AccountingHwk1 - Balance Sheet Dec. 31, 2009 Assets Cash...

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Patrick Koetters Accounting 220 Prof. Jansen 2/1/10 Homework #1 Problem #1: Governor Inc. Income Statement For the Year ended Dec. 31, 2009 Revenues Sales revenue 150,000 Service revenue 25,000 Interest income 2,000 175,000 Expenses Salary expense 90,000 Supplies expense 5,000 Misc. expense 1,500 Repairs expense 900 Insurance expense 100 ------------- Total Expenses 97,500 --------- Net Income 79,500 ======= Governor Inc. Retained Earnings Statement For the Year Ended Dec. 31, 2009 Retained Earnings, January 1, 2009 60,000 Add: net income 79,500 ------------ 139,500 Less: Dividends 10,000 ----------- Retained Earnings, December 31, 2009 129,500 =========
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Governor Inc.
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Unformatted text preview: Balance Sheet Dec. 31, 2009 Assets Cash 48,000 Advertising Supplies 1,000 Prepaid Insurance 1,200 Furniture 8,000 Land 125,000 Building 75,000 Land Improvement 3,000-----------261,200 ======= Liabilities and Stockholders Equity Accounts payable 15,000 Notes payable 4,500 Unearned revenue 3,000 Wages payable 500 Total Liabilities 23,000 Stockholders Equity Common Stock 108,700 Retained Earnings 129,500 Total Stockholders equity 238,200----------Total Liabilities and Stockholders Equity 261, 200 ======= Problem #2 09 10 A) $ 0.51 $ 0.38 B) $ 77,000 $ 111,000 C) 2.03 2.27 D) 22.3 % 22.6%...
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AccountingHwk1 - Balance Sheet Dec. 31, 2009 Assets Cash...

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