SCh02

Fundamentals of Financial Accounting with Annual Report

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Student Name: Instructor Class: McGraw-Hill/Irwin Demonstration Case 2 Requirement 1: STOCKHOLDERS' ASSETS = LIABILITIES + EQUITY + + Note + + + Accounts + Notes + Contributed - Cash - Receivable - Equipment - Land - Payable - Payable - Capital (a) + 9,000 + 9,000 (b) - 200 + 600 + 400 (c) N/A N/A (d) - 5,000 + 5,000 N/A (e) + 4,000 + 4,000 (f) + 1,250 - 1,250 N/A (g) N/A N/A Requirement 2: (a) dr Cash 9,000 <--Correct! cr Contributed Capital 9,000 <--Correct! (b) dr Equipment 600 <--Correct! cr Cash 200 <--Correct! Accounts Payable 400 <--Correct! (c) dr N/A cr (d) dr Land 5,000 <--Correct! cr Cash 5,000 <--Correct! (e) dr Equipment 4,000 <--Correct! cr Note Payable 4,000 <--Correct! (f) dr Note Receivable 1,250 <--Correct! cr Land 1,250 <--Correct! (f) dr N/A cr Requirement 3: ASSETS = LIABILITIES + STOCKHOLDERS' EQUITY Cash (A) Equipment (A) Accounts Payable (L) Contributed Capital (SE) Beg. 0 Beg. 0 0 Beg 0 Beg (a) 9,000 200 (b) (b) 600 400 (b) 9,000 (a) 5,000 (d) (e) 4,000 3,800 4,600 400 9,000 Correct! Correct! Correct! Correct! Note Receivable (A) Land (A) Note Payable (L) Beg. 0 Beg. 0 0 Beg (f) 1,250 (d) 5,000 1,250 (f) 4,000 (e) 1,250 3,750 4,000 Correct! Correct! Correct! Requirement 4: GOODBYE GRASS CORPORATION Balance Sheet At April 30, 2010 Assets Liabilities Current assets Current liabilities Cash $3,800 Accounts Payable $400 Note Receivable 1,250 Note Payable 4,000 Total Current Assets 5,050 Total Current Liabilities
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SCh02 - Student Name: Instructor Class: McGraw-Hill/Irwin...

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