Chapter 4 Solutions - PRACTICE EXERCISES PE 41A 1 Balance...

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Unformatted text preview: PRACTICE EXERCISES PE 41A 1. Balance Sheet column 5. Balance Sheet column 2. Balance Sheet column 6. Balance Sheet column 3. Income Statement column 7. Balance Sheet column 4. Income Statement column 8. Income Statement column PE 41B 1. Balance Sheet column 5. Income Statement column 2. Income Statement column 6. Income Statement column 3. Balance Sheet column 7. Balance Sheet column 4. Balance Sheet column 8. Balance Sheet column PE 42A A net income of $47,200 ($233,400 $186,200) would be reported. When the Credit column exceeds the Debit column, net income is reported. If the Debit column of the Income Statement columns is more than the Credit column, a net loss is reported. PE 42B A net loss of $130,200 ($505,200 $375,000) would be reported. When the Credit column exceeds the Debit column, a net loss is reported. If the Debit column of the Balance Sheet columns is more than the Credit column, a net income is reported. PE 43A 4U Delivery Services Retained Earnings Statement For the Year Ended December 31, 2009 Retained earnings, January 1, 2009..................................... $900,500 Net loss.................................................................................... $24,900 Add dividends......................................................................... 60,000 Decrease in retained earnings.............................................. 84,900 Retained earnings, December 31, 2009............................... $815,600 PE 43B Steuben Advertising Services Retained Earnings Statement For the Year Ended December 31, 2009 Retained earnings, January 1, 2009..................................... $475,000 Net income.............................................................................. $110,000 Less dividends....................................................................... 30,000 Increase in retained earnings............................................... 80,000 Retained earnings, December 31, 2009............................... $555,000 PE 44A 1. Current liability 5. Stockholders equity 2. Current asset 6. Long-term liability 3. Property, plant, and equipment 7. Current asset 4. Current asset 8. Current liability PE 44B 1. Property, plant, and equipment 5. Current liability 2. Stockholders equity 6. Current asset 3. Long-term liability 7. Current liability 4. Current asset 8. Current liability PE 45A Nov. 30 Fees Earned.......................................................... 779,000 Income Summary............................................ 779,000 30 Income Summary.................................................. 467,600 Wages Expense............................................... 389,000 Rent Expense.................................................. 60,000 Supplies Expense........................................... 7,200 Miscellaneous Expense.................................. 11,400 30 Income Summary.................................................. 311,400 Retained Earnings...........................................Retained Earnings....
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This note was uploaded on 05/17/2011 for the course ACCT 2301 taught by Professor White during the Spring '08 term at Central Texas College.

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Chapter 4 Solutions - PRACTICE EXERCISES PE 41A 1 Balance...

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