Ch02 - Student Name: Class: Problem 02-25A EXPERT AUTO...

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Student Name: Class: Problem 02-25A EXPERT AUTO Horizontal Statements Model for 2008 Assets = Liabilities + S. Equity Revenue - Expenses = Net Income Cash Flows Accounts Accounts Note Interest Retained Event Cash + Rec. = Payable + Payable + Payable + Earnings 1 NA 18,000 NA NA NA 18,000 18,000 NA 18,000 NA NA 2 3 4 5 6 7 8 Totals + = + + + - =
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Given Data P02-25A: EXPERT AUTO 1. Provided services and billed customers $18,000 2. Cash borrowed on 1-year note on Sept. 1 $9,000 Interest rate on note 7% 3. Paid salary expense $3,000 4. Provided services and collected cash $12,000 5. Incurred on account for other operating expenses $9,000 6. Accounts receivable collected $17,000 7. Paid on accounts payable $8,100 8. Recognized accrued interest on note at Dec. 31 ?
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Student Name: Class: Problem 02-26A Income Statement For the Year Ended December 31, 2008 Revenues Consulting Revenue Interest Revenue Total Revenue Expenses Salary Expense Interest Expense Total Expenses Net Income Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2008 Beginning Common Stock Plus: Common Stock Issued Ending Common Stock Beginning Retained Earnings Plus: Net Income Less: Dividends Ending Retained Earnings Total Stockholders' Equity
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Student Name: Class: Problem 02-26A Balance Sheet As of December 31, 2008 Assets Cash Accounts Receivable Land Total Assets Liabilities Interest Payable Salaries Payable Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liab. and Stockholders' Equity Statement of Cash Flows For the Year Ended December 31, 2008 Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance
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Given Data P02-26A: Consulting Revenue $100,000 Land 63,000 Dividends 10,000 Cash Flow from Financing Activities 20,000 Interest Revenue 4,000 Ending Retained Earnings 60,000 Cash 52,000 Interest Payable 2,000 Interest Expense
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Ch02 - Student Name: Class: Problem 02-25A EXPERT AUTO...

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