2-8 - $ 92,610 Exercise 2-14 Analyzing changes in a...

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Page 8 of 10 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 7. award: 1 out of 1 point Office Supplies 3,250 D. Shabazz, Capital 84,110 Office Equipment 18,000 Patents 46,000 Total assets $ 92,610 $ 92,610 Exercise 2-12 Preparing a balance sheet L.O. P3 Use the information given below to prepare an October 31 balance sheet for OnTech. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) Cash $ 11,360 D. Shabazz, Withdrawals $ 2,000 Accounts receivable 14,000 Consulting Fees Earned 14,000 Office supplies 3,250 Rent Expense 3,550 Patents 46,000 Salaries Expense 7,000 Office Equipment 18,000 Telephone Expense 760 Accounts Payable 8,500 Miscellaneous Expense 580 D. Shabazz, Capital 84,000 Owners Equity 110 ONTECH Balance Sheet October 31 Assets Liabilities Cash $ 11,360 Accounts Payable $ 8,500 Accounts Receivable 14,000 Equity Office Supplies 3,250 D. Shabazz, Capital 84,110 Office Equipment 18,000 Patents 46,000 Total assets $ 92,610
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Unformatted text preview: $ 92,610 Exercise 2-14 Analyzing changes in a company's equity L.O. C5, P3 Compute the missing amount in each of the following separate companies a through d . (Amounts in parentheses do not require a minus sign in front of them. Omit the "$" sign in your response.) (a) (b) (c) (d) Equity, December 31, 2007 $ 0 $ 0 $ 0 $ 0 Owner investments during the year 110,000 42,000 87,000 210,000 Owner withdrawals during the year ( 28,000 ) (47,000) (10,000) (55,000) Net Income (loss) for the year 22,000 90,000 (4,000) ( 45,000 ) Equity, December 31, 2008 $ 104,000 $ 85,000 $ 73,000 $ 110,000 Exercise 2-14 Analyzing changes in a company's equity L.O. C5, P3 Compute the missing amount in each of the following separate companies a through d . (Amounts in parentheses do not require a minus sign in front of them. Omit the "$" sign in your response.) (a) (b) (c) (d) Equity, December 31, 2007 $ 0 $ 0 $ 0 $ 0...
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This note was uploaded on 08/09/2010 for the course ACCT 1 taught by Professor Ludwig during the Spring '10 term at Los Angeles City College.

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