lecture 3 extra practice solution0

lecture 3 extra practice solution0 - Eq, $552,000 A. Trans...

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ANS: A. Trans Cash Supplies PP Ins Bldg A/D Bldg Notes Pay Int. Pay Sal. Pay Unearned Revenue Capital Stock Retained Earnings Rev. Exp. Beg 90000 5000 0 560000 -112000 0 0 343000 200000 1 -1200 1200 2 10000 10000 3 -20000 -20000 4 -4600 -4600 5 45000 45000 6 5000 -5000 7 2000 2000 8 -22400 -22400 adj 1 -1000 -1000 adj 2 450 -450 125800 400 200 560000 -134400 10000 450 5000 2000 343000 200000 45000 -53450 B. Tax Solutions Income Statement For the Year ending December 31, 2005 Sales Revenue $45,000 Expenses Salary Expense (25,000 ) Supplies Expense (4,600) Depreciation Exp. (22,400 ) Insurance Exp. (1,000) Interest Exp. (450) -53,450 Net Loss ($8450)
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C, Tax Solutions Balance Sheet At December 31, 2005 Assets Liabilities andOwners’ Equity Cash $125800 Note Payable $10,000 Supplies 400 Interest Payable 450 Prepaid Ins. 200 Salaries Payable 5,000 Total Current Assets 126,400 Unearned Revenue 2,000 NonCurrent Assets Total Liabilities 17,450 Building 560,000 Capital Stock 343,000 Accumul. Deprec. -134,400 Retained Earnings 191,550 Total NonCurrent Assets 425,600 Total Assets $552000 Total Liab. and Owners’
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Unformatted text preview: Eq, $552,000 A. Trans Cash Supplies PP Rent Sal Pay Unearned Rev Cap. Stock Retained Earnings Revenue Expense Beg 100000 4000 50000 54000 1-6000 6000 2 1200 1200 3-3000-3000 4 3000-3000 5-20,000-20000 6 40000 40000 adj 1-5500-5500 adj 2-800 800 115200 1000 500 3000 400 50000 54000 40800-31500 B. Tina's Tap Dancing Studio Income Statement For the Year ending December 31, 2005 Dancing Lesson Revenue $40,800 Expenses Salary Expense (23,000) Supplies Expense (3,000) Rent Expense (5,500) (31,500) Net Income $9,300 C. Tina's Tap Dancing Studio Balance Sheet At December 31, 2005 Assets Liabilities and Owners Equity Cash $115,200 Salaries Payable $3,000 Supplies 1,000 Unearned Revenue 400 Prepaid Ins. 500 Total Liabilities 3,400 Total Current Assets 116,700 Capital Stock 50,000 NonCurrent Assets Retained Earnings 63,300 Total Assets $116,700 Total Liab. and Owners Eq, $116,700...
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lecture 3 extra practice solution0 - Eq, $552,000 A. Trans...

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