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Module One Problems 1. The upper Valley Tennis Club had the following transactions during May. Set up Taccounts and make entries for each of the...

Module One Problems
1. The upper Valley Tennis Club had the following transactions during May. Set up T-accounts and make entries for each of the transactions into the T- accounts. Be sure to label each entry.
a. Received checks for $500 of duties that had been billed in April.
b. Sold an old desk for $100 cash and a promise to pay $100 in one month. The balance sheet value of the desk was $200.
c. Bought a computer credit for $350.
d. Received $100 promised in transaction b.
Module One Problems 1. The upper Valley Tennis Club had the following transactions during May. Set up T- accounts and make entries for each of the transactions into the T- accounts. Be sure to label each entry. a. Received checks for $500 of duties that had been billed in April. b. Sold an old desk for $100 cash and a promise to pay $100 in one month. The balance sheet value of the desk was $200. c. Bought a computer credit for $350. d. Received $100 promised in transaction b. 2. Campbell Cutlery had retained earnings of $162,850 at the beginning of 2010. During the year the company had total revenues of $875,000, total expenses (including taxes) of $795,000, bought vehicles and computers for $122,000, and paid cash dividends of $18,500. Compute Campbell Cutlery's retained earnings at the end of 2009. 3. For each of the following transactions, determine if the account name in parentheses should be debited or credited: a. paid dividends (cash), $7,000 b. paid insurance in advance (prepaid expenses), $800 c. received payment from customer on account due (accounts receivable), $1,100 d. sold merchandise (inventory), $900 e. borrowed money from Clover bank (Notes Payable), $14,000 f. paid $2500 attorney fees owed to Smith and Jones (Accounts Payable) 4. Sales for Lab Commercial Products during 2010 were $110,000, 75% of them on credit and 25% for cash. During the year, Accounts Receivable decreased from $88,000 to 78,000, a decrease of $10,000. What amount of cash did Lab Commercial Products receive from customers during 2010?
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5. Fill in the blanks to complete Basic Goods’ Income Statement. Basic Goods Income Statement For Year Ended Dec. 31, 2011 Sales 6,492,817 Cost of goods sold and occupancy costs ? Gross profit 3,800,721 Operating expenses ? Operating income 491,878 6. Fill in the blanks to complete the Stop and Shop Balance Sheet. Stop & Shop Balance Sheet December 31, 2011 Cash 7,719 Current liabilities ? Non-cash assets ? Long-term liabilities 71,814 Shareholders’ equity 63,894 Total assets ? Total liabilities and equity 196,427 7. In its December 31, 2011 annual report, Faber Inc. reported the following items. 2011 Net cash flows from operating activities 511,614 Net sales 6,145,559 Stockholders’ equity 1,846,717 Net cash flows from financing activities (412,633) Total assets 4,806,892 Cash, ending year 2,637,480 Expenses 5,827,612 Noncash assets 2,169,412 Net cash flows from investing activities (177,919) Net income 587,947
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Module One Problems
1. The upper Valley Tennis Club had the following transactions during May. Set up T-accounts and make entries for each of the transactions into the T- accounts. Be sure to label...

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