{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Solutions_Unit_2(1)

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

This preview shows pages 1–10. Sign up to view the full content.

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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Problem 3. a.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
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
Wages Expense 51 Post Balance Date Item Ref. Dr. Cr. Dr. Cr.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}