solution to ASD - (1,000($16,000 Income Before Taxes $4,000...

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September 09 Lecture 3 Sample Problem Solution X. Gloria Liu Assets = Liability +SE Cash A/R Prepaid Inv . PPE (A/D) A/P Wage/P C/S R/E BB Rev -Exp -Div Incorporate. 100 100 Pay Insurance -6 6 Pur. Equ. -36 36 Pur. Inv. -3 15 12 Revenue 10 10 20 Cost -10 -10 Payment -12 -12 Wage 4 -4 Depreciation -1 -1 Exp Insurance -1 -1 EB 53 10 5 5 36 -1 0 4 100 4 INCOME STATEMENT month ended January 31, 2002 Sales Revenue $20,000 Expenses and Losses: Cost of Goods Sold (10,000 ) Wages (4,000) Depreciation (1,000) Rent
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Unformatted text preview: (1,000) ($16,000 ) Income Before Taxes $4,000 STATEMENT OF R/E January 31,2002 BB of RE Income 4,000-Dividend EB of RE 4,000 BALANCE SHEET January 31,2002 ASSETS L&SE Cash 53,000 Accounts Receivable 10,000 Wages Payable 4,000 Prepaid Insurance 5,000 Inventory 5,000 PPE 36,000 Common Stock 100,000 Less Accum Dep’n (1,000) 35,000 Retained Earnings 4,000 108,000 108,000...
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This note was uploaded on 09/13/2011 for the course AIM 6305 taught by Professor L during the Fall '11 term at University of Texas at Dallas, Richardson.

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solution to ASD - (1,000($16,000 Income Before Taxes $4,000...

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