ACTG 1p11 solutions

ACTG 1p11 solutions - ACTG 1P11 ASSIGNMENT#1 FA CHAPTER 1...

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ACTG 1P11 ASSIGNMENT #1: FA CHAPTER 1 P1-6B Accounting equation and transactions for Rendezvous Mall Bonsai Trees,  Inc. for August 2011: Assets = Liabilities + Shareholders’ Equity 1. +4,800 cash +4,800 share capital 2. (750) cash (750) rent expense 3. +10,500 inventory (3,000) cash +7,500 accounts payable 4. +30,000 cash (10,500) inventory +30,000 revenue (10,500) cost of goods sold +755 prepaid rent (755) cash Rendezvous Mall Bonsai Trees, Inc. Income Statement For the Period Ended August 31, 2011 Revenue $30,000  Expenses (11,250) Net income $18,750   Rendezvous Mall Bonsai Trees, Inc. Statement of Retained Earnings For the Month Ended August 31, 2011 Beginning retained earnings $         0 Net income for the year 18,750 Dividends            0 Ending retained earnings $18,750
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Rendezvous Mall Bonsai Trees, Inc. Balance Sheet
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ACTG 1p11 solutions - ACTG 1P11 ASSIGNMENT#1 FA CHAPTER 1...

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