2293 Chapter 2 question 2-38 Solution 292[1]

2293 Chapter 2 question 2-38 Solution 292[1] - 2-38a)...

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Unformatted text preview: 2-38a) Assets= Liabilities+ Shareholders Equity1. +$450,000 (cash) = + +$450,000 (common shares) 2. +$50,000 (land) +$150,000 (building) -$50,000 (cash) + +$150,000 (common shares) 3. +$24,000 (cash) = +$6,000 (unearned rent) + +$18,000 [retained earnings (rental revenue)] 4a +$100,000 (equipment) -$60,000 (cash) = +$40,000 (notes payable) 4b = +$2,000 (interest payable) + -$2,000* [retained earnings (interest expense)] 5. +$225,000 (inventory) = +$225,000 (accounts payable) 6. +$75,000 (cash) +$200,000 (accounts receivable) = + $275,000 [retained earnings (sales revenue)] 7. -$180,000 (inventory) = + -$180,000 [retained earnings (cost of goods sold)] 8. -$195,000 (cash) = -$195,000 (accounts payable) 9. +$185,000 (cash) -$185,000 (accounts receivable) 10. 11. 12. -$40,000 (cash) -$7,000 (building) -$4,800 (equipment) = = = + + + -$40,000 [retained earnings (Operating expense)] -$7,000** [retained earnings (amortization expense)] -$4,800*** [retained earnings (amortization...
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This note was uploaded on 09/25/2010 for the course FMGT FMGT 2293 taught by Professor Hamere. during the Summer '09 term at Langara.

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2293 Chapter 2 question 2-38 Solution 292[1] - 2-38a)...

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