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Solutions_Unit_2(1) - Exercise 1-7 Name SOLUTION Section...

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Exercise 1-7 Name: SOLUTION Section: Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear next to an incorrect amount in the outlined cells. Owner's Assets = Liabilities + Equity a. $760,000 = $240,000 + $520,000 b. $880,000 = $312,000 + $568,000 c. $700,000 = $261,600 + $438,400 d. $860,000 = $201,600 + $658,400 e. $960,000 = $156,000 + $804,000 Donna Ahern, Capital, January 1, 2010 $520,000 Add: Net Income 284,000 Less: Withdrawals 0 Donna Ahern, Capital, December 31, 2010 $804,000
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Problem 3. a.
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1-5A (cont'd) Name: SOLUTION Section: COLFAX DRY CLEANERS Income Statement For the Month Ended November 30, 2010 Dry cleaning sales $50,000 Expenses: Dry cleaning expense $14,800 Wages expense 8,200 Cash received from customers $59,550 26,000 Net cash flow from operating activities $33,550 Cash flows from investing activities: Purchase of land (30,000) Cash flows from financing activities: Cash received as owner’s investment $35,000 Deduct cash withdrawal by owner 10,000 Net cash flow from financing activities 25,000 Increase in Cash $28,550 Cash balance, November 1, 2010 34,200 Cash balance, November 30, 2010 $62,750 Deduct cash payments for expenses and payments to creditors
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Exercise 1-8 Name: SOLUTION Section: Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear next to or below an incorrect entry in the outlined cell a. Liability b. Asset c. Owner's Equity d. Asset e. Asset f. Owner's Equity
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July ## 1 ### 15,000
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Notes Payable 21 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 2010 July ## 1 14,000 14,000 Accounts Payable 22 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 2010 July ## 1 7,000 7,000 ## 2 ### 4,500 ## 2 800 5,300 Jessie Halverson, Capital 31 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 2010 July 1 1 18,000 18,000 Jessie Halverson, Drawing 32 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 2010 July ## 2 ### 2,000 Fees Earned 41 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 2010 July ## 1 7,500 7,500 ## 2 8,600 16,100
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Wages Expense 51 Post Balance Date Item Ref. Dr. Cr. Dr. Cr.
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