SM_Ch.04_11th - CHAPTER 4 EXERCISES Ex. 41 a. Income...

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CHAPTER 4 EXERCISES Ex. 4–1 a. Income statement: 5, 8, 9 b. Balance sheet: 1, 2, 3, 4, 6, 7, 10 Ex. 4–3 ALPINE CONSULTING Income Statement For the Year Ended March 31, 2010 Fees earned. ........................................................................... $43,800 Expenses: Salary expense. ................................................................. $17,450 Supplies expense. ............................................................ 1,850 Depreciation expense. ..................................................... 1,200 Miscellaneous expense. .................................................. 1,850 Total expenses. ........................................................... 22,350 Net income. ............................................................................. $ 21,450 ALPINE CONSULTING Statement of Owner’s Equity For the Year Ended March 31, 2010 Scott Young, capital, April 1, 2009. ...................................... $22,600 Net income. ............................................................................. $21,450 Less withdrawals. .................................................................. 3,000 Increase in owner’s equity. ................................................... 18,450 Scott Young, capital, March 31, 2010. ................................. $ 41,050 ALPINE CONSULTING Balance Sheet March 31, 2010 Assets Liabilities Current assets: Current liabilities: Cash. ............................ $ 9,500 Accounts payable. ... $6,100 Accounts receivable. . 22,500 Salaries payable. ..... 200 Supplies. ..................... 550 Total liabilities. ........... $ 6,300 Total current assets $32,550 Property, plant, and 1
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equipment: Office equipment. ....... $18,500 Less accum. depr. ...... 3,700 Owner’s Equity Total property, plant, Scott Young, capital. . 41,050 and equipment. .. 14,800 Total liabilities and Total assets. .................. $ 47,350 owner’s equity. ........ $ 47,350 2
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Ex. 4–5 3 RIVERS MESSENGER SERVICE Income Statement For the Year Ended September 30, 2010 Fees earned. ......................................................................... $425,000 Expenses: Salaries expense. ......................................................... $213,800 Rent expense. ............................................................... 60,500 Utilities expense. .......................................................... 23,200 Depreciation expense. ................................................. 8,000 Supplies expense. ........................................................ 2,750 Insurance expense. ...................................................... 1,500 Miscellaneous expense. .............................................. 3,250 Total expenses. ......................................................... 313,000 Net income. .......................................................................... $112,000 Ex. 4–8 JACKRABBIT SYSTEMS CO. Statement of Owner’s Equity
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This note was uploaded on 08/11/2010 for the course ACCT 1A taught by Professor Seyedin during the Spring '10 term at Foothill College.

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SM_Ch.04_11th - CHAPTER 4 EXERCISES Ex. 41 a. Income...

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