Exercise 2 - trans analysis and prepare finl state solution_1

Exercise 2 - trans analysis and prepare finl state solution_1

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GB 112 Review Session Exercise 2 Solution SPICEWOOD STABLES, INC. Income Statement (unadjusted) For the Month Ended April 30, 2010 Revenues: Animal service care revenue Rental revenue Total revenues Expenses: Wages expense Utilities expense Total costs and expenses $ 15,260 13,200 28,460 4,000 2,040 6,040 Net Income $ 22,420 SPICEWOOD STABLES, INC. Statement of Retained Earnings (unadjusted) For the Month Ended April 30, 2010 Retained earnings, April 1, 2010 $ 0 Net income 22,420 Dividends (500) Retained earnings, April 30, 2010 $ 21,920
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SPICEWOOD STABLES, INC. Balance Sheet (unadjusted)
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Unformatted text preview: At April 30, 2010 Assets Current assets: Cash Accounts receivable Supplies Prepaid insurance Total current assets Barns Land Total Assets Liabilities Current liabilities: Accounts payable Unearned revenue Total current liabilities Note payable Total Liabilities Stockholders’ Equity Common Stock Retained Earnings Total Stockholders’ Equity Total Liabilities and Stockholders’ Equity $ 34,060 14,260 5,210 3,600 57,130 142,000 60,000 $259,130 $ 2,710 1,500 4,210 21,000 25,210 212,000 21,920 233,920 $259,130...
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