Chp1_PR1_1A - $3,875.00 Supplies $1,625.00 Misc. $1,875.00...

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Assets = Liabilities + Stockholder's Equity Cash + Acct. Rec. + Supplies = Acct. Pay. + Capital Stock - Dividends + Fees Earned - Rent Exp. - Salaries Exp. - Supplies Exp. - Auto Exp. - Misc. Exp. - a. $25,000.00 $25,000.00 b. $1,150.00 $1,150.00 c. $4,500.00 $4,500.00 d. $1,500.00 $1,500.00 e. $600.00 $600.00 f. $2,250.00 $2,250.00 g. $580.00 $400.00 $180.00 h. $1,200.00 $1,200.00 i. $390.00 $390.00 j. $1,000.00 $1,000.00 Balance $24,620.00 $2,250.00 $760.00 = $550.00 $25,000.00 $1,000.00 $6,750.00 $1,500.00 $1,200.00 $390.00 $400.00 $180.00 $27,630.00 $27,630.00 b. All business transactions can be stated in terms of changes in the elements of the accounting equation.
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Firefly Computer Services Income Statement For the Month Ended May 31, 2008 Fees Earned $41,250.00 Expenses: Salaries $10,000.00 Rent $9,000.00 Auto
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Unformatted text preview: $3,875.00 Supplies $1,625.00 Misc. $1,875.00 Total Expenses $26,375.00 Net Income $14,875.00 Firefly Computer Services Retained Earnings Statement For the Month Ended May 31, 2008 Retained earnings, May 1, 2008 $0.00 Net Income for May $14,875.00 Less Dividends $5,000.00 Retained earnings, May 31, 2008 $9,875.00 Firefly Computer Services Balance Sheet For the Month Ended May 31, 2008 Assets Liabilities Cash $16,500.00 Accounts Payable $2,350.00 Supplies $1,975.00 Stockholder's Equity Accounts Receivable $18,750.00 Capital Stock $25,000.00 Retained Earnings $9,875.00 Total Stockholder's Equity $34,875.00 Total Assets $37,225.00 Total Liabilities and Stockholder's Equity $34,875.00...
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This note was uploaded on 02/20/2010 for the course CARD CARD405 taught by Professor Smith during the Spring '10 term at DeVry Addison.

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Chp1_PR1_1A - $3,875.00 Supplies $1,625.00 Misc. $1,875.00...

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