F2011_Assign2 - a. Revenues Expenses = Net Income $850...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACTG 1P11 ASSIGNMENT #2: FA CHAPTER 2 TOTAL MARKS: /10 P2-2B Total: /6 Transactions for Candy Confection Company Assets = Liabilities + Shareholder’s Equity Beginning Balance +2,500 cash +2,500 share capital 1. +6,200 accounts receivable +6,200 revenue 2. +3,700 cash (3,700) accounts receivable 3. (2,800) cash (2,800) expenses 4. (2,100) cash +2,100 van $5,900 = 0 + $5,900 a. Assets increased by $3,400  (2 marks) b. $1,300  (1 mark) c. $5,900  (1 mark) d. Revenue of $6,200 minus $2,800 expenses = $3,400  (2 marks)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
P2-4B Total: /4 Monster Mania: Selected financial statement amounts
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: a. Revenues Expenses = Net Income $850 Expenses = $370 Expenses = $480 b. Beginning Retained Earnings + Net Income Dividends = Ending Retained Earnings $280 + $370 Dividends = $360 Dividends = $290 c. Liabilities + Retained Earnings + Share Capital = $725 $40 + $360 + Share Capital = $725 Share Capital = $325 d. Assets = Liabilities + Retained Earnings + Share Capital Assets = $80 + $280 + $325 Assets = $685 1 MARK EACH (ANSWERS UNDERLIGNED) = 4 MARKS TOTAL...
View Full Document

This note was uploaded on 11/04/2011 for the course ACTG ACTG1p11 taught by Professor Brown during the Spring '11 term at Brock University.

Page1 / 2

F2011_Assign2 - a. Revenues Expenses = Net Income $850...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online