Ch4_Tut_Solutions

# Ch4_Tut_Solutions - 1101AFE Accounting Principles Tutorial...

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1101AFE Accounting Principles - Tutorial Exercises Chapter 4 (10 min.) S 4-10 a. Total current assets = \$67,856 b. Total current liabilities = \$64,230 c. Book value of property, plant, and equipment = \$21,129 d. Total non-current assets = \$257,607 e. Total non-current liabilities = \$15,061 (10-15 min.) S 4-11 Current ratio = Total current assets Total current liabilities = \$6,000 + \$3,000 + \$1,000 + \$2,000 = 1.71 \$5,000 + \$2,000 Debt ratio = Total liabilities Total assets = \$5,000 + \$9,000 + \$2,000 = 0.67 \$6,000 + \$3,000 + \$12,000 + \$1,000 + \$2,000 1

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(10-20 min.) E 4-7 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT Closing Entries June 30 Service Revenue 110,000 Interest Revenue 700 Income Summary 110,700 30 Income Summary 32,500 Salary Expense 12,500 Supplies Expense 1,700 Interest Expense 2,200 Depreciation Expense 10,200 Rent Expense 5,900 30 Income Summary (\$110,700 – \$32,500) 78,200 Park Daewoo, Capital 78,200 30 Park Daewoo, Capital
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• Three '09
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• Generally Accepted Accounting Principles, 1101AFE Accounting Principles, Megan Walker, Tutorial Exercises Chapter

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Ch4_Tut_Solutions - 1101AFE Accounting Principles Tutorial...

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