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SondraStark_ACC114 UNIT 2 Homework Templates

SondraStark_ACC114 UNIT 2 Homework Templates - $40,265...

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Problem 1-3A - See page 38 of the textbook. Name: Sondra Stark Section: 02AU Enter the appropriate amount or item in the dark green shaded cells. An asterisk (*) will appear next to an incorrect amount in the outlined cells. 1. MARINER FINANCIAL SERVICES Income Statement Month Ended January 31, 2008 Fees earned $52,400 Expenses: Salaries expense $15,000 Rent expense 7,500 Auto expense 4,500 Supplies expense 455 Miscellaneous expense 1,280 Total expenses 28,735 Net income $23,665 2. MARINER FINANCIAL SERVICES Statement of Owner's Equity Month Ended January 31, 2008 Barry Kimm, January 1, 2008 $0 Investment on January 1, 2008 $25,000 Net income for January 23,665 Total $48,665 Less withdrawals 9,000 Increase in owner's equity 39,665 Barry Kimm, capital, January 31, 2008 $39,665
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3. MARINER FINANCIAL SERVICES Balance Sheet Assets Liabilities Cash $39,540 * Accounts payable $600 Supplies * 725 * Owner's Equity Barry Kimm, capital 39,665 Total assets $40,265 Total liabilities and owner's equity
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Unformatted text preview: $40,265 Problem 1-6A - See page 40 of the textbook. Name: Sondra Stark Section: 02AU Enter the appropriate amount in the dark green shaded cells. An asterisk (*) will appear next an incorrect amount. a. Fees earned $120,000 b. Supplies expense $12,000 c. Andrea Merkel, capital, June 1, 2008 $0 d. Net income for June $49,600 e. (Subtotal) $209,600 f. Increase in owner's equity $185,600 g. Andrea Merkel, capital, June 30, 2008 $185,600 h. Total assets $192,000 i. Andrea Merkel, capital $185,600 j. Total liabilities and owner's equity $192,000 k. Cash received from customers $17,800 ### l. Net cash flow from operating activities $96,000 * m. Cash payments for acquisition of land $(160,000) n. Cash received as owner's investment $160,000 o. Cash withdrawal by owner $(24,000) p. Net cash flow from financing activities $144,000 * q. Net cash flow and June 30, 2008, cash balance $17,800...
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