chapter4 - B USI1002 In t roduction to accounting tu torial...

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BUSI1002 Introduction to accounting tutorial assignment solution AS1 Chapter 4 Quick Study 4-3 (10 minutes) 1. E 2.C 3.E 4.A 5.B 6.F 7.A 8.D Quick Study 4-4 (10 minutes) Current assets Cash $ 7,000 Accounts receivable. ............................. 18,000 Office supplies. ...................................... 2,860 Prepaid insurance. ................................ 3,500 Total current assets. ............................. $31,360 Current liabilities Accounts payable. ................................. $11,000 Unearned services revenue. ................. 3,000 Total current liabilities. ......................... $14,000 Current ratio = $31,360 / $14,000 = 2.24 Problem 4-4A (75 minutes) Part 1 TAMAR CONSTRUCTION Income Statement For Year Ended December 31, 2009 Revenues Professional fees earned. .................................. $102,000 Rent earned. ........................................................ 15,000 Dividends earned. .............................................. 3,000 Interest earned. ................................................... 2,200 Total revenues. ................................................... $122,200 Expenses Depreciation expense—Building. ..................... 11,880 Depreciation expense—Equipment. ................. 6,750 Wages expense. ................................................. 30,500 Interest expense. ................................................ 4,700 Insurance expense. ............................................ 8,900 Rent expense. ..................................................... 10,900 Supplies expense. .............................................. 5,500
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chapter4 - B USI1002 In t roduction to accounting tu torial...

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