Demonstration_Problem_5_workpapers

Demonstration_Problem_5_workpapers - Demonstration Problem...

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Unformatted text preview: Demonstration Problem 5-1 Work Paper Assets = Liab. + Equity Rev. Exp. = Net Inc. Cash Flow No. Cash + Inven. = Liab. + C. Stk. + Ret. Ear. Beg. Bal.-0- +-0- =-0- +-0- +-0--0- -0- =-0--0- 1 + = + + = 2 + = + + = 3(a) + = + + = 3(b) + = + + = 4 + = + + = Totals 4,500 + 1,000 =-0-+ 5,000 + 500 6,000 5,500 = 500 4,500 NC Jefferson Hardware Store Financial Statements Income Statement For the Year Ended December 31, 2003 Sales Cost of Goods Sold (Product Cost) Gross Margin Operating Expenses (Period Cost) Net Income $ 500 Balance Sheet as of December 31 Assets Cash Inventory Total Assets Stockholders Equity Common Stock $5,000 Retained Earnings Total Stockholders Equity $5,500 Demonstration Problem 5-2 Work Paper Accounting Equation 2004 Cash + Acct. Rec. + Inv. = Acct. Pay. + Com. Stock + Ret. Ear. Beginning Balances $ -0- $ -0- $ -0- $ -0- $ -0- $ -0- (1) Common Stock Issue (2) Inventory Purchase (3) Transportation-in (4) Purchase Return (5) Pay Acct. Payable(5) Pay Acct....
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Demonstration_Problem_5_workpapers - Demonstration Problem...

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