Chapter 2 solution on discussion questions

Chapter 2 solution on discussion questions - NE NE c D D NE...

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BUSI1002 Introduction to Accounting Class Discussion Chapter 2 Suggested Solutions for Discussion Questions Ex 2.2 DIXIE TRANSPORTATION SERVICE Balance Sheet February 28, 2007 Assets Liabilities: Cash ………………………. $69,000 Notes payable ……………………. $288,000 Accounts receivable…… 70,000 Accounts payable ………………… 26,000 Supplies…………………… 14,000 Total liabilities………………. . $314,000 Land ………………………. 70,000 Owners’ equity: Building …………………. . 80,000 Capital stock……………………. . 92,000 Automobiles ……………… 165,000 Retained earnings………………. . 62,000 Total ………………………. $468,000 Total………………………………………… $468,000 Ex 2.6 Transaction Assets = Liabilities + Owners’ Equity a I I NE b NE*
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Unformatted text preview: NE NE c D D NE d D D NE e I NE I f I I NE g I NE I h NE* NE NE i NE* NE NE *Could be I/D offsetting 1 BUSI1002 Introduction to Accounting Class Discussion Chapter 2 Ex 2.13 YARNELL COMPANY Income Statement For the Month Ended August 31, 2007 Service revenues ………………………………………………………………… $15,000 Expenses………………………………………………………………………………. 7,500 Net income……………………………………………………………………………. $ 7,500 The following four items represent cash flows, but are not revenues or expenses that should be included in the income statement: · Investment by stockholders · Loan from bank · Payments to long-term creditors · Purchase of land 2...
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This note was uploaded on 02/22/2010 for the course FBE BUSI1002 taught by Professor Maochunlin during the Winter '08 term at HKU.

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Chapter 2 solution on discussion questions - NE NE c D D NE...

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