ACC 201 wk4assgn2and3solution

ACC 201 wk4assgn2and3solution -...

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Chapter 8 -  Proprietorships, Partnerships, and Corporations PROBLEM 8-18 Transactions Cash Acquired from Owners $160,000 Revenues 120,000 Expenses 82,000 Withdrawals/Distributions 15,000 a. Sole Proprietorship Upton Company Financial Statements For the Year Ended December 31, 2011 Income Statement Revenues $120,000 Expenses (82,000) Net Income $  38,000 Capital Statement Beginning Capital Balance $         -0- Plus: Capital Acquired from Owner 160,000 Plus: Net Income 38,000 Less: Withdrawal by Owner (15,000) Ending Capital Balance $183,000 8-1
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8-2
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PROBLEM 8-18 a. (cont.) Upton Company Financial Statements Balance Sheet As of December 31, 2011 Assets Cash $183,000 Total Assets $183,000 Liabilities $         -0- Equity Upton, Capital 183,000 Total Liabilities and Equity $183,000 Statement of Cash Flows For the Year Ended December 31, 2011 Cash Flows From Operating Activities: Inflow from Revenues $120,000 Outflow for Expenses (82,000) Net Cash Flow from Operating Activities $  38,000 Cash Flows From Investing Activities  -0- Cash Flows From Financing Activities: Inflow from Owner 160,000 Outflow for Owner Withdrawals (15,000) 8-3
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Net Cash Flow from Financing Activities 145,000 Net Change in Cash 183,000 Plus: Beginning Cash Balance -0- Ending Cash Balance $183,000 8-4
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PROBLEM 8-18 (cont.) b. Partnership Upton Company Financial Statements For the Year Ended December 31, 2011 Income Statement Revenues $120,000 Expenses (82,000) Net Income $ 38,000 Capital Statement Beginning Capital Balance
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ACC 201 wk4assgn2and3solution -...

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