Homework_Problems_for_Exam_1_Material

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Exam 1 Homework Problems E1-5 Meredith Cleaners has the following balance sheet items. Accounts payable Accounts receivable Cash Notes payable Cleaning equipment Salaries payable Cleaning supplies Common stock Classify accounts as assets, liabilities, and stockholders' equity. (SO 6 ) Instructions Classify each item as an asset, liability, or stockholders' equity. E1-6 Selected transactions for Evergreen Lawn Care Company are listed below. 1. Sold common 2. Paid monthly 3. Purchased equ
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4. Billed custom 5. Paid dividend 6. Received cash 7. Incurred adve 8. Purchased add 9. Received cash Analyze the effect of transactions. (SO 6 , 7 ) Instructions List the numbers of the above transactions and describe the effect of each transaction on assets, liabilities, and stockholders' equity. For example, the first answer is: (1) Increase in assets and increase in stockholders' equity. P1-2A On August 31, the balance sheet of Nashville Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September the following transactions occurred. 1. Paid $2,900 c 2. Collected $1,3 3. Purchased add 4. Earned revenu 5. Declared and 6. Paid salaries $ 7. Incurred utilit
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8. Received $10 Check figures next to some Problems give you a key number, to let you know if you are on the right track with your solution. Analyze transactions and prepare income statement, retained earnings statement, and balance sheet. (SO 6 , 7 , 8 ) Instructions (a) Prepare a tabular analysis of the September transactions beginning with August 31 balances. The column headings should be as follows: Cash + Accounts Receivable + Supplies + Office Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings + Revenues - Expenses - Dividends. Ending retained earnings $4,630
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This note was uploaded on 09/09/2011 for the course ACCT 100 taught by Professor Ftom during the Spring '08 term at S.F. State.

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Homework_Problems_for_Exam_1_Material -...

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