Ingersoll_Accrual_Basis_Comprehensive_Transaction_Analysis_Worksheet_Solution_from_course_pack_

Ingersoll_Accrual_Ba - $1,000 Net Income from income stmt 8,850 Less Dividends(0 Retained Earnings Feb 28 2009 $9,850 Ingersoll Interiors Balance

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Solution to “Comprehensive Example of the Accrual Basis of Accounting” (Course Pack Page 59/65) Cash AR Prepd Insur Inv. Bldg/ Acc.Dep Land Un. Rev. NP AP CS RE Rev Exp Div Jan 30 balance 3,750 12,00 0 8,00 0 6,75 0 1,000 A. +5,000 +5,000 B. -1,200 1,200 C. +6,000 +6,000 D. +8,000 +8,000 8,00 0 E. -2,500 -2,500 F. +4,000 -4,000 G. +1,000 +1,000 1,00 0 H. +1,000 +1,000 I. -100 -100 100 J. -50 -50 50 Feb 28 Bal 6,050 4,000 1,150 5,000 5,900 12,00 0 1,000 8,00 0 8,500 6,75 0 9,850 9,00 0 150
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
FINANCIAL STATEMENTS Ingersoll Interiors Income Statement For the Month Ending February 28, 2009 Revenues: Fees earned $9,000 Expenses: Insurance expense $50 Depreciation expense 100 Total Expenses 150 Net Income: $8,850 Ingersoll Interiors Statement of Retained Earnings For the Month Ending February 28, 2009 Retained Earnings, Jan. 31, 2009
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $1,000 Net Income ( from income stmt ) 8,850 Less: Dividends (0) Retained Earnings, Feb. 28, 2009 $9,850 Ingersoll Interiors Balance Sheet At February 28, 2009 Assets Cash $6,050 Accounts Receivable 4,000 Prepaid Insurance 1,150 Inventory 5,000 Building (net of Acc. Dep) 5,900 Land 12,000 Total Assets $34,100 Liabilities Accounts Payable $8,500 Unearned Revenue 1,000 Notes Payable 8,000 Total Liabilities $17,500 Stockholder’s Equity Capital Stock $6,750 Retained Earnings 9,850 Total Stockholder’s Equity $16,600 Total liabilities and stockholder’s equity $34,100...
View Full Document

This note was uploaded on 01/11/2011 for the course ACC 200 taught by Professor Buckless during the Winter '08 term at N.C. State.

Page1 / 2

Ingersoll_Accrual_Ba - $1,000 Net Income from income stmt 8,850 Less Dividends(0 Retained Earnings Feb 28 2009 $9,850 Ingersoll Interiors Balance

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online