Week 1 Homework Solutions_DD8C

Week 1 Homework Solutions_DD8C - EXERCISE 1-3 Accounts...

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EXERCISE 1-3 (a) (b) Accounts payable and accrued liabilities L O Accounts receivable A O Property, plant, and equipment A I Food and beverage operations revenue R O Golf course operations revenue R O Inventory A O Long-term debt L F Office and general expense E O Professional fees expense E O Wages and benefits expense E O PROBLEM 1-3A (a) ECKERSLEY SERVICE CO. Income Statement For the Month Ended June 30, 2010 Revenues Revenue. ....................................................................... $7,000 Expenses Wage expense. ............................................................. $1,400 Supplies expense. ....................................................... 1,000 Gas and oil expense. ................................................... 600 Advertising expense. .................................................. 400 Utilities expense. ......................................................... 300 Total expenses. .................................................... 3,700 Net income. .......................................................................... $3,300
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PROBLEM 1-3A (Continued) ECKERSLEY SERVICE CO. Retained Earnings Statement For the Month Ended June 30, 2010 Retained earnings, June 1. .................................................................. $ 0 Add: Net income. ................................................................................ ..................................................................................................... 3,300 3,300 Less: Dividends. .................................................................................. ..................................................................................................... 2,000 Retained earnings, June 30. ................................................................ ..................................................................................................... $1,300 ECKERSLEY SERVICE CO. Balance Sheet June 30, 2010 Assets Cash. .................................................................................. $ 4,600 Accounts receivable. ....................................................... 4,000
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This note was uploaded on 07/31/2011 for the course ACCT 301 taught by Professor Song during the Spring '08 term at DeVry Chicago.

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Week 1 Homework Solutions_DD8C - EXERCISE 1-3 Accounts...

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