Solutions_Unit_2(1)

# 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
July## 1 ### 15,000

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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
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## This note was uploaded on 08/15/2010 for the course ACC114 ACC114 taught by Professor W.will during the Spring '10 term at Kaplan University.

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

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