,000 Cash $66,000 Net Income $10,000 Plus Net Income 10,000 Equity Less: Withdrawal (4,000) Russell, Capital $66,000 Ending Capital Bal. $66,000 Demonstration Problem 8-1 Solution, Scenario 2 Financial Statements for Link/Morgan Partnership For 2008 Income Statement Capital Statement Balance Sheet, 12/31 Service Rev. $29,000 Beginning Capital Bal. $ -0- Assets Expenses 19,000 Plus Invest. by Owners 60,000 Cash $66,000 Net Income $10,000 Plus Net Income 10,000 Partners’ Capital Less: Withdrawals (4,000) Link, Capital $39,600 Ending Capital Bal. $66,000 Morgan, Capital 26,400 Total Capital $66,000
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Demonstration Problem 8-1 Solution, Scenario 3 Financial Statements for Corporation For 2008 Income Statement Statement of Changes in Stk. Equity Balance Sheet, 12/31 Service Rev. $29,000 Beginning Common Stock $ -0- Assets Expenses 19,000 Plus Common Stock Issued 60,000
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