HW 3 - Dr. Bissonnette Bus 214 April 26, 2010 Homework...

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Dr. Bissonnette Bus 214 April 26, 2010 Homework Assignment #3 S3-1) A. Revenues: Service Revenue…. ............ $700 Expenses Cost of Goods Sold……….$300 Other expenses……………$350_______ Net Income $50 million B. Beginning balance: $100 Cash Received: $670 (700-30) Inventory: (400) Everything else: (350)_______ End Cash Balance $90 million S3-6) Income Statement Balance Sheet Expenses: Liabilities: Salary Expense - $42 million Salary Payable - $ 2 million S3-11) a. Accounts Receivable………………………. $50,000 Service Revenue…………………. ...................... $50,000 Cash………………………………………. ..$40,000 Accounts Receivable……………………………$40,000 b. Cash………………………………………. .$7,000 Unearned Service Revenue……………………. .$7,000 Unearned service revenue…………………$6,000 Service Revenue………………………………. .$6,000 E3-17) a. Cash Basis b. Accrual Basis Revenues: Revenues:
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This note was uploaded on 01/06/2012 for the course BUSINESS 214 taught by Professor Michellebissonette during the Winter '10 term at Cal Poly.

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HW 3 - Dr. Bissonnette Bus 214 April 26, 2010 Homework...

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