Problem 2 - Date Account Titles and Explanation Debt Credit...

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Problem 2-6A a) Earnings per share : 2010 2009 $70,000-$0 =$2.12 $50,000-$0 $33,000 $30,000 b) Current Assets 2010 2009 75,000-70,000= 5,000 70,000-62,000 = 8,000 c) Current Assets 2010 2009 Current Liabilities 80,000 =1.07:1 73,000 =1.04:1 75,000 70,000 d) Debt to total assets ratio 2010 2009 75,000 = .1% 70,000 =.1% 760,000 685,000 e) 2010 2009 87,000 – 45,000 – 20,000 = $22,000 60,000 – 38,000 – 15,000 = $7,000 f) Year 2010 Did better than year 2009 3-2A Assets = Liabilites = Stockholders’ equity Cash + office = Accounts + Common + Retained Earnings equipment Payable Stock Revenue - Expenses 1. +$15,000 +$15,000 Issued Stock 2. -700 -$700 Rent Expense 3. +$500 = $500 5. -$150 advertise News 9. +$1,000 +$1,000 Service Revenue 12. -$200 -$200 15. -$4,200 -$4,200 17. -$2,500 -$2,500 23. +$1,500 +$1,500 26. -$5,000 -$5,000 29. -$2,000 -$200 30. -$150 -$150
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3-4A General Journal
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Unformatted text preview: Date Account Titles and Explanation Debt Credit March 1 3 5 6 10 Cash Common stock (Issued stock for cash) Cash Land Building Equipment Advertising Expense Accounts Payable Prepaid Insurance Cash (Paid 1-year insurance policy) Golf Clubs & Equipment Notes Payable (Purchased golf clubs and other equipment. Payable in 30 days) $50,000 $23,000 $9,000 $6,000 $1,600 $2,400 $50,000 $23,000 $9,000 $6,000 $1,600 $2,400 18 19 25 30 30 31 Cash Golf fees (Received fees from customers) Accounts receivable Service Revenue Dividends Cash (Declared and Paid a cash dividend) Salaries Expense Cash Cash Paid Fully golden bear Company Cash Received Cash for golf fees $1,200 $500 $700 $4,700 $800 $1,200 $500 $700 $4,700 $800...
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This note was uploaded on 04/18/2010 for the course ACCT 201 taught by Professor Prof.ck during the Spring '10 term at DeVry Chicago O'Hare.

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Problem 2 - Date Account Titles and Explanation Debt Credit...

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