week 3 self check

week 3 self check - AC201 Week 3 Solutions Problem 4-4A...

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AC201 Week 3 Solutions Problem 4-4A Part 1 TAMAR CONSTRUCTION Income Statement For Year Ended December 31, 2009 Revenues Professional fees earned. .................................. $102,000 Rent earned. ........................................................ 15,000 Dividends earned. .............................................. 3,000 Interest earned. ................................................... 2,200 Total revenues. ................................................... $122,200 Expenses Depreciation expense—Building. ..................... 11,880 Depreciation expense—Equipment. ................. 6,750 Wages expense. ................................................. 30,500 Interest expense. ................................................ 4,700 Insurance expense. ............................................ 8,900 Rent expense. ..................................................... 10,900 Supplies expense. .............................................. 5,500 Postage expense. ............................................... 2,500 Property taxes expense. .................................... 5,000 Repairs expense. ................................................ 6,200 Telephone expense. ........................................... 3,100 Utilities expense. ................................................ 3,000 Total expenses. .................................................. 98,930 Net income. ........................................................... $ 23,270 TAMAR CONSTRUCTION Statement of Owner's Equity For Year Ended December 31, 2009 E. Tamar, Capital, December 31, 2008. ............... $124,700 Add: Investments by owner. ............................. $ 7,000 Net income. ................................................ 23,270 30,270 154,970 Less: Withdrawals by owner. ............................. (11,000 ) E. Tamar, Capital, December 31, 2009. ............... $143,970
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Problem 4-4A (Continued) TAMAR CONSTRUCTION Balance Sheet December 31, 2009 Assets Current assets Cash. .................................................................... $ 7,000 Short-term investments. .................................... 23,500 Supplies. ............................................................. 8,200
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week 3 self check - AC201 Week 3 Solutions Problem 4-4A...

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