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Acct 101 Page 64 Homework - Page 61 Fluff Year 3 Gross...

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Page 61 Fluff Year 3 Gross Margin $49,000 Wage Expense $9,000 Insurance Exp $1,250 Net income $17,745 Total assets $150,050 Problem 5-1 Wage Expense $13,000 Net income $4,500 Total assets $70,300 Problem 5-3 $1,331.00 Problem 5-5 $298.16 Problem 5-9 $8,548.04
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Bobcat Inc Cash Accounts Payable Common Stock 32700 BB 31500(1) 72000 31500(1) 36000(3) 3000(11) 33600(2) 12000(3) Note Payable - Mike 52800(4) 10000 2000(6) Sales 5000(7) 88000(4) 8000(8) 13000(9) 5000(10) 3000(11) 1000(12) 32700 2100(14) Accounts Receivable Taxes Payable 33600(2) 2100 35200(4) 2100(14) Interest Expense 7605(15) 1000(12) Inventory Rent Expense 15000 bb 12000(9) 48000(3) 39000(6) Salary Expense Salary Payable 9000(8) 1000 Cost of Goods Sold 1000(8) 39000(6) 2000(8) Insurance Expense idend - Retained Earnin 1250(7) 6700 5000(10) 15 Land 40000 Tax Expense Prepaid Insurance Security Deposit 7605(15) 3750(7) 2000 Furniture and Fixtures 2000(6) Depreciation Expense 400(13) Prepaid Rent 1000(9) Accum Depreciation 400(13) Note is due to Mike: Dec 31, 20x4
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Bobcat Inc 1 Accounts Payable 31,500 Cash 31,500 To record payment of accounts payable 2 Cash 33,600 Accounts Receivable 33,600 To record collection of accounts receivable 3 Inventory 48,000 Cash 12,000 Accounts Payable 36,000 To record purchase of 12 Fluffs @ $4,000 each (25%down) 4 Cash 52,800 Accounts Receivable 35,200 Sales 88,000 To record sale of 11 Fluffs @ $8,000 each (60% down) 5 Cost of Goods Sold 39,000 Inventory 39,000 To record cost of inventory sold (5 @ 3,000) + (6 @ 4,000) 6 Furniture & Fixtures 2,000 Cash 2,000 To record purchase of computer on January 1 7 Insurance Expense 1,250 Prepaid Insurance 3,750 Cash 5,000 To record purchase of 2-year insurance policy on 6/30/x3 8 Wages Payable 1,000 Wage Expense 9,000 Cash 8,000 Wages Payable 2,000 To record payment of wages 9 Rent Expense 12,000 Prepaid Rent 1,000 Cash 13,000 To record payment of rent
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