aCCOUNTING HOMEWORK EX1- CHP2[1]

aCCOUNTING HOMEWORK EX1- CHP2[1] - Nicole Rushin Dr...

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Unformatted text preview: Nicole Rushin Dr. Alexander Accounting I 1-7 a. 520,000 b. 568,000 c. 438,400 d. 658,400 e. 284,000 1-13) A. 1 35,000 was paid cash for fees earned 2. 15,000 was withdrawn for land 3. 26,000 was withdrawn for expenses 4. 1500 was pad for accounts payable<liabilities> 5. 2000was credited for Murray Kiser drawings 6. 7,200 cash was used for accounts payable <liabilities> 7. 3000 was credited for supplies and reported under expenses B. 14,800 C. decreased by 4,000 d. 210,00 e. 4,000 1-20) a. 46,890 b. 216,000 c. 16,500 d. 128,000 1-25) 9 incorrect Total on capital on owed equity should be 98,100 and total additional investments should be 75, 60 Assets Cash-29,700, supplies-18,000, accounts Receviables-128,700=176,400 PR 1-3A Ohm computer services Income statement July 1, 2010 Fees Earned………………………………………….. $50,250 Expenses: Salaries expense………………………………….. $12,000 Rent Expense………………………………………..$8,000 Auto Expense…………………………………………$3,875 Supplies Expense……………………………………$1,525 Miscellaneous expense……………………………$1,875 Total expense…………………………………………. $27,275 Net income………………………………………………. Net income………………………………………………....
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This note was uploaded on 11/28/2010 for the course ACT 2201 taught by Professor Alexander during the Spring '09 term at Troy.

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aCCOUNTING HOMEWORK EX1- CHP2[1] - Nicole Rushin Dr...

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