Ch 3 Solutions Manual Problem 3-10

Ch 3 Solutions Manual Problem 3-10 - *PROBLEM 3-10 (a)...

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Unformatted text preview: *PROBLEM 3-10 (a) ARKANSAS SALES AND SERVICE Income Statement For the Month Ended January 31, 2010 (1) Cash Basis (2) Accrual Basis Revenues ...................................................... $ 75,000 $98,400* Expenses Cost of computers & printers: Purchased and paid ..................... 82,500** Cost of goods sold ...................... 59,500*** Salaries ............................................... 9,600 12,600 Rent ..................................................... 6,000 2,000 Other operating expenses ................ 8,400 10,400 Total expenses ........................... 106,500 84,500 Net income (loss) ......................................... $(31,500 ) $13,900 *($2,550 X 30) + ($3,600 X 4) + ($500 X 15) **($1,500 X 40) + ($2,500 X 6) + ($300 X 25) ***($1,500 X 30) + ($2,500 X 4) + ($300 X 15) *PROBLEM 3-10 (Continued) (b) ARKANSAS SALES AND SERVICE Balance Sheet As of January 31, 2010 (1) Cash Basis (2) Accrual Basis Assets Cash ......................................................Cash ....
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Ch 3 Solutions Manual Problem 3-10 - *PROBLEM 3-10 (a)...

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