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Unformatted text preview: heet As of Completion of Transaction #6 Assets Cash Accounts receivable - Building - Total assets $ - $ - Liabilities Wages payable $ Notes payable - Total liabilities Stockholders’ equity Capital stock $ Retained earnings - Total stockholders’ equity - Total liabilities and equity $ - Download free ebooks at bookboon.com 26 Accounting Cycle Exercises I Problem 5: Worksheet RAJAGOPUL CORPORATION Income Statement For the Month (through transaction #7) Revenues Services to customers $ - Expenses Wages $ - Utilities - Net income $ - $ - RAJAGOPUL CORPORATION Statement of Retained Earnings For the Month (through transaction #7) Beginning retained earnings Plus: Net income $ Less: Dividends - Ending retained earnings $ - $ - RAJAGOPUL CORPORATION Balance Sheet As of Completion of Transaction #7 Assets Cash Accounts receivable - Building - Total assets $ - $ - Liabilities Wages payable $ Notes payable - Total liabilities Stockholders’ equity Capital stock $ Retained earnings - Total stockholders’ equity - Total liabilities and equity $ - Download free ebooks at bookboon.com 27 Accounting Cycle Exercises I Problem 5: Worksheet RAJAGOPUL CORPORATION Income Statement For the Month (through transaction #8) Revenues Services to customers $ - Expenses Wages $ - Utilities - Net income $ - $ - RAJAGOPUL CORPORATION Statement of Retained Earnings For the Month (through transaction #8) Beginning retained earnings Plus: Net income $ Less: Dividends - Ending retained earnings Please click the advert - $ - With us you can shape the future. Every single day. For more information go to: www.eon-career.com Your energy shapes the future. Download free ebooks at bookboon.com 28 Accounting Cycle Exercises I Problem 5: Worksheet RAJAGOPUL CORPORATION Balance Sheet As of Completion of Transaction #8 Assets Cash $ Accounts receivable - Building - Total assets $ - $ - Liabilities Wages payable $ - Notes payable - Total liabilities Stockholders’ equity Capital stock $ - Retained earnings - Total stockholders’ equity - Total liabilities and equity $ - $ - RAJAGOPUL CORPORATION Income Statement For the Month (through transaction #9) Revenues Services to customers Expenses Wages $ - Utilities - Net income $ - $ - RAJAGOPUL CORPORATION Statement of Retained Earnings For the Month (through transaction #9) Beginning retained earnings Plus: Net income $ Less: Dividends - Ending retained earnings $ - Download free ebooks at bookboon.com 29 Accounting Cycle Exercises I Problem 5: Worksheet RAJAGOPUL CORPORATION Balance Sheet As of Completion of Transaction #9 Assets Cash $ Accounts receivable - Building - Total assets $ - $ - Liabilities Wages payable $ - Notes payable - Total liabilities Stockholders’ equity Capital stock $ - Retained earnings - Total stockholders’ equity - Total liabilities and equity $ - $ - RAJAGOPUL CORPORATION Income Statement For the Month (through transaction #10) Revenues Services to customers Expenses Wages $ - Utilities - Net income $ - $ - RAJAGOPUL CORPORATION Statement of Retained Earnings For the Month (through transaction #10) Beginning retained earnings Plus: Net income $ Less: Dividends - Ending retained earnings $ - Download free ebooks at bookboon.com 30 Accounting Cycle Exercises I Problem 5: Worksheet RAJAGOPUL CORPORATION Balance Sheet As of Completion of Transaction #10 Assets Cash $ Accounts receivable - Building - Total assets $ - $ - Liabilities Wages payable $ Notes payable - Total liabilities Stockholders’ equity Capital stock $ Retained earnings - Total stockholders’ equity - Total liabilities and equity $ - Please click the advert Do your employees receive the right training? Bookboon offers an eLibrairy with a wide range of Soft Skill training & Microsoft Office books to keep your staff up to date at all times. Contact us to hear more kbm@bookboon.com Download free ebooks at bookboon.com 31 Accounting Cycle Exercises I Problem 5: Solution Solution 5 RAJAGOPUL CORPORATION Income Statement For the Month (through transaction #1) Revenues Services to customers $ - Expenses Wages $ - Utilities - Net income $ - $ - RAJAGOPUL CORPORATION Statement of Retained Earnings For the Month (through transaction #1) Beginning retained earnings Plus: Net income $ Less: Dividends - Ending retained earnings $ - RAJAGOPUL CORPORATION Balance Sheet As of Completion of Transaction #1 Assets Cash $ 100,000 Accounts receivable - Building Cash increases $ 100.000 - Total assets $ 100,000 Liabilities Wages payable $ Notes payable - Total liabilities $ - Stockholders’ equity Capital stock $ 100,000 Retained earnings - Total stockholders’ equity 100,000 Total liabilities and equity Capital stock increases $ 100.000 $ 100,000 Download free ebooks at bookboon.com 32 Accounting Cycle Exercises I Problem 5: Solution RAJAGOPUL CORPORATION Income Statement For the Month (through transaction #2) Revenues Services to customers $ - Expenses Wages $ - Utilities - Net income $ - $ - RAJAGOPUL CORPORATION Statement of Retained Earnings For the Month (through transaction #2) Beginning retained earnings Plus: Net income $ Less: Dividends - Ending retained earnings $ - $ 60,000 RAJAGOPUL CORPORATION Balance Sheet As of Completion of Transaction #2 Assets Cash Accounts receivable - Cash increases $ 40.000 $ 300,000 Building sto...
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