ACG Chapter 03 solutions

ACG Chapter 03 solutions - CHAPTER 3 ACCRUAL ACCOUNTING...

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CHAPTER 3 ACCRUAL ACCOUNTING CONCEPTS PROBLEMS P3–1 Statement of Balance Cash Flows Assets Accts. Prepaid Acc. Cash + Rec. + Insurance + Supplies + Building Dep. + Balances, July 1 20,000 24,500 700 1,000 150,000 –11,200 July 1. Received rent rev. 18,000 Balances 38,000 24,500 700 1,000 150,000 –11,200 July 1. Paid ins. –4,200 4,200 Balances 33,800 24,500 4,900 1,000 150,000 –11,200 July 6. Purchased supplies 1,800 Balances 33,800 24,500 4,900 2,800 150,000 –11,200 July 9. Collected cash 17,500 –17,500 Balances 51,300 7,000 4,900 2,800 150,000 –11,200 July 11. Paid creditors –3,000 Balances 48,300 7,000 4,900 2,800 150,000 –11,200 July 18. Issued capital stock 50,000 Balances 98,300 7,000 4,900 2,800 150,000 –11,200 July 20. Billed patients 49,000 98,300 56,000 4,900 2,800 150,000 –11,200 July 25. Cash fees 12,900 111,200 56,000 4,900 2,800 150,000 –11,200 July 30. Paid expenses –37,700 Balances 73,500 56,000 4,900 2,800 150,000 –11,200 July 30. Paid dividends –10,000 Balances 63,500 56,000 4,900 2,800 150,000 –11,200 Statement of Cash Flows July 1. Operating 18,000 July 1. Operating –4,200 July 9. Operating 17,500 July 11. Operating –3,000 July 18. Financing 50,000 July 25. Operating 12,900 July 30. Operating –37,700 July 30. Financing 10,000 Net increase in cash, July 1 43,500 Beginning cash balance 20,000 Ending cash balance, July 31 63,500
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P3–1, Concluded Sheet Income = Liabilities + Stockholders’ Equity Statement Accts. Unearned Wages Notes Capital Retained + Land = Payable + Revenue + Payable + Payable + Stock + Earnings 120,000 7,500 0 0 30,000 40,000 227,500 18,000 120,000 7,500 18,000 0 30,000 40,000 227,500 120,000 7,500 18,000 0 30,000 40,000 227,500 1,800 120,000 9,300 18,000 0 30,000 40,000 227,500 120,000 9,300 18,000 0 30,000 40,000 227,500 –3,000 120,000 6,300 18,000 0 30,000 40,000 227,500 50,000 120,000 6,300 18,000 0 30,000 90,000 227,500 49,000 July 20. 120,000 6,300 18,000 0 30,000 90,000 276,500 12,900 July 25. 120,000 6,300 18,000 0 30,000 90,000 289,400 –37,700 July 30. 120,000 6,300 18,000 0 30,000 90,000 251,700 –10,000 120,000 6,300 18,000 0 30,000 90,000 241,700 Income Statement July 20. Fees earned 49,000 July 25. Fees earned 12,900 July 30. Wages exp. –24,000 Utilities exp. –6,000 Rent exp. –5,000 Interest exp. –200 Misc. exp. –2,500
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This note was uploaded on 06/18/2011 for the course ACG 3024 taught by Professor Bugger during the Spring '11 term at FGCU.

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ACG Chapter 03 solutions - CHAPTER 3 ACCRUAL ACCOUNTING...

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