2293 Chapter 2 Textbook Review Solution 292

2293 Chapter 2 Textbook Review Solution 292 - 2293 Chapter...

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2293 Chapter 2 Textbook Review Solutions 292 2-14 a. $448,800 + 2,160 + 4,800 = 455,760 b. $ 42,720 + 261,840 – 32,640 = 271,920 c. $26,400 + 38,880 + 63,360 + 1,200 = 129,840 d. $455,760 – 271,920 – 129,840 = 54,000 e. $96,000 + 54,000 – 105,600 = 44,400 2.15 a. $5,000 b. $2,400 c. $1,600 d. $1,000 e. $7,000 f. $7,900 g. $2,400 h. $11,500 i. $1,000 2-22 Income Cash Flow a. No Effect b. No Effect +$60,000 No Effect c. +$200 No effect (sold on account, inventory already owned) d. No Effect -$10,000 e. -$500 No Effect f. No Effect -$900 g. No Effect +$700 h. No Effect No Effect i. No Effect -$2,000 2-24 Assets = Liabilities + Shareholders’ Equity
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1) +28,000 (cash) = + 48,500(common shares) +20,500 (equipment) 2) -1,600 (cash) = -1,600 [retained earnings(rent expense)] 3) +580 (supplies) = +580 (accounts payable) 4) +2,400 (cash) = +2,400 [retained earnings(sales revenue)] 5) -580(cash) = -580(accounts payable) 6) +700 = +700[retained earnings(sales (accounts receivable) revenue)] 7) -1,000(cash) = -1,000[retained earnings(dividends)] 8) +350(cash) -350(accounts receivable) 9) = +150(accounts payable) -150[retained earnings(advertising expense)] 10) -80(cash) = -80[retained earnings(telephone expense)] 11) -3,200(cash) +3,200(prepaid rent) 2-25 Assets = Liabilities + Shareholders’ Equity
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a) +15,000 (supplies) = +15,000 (accounts payable) b) +25,000 (cash) = +25,000 [retained earnings (service revenue)] -10,000 (supplies) = -10,000 [retained earnings (cost of
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2293 Chapter 2 Textbook Review Solution 292 - 2293 Chapter...

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