ACC205 Week 1 Guidance Report.docx

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withdrew \$17,000, determine and compute the company’s net income or net loss. Be sure to label your answer. d. If owner investments and withdrawals amounted to \$13,000 and \$2,000, respectively, determine whether the company operated profitably during the year. Show appropriate calculations.

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Chapter 1 Exercise 8 Financial statement relationships. The following information appeared on the financial statements of the Altoona Repair Company: Income statement Total expenses \$ 64,900 Net income 7,200 Statement of owner’s equity Beginning owner’s equity balance \$ 113,200 Owner withdrawals 61,300 Ending owner’s equity balance 70,800 Balance sheet Total liabilities \$ 97,000 By picturing the content of and the interrelationships among the financial statements, determine the following: a. Total revenues for the year = 78,100 b. Total owner investments = 13,800 c. Total assets = 172,150
Chapter 1 Problem 3 Statement preparation. The following information is taken from the accounting records of Grimball Cardiology at the close of business on December 31, 20X1. Accounts Payable \$ 14,700 Surgery Revenue \$175,000 Surgical Expenses 80,000 Cash 60,000 Surgical Equipment 37,000 Office Equipment 118,000 Salaries Expense 30,000 Rent Expense 15,000 Accounts Receivable 135,000 Loan Payable 10,300 Utilities Expense 5,000 All equipment was acquired just prior to year-end. Conversations with the practice’s bookkeeper revealed the following data:

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• Fall '10
• RANKIN
• Balance Sheet, Owner’s Equity, Owner Investments, Thompson Decorating Services, c. Prepare Grimball

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