Week 4 Accounting assignment 1

Week 4 Accounting assignment 1 - Week 4 Accounting...

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Week 4 Accounting Assignment 1 Corriene Power ACC201: Principles of Financial Accounting Mrs. Regina Ivory January 14, 2011 7-19 Assets = Liabilities + Rev - Exp. Net. Cash Flow
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Income Cash Warr. Pay. Notes pay. Int. Pay. Sales Tax Pay. Com mon Stock Retained Earnings 1. +60000 NA +60000 NA NA NA NA NA NA NA +60000 FA 2. +331700 NA NA NA +21700 NA +310000 +310000 NA +310 000 +310,000 OA 3. NA +3100 NA NA NA NA -3100 NA +3100 - 3100 NA 4. -19600 NA NA NA -19600 NA NA NA NA NA -19600 OA 5.a. NA NA NA +1200 NA NA -1200 NA +1200 - 1200 NA 5.b. -1200 NA NA -1200 NA NA NA NA NA NA -1200 OA 5.c. -60000 NA -60000 NA NA NA NA NA NA NA -60000 FA 6. a. +50000 NA +50000 NA NA NA NA NA NA NA +50000 FA 6.b. NA NA NA +500 NA NA -500 NA +500 -500 NA 7. -2400 -2400 NA NA NA NA NA NA NA NA -2400 OA 8. NA NA NA NA NA NA NA NA NA NA NA TOTA LS +358500 +700 +50000 +500 +2100 NA 305200 +310000 -4800 +305 200 +336800 PART A
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1. Chandra paid 1200 dollars cash in interest in 2010 2. 1700 dollars warranty Expense is reported on the income statement 3. 2400 is the warranty expense and warranties payable on the balance sheet will equal 700 dollars. Part B Balance Sheet Assets Cash: $358,500 Total Assets: $358,500 Liabilities Notes Payable: $50,000 Interest Payable: $500 Sales Tax Payable: $2,100 Stockholders’ Equity Retained Earnings: 305200 $358,500 7-22 Amortization Schedule for Notes Payable Accounting Period Principle Balance on Jan 1 Cash Payment on December 31 Interest
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This note was uploaded on 01/28/2011 for the course ACC 201 taught by Professor Alao during the Spring '10 term at Ashford University.

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Week 4 Accounting assignment 1 - Week 4 Accounting...

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