Acct 2301 Chap 2A Excel Solution0

Acct 2301 Chap 2A Excel Solution0 - 19,390 Office Supplies...

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Given Data Chap 2 FAVIANA ADRIANO SHIPPING December 31 2007 2008 Cash $64,300 $15,640 Accounts receivable 26,240 19,390 Office supplies 3,160 1,960 Office equipment 44,000 44,000 Trucks 148,000 157,000 Building 0 80,000 Land 0 60,000 Accounts payable 3,500 33,500 Note payable 0 40,000 Cost of building and land $140,000 Cash paid for building and land 100,000 Note payable signed for building and land 40,000 Cash Adriano invested in business 35,000 Adriano's draws per month for personal use 3,000 Check figures: (2) Net income $23,290 Given Chap 2
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Faviana Adriano Shipping Balance Sheet December 31, 2007 Assets Cash $64,300 A/R 26,240 Office Supplies 3,160 Trucks 148,000 Office Equipment 44,000 Total Assets $285,700 Liabilities A/P $3,500 Owner's Equity Total Equity 282,200 Total Liabilities and equity $285,700 Faviana Adriano Shipping Balance Sheet December 31, 2008 Assets Cash $15,640 A/R
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Unformatted text preview: 19,390 Office Supplies 1,960 Trucks 157,000 Office Equipment 44,000 Building 80,000 Land 60,000 Total Assets $377,990 Liabilities A/P $33,500 N/P 40,000 Total Liabilities $73,500 Owner's Equity Total Equity 304,490 Total Liabilities and Equity $377,990 Faviana Adriano Shipping Computation of 2008 Net Income Equity, 12/31/2008 $304,490 Equity, 12/31/2007 282,200 Increase in equity during 2008 $22,290 Deduct owner's investment 35,000 Add withdrawals by owner 36,000 Net income earned in 2008 $23,290 Faviana Adriano Shipping Income Statement For Year Ended December 31, 2008 Revenues Shipping services revenue $82,000 Moving services revenue 4,000 Total Revenues $86,000 Expenses Rent expense 28,000 Salaries expense 25,710 Utilities expense 6,400 Misc expense 2,600 Total Expenses 62,710 Net Income $23,290...
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This note was uploaded on 06/30/2011 for the course ACCOUNTING 2301 taught by Professor Sarah during the Fall '10 term at HCCS.

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Acct 2301 Chap 2A Excel Solution0 - 19,390 Office Supplies...

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