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Learning objective 02 p3 prepare financial statements

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Learning Objective: 02-P3 Prepare financial statements from business transactions.Topic: Analyzing TransactionsTopic: Using a Trial Balance to Prepare Financial Statements
202.Jerry's Butcher Shop, Inc. had the following assets and liabilities at the beginning and end of thecurrent year:AssetsLiabilitiesBeginning of theyear$114,000$68,000End of the year135,00073,000If Jerry invested an additional $12,000 in the business during the year, but withdrew no assetsduring the year, what was the amount of net income earned by Jerry's Butcher Shop, Inc.?Beginning stockholders' equity = $114,000 - $68,000 = $46,000Ending stockholders' equity = $135,000 - $73,000 = $62,000Increase in stockholders' equity = $62,000 - $46,000 = $16,000Net income = $16,000 - $12,000 = $4,000AACSB: Analytical ThinkingAICPA: BB IndustryAICPA: FN MeasurementBlooms: ApplyDifficulty: 3 HardLearning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements.Learning Objective: 02-P3 Prepare financial statements from business transactions.Topic: Analyzing TransactionsTopic: Using a Trial Balance to Prepare Financial Statements
203.Jerry's Butcher Shop, Inc. had the following assets and liabilities at the beginning and end of thecurrent year:AssetsLiabilitiesBeginning of theyear$114,000$68,000End of the year135,00073,000If Jerry made no investments in the business but withdrew $5,000 during the year, what was theamount of net income earned by Jerry's Butcher Shop, Inc.?Beginning stockholders' equity = $114,000 - $68,000 = $46,000Ending stockholders' equity = $135,000 - $73,000 = $62,000Increase in stockholders' equity = $62,000 - $46,000 = $16,000Net income = $16,000 + $5,000 = $21,000AACSB: Analytical ThinkingAICPA: BB IndustryAICPA: FN MeasurementBlooms: ApplyDifficulty: 3 HardLearning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements.Learning Objective: 02-P3 Prepare financial statements from business transactions.Topic: Analyzing TransactionsTopic: Using a Trial Balance to Prepare Financial Statements
204.Jerry's Butcher Shop, Inc. had the following assets and liabilities at the beginning and end of thecurrent year:AssetsLiabilitiesBeginning of theyear$114,000$68,000End of the year135,00073,000If Jerry invested an additional $12,000 in the business and withdrew $5,000 during the year, whatwas the amount of net income earned by Jerry's Butcher Shop, Inc.?Beginning stockholders' equity = $114,000 - $68,000 = $46,000Ending stockholders' equity = $135,000 - $73,000 = $62,000Increase in stockholders' equity = $62,000 - $46,000 = $16,000Net income = $16,000 - $12,000 + $5,000 = $9,000AACSB: Analytical ThinkingAICPA: BB IndustryAICPA: FN MeasurementBlooms: ApplyDifficulty: 3 HardLearning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements.Learning Objective: 02-P3 Prepare financial statements from business transactions.Topic: Analyzing TransactionsTopic: Using a Trial Balance to Prepare Financial Statements205.A company had total assets of $350,000, total liabilities of $101,500 and total equity of $248,500.

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