4B-5B. Thank you
Posted: Wed Jul 06, 2022 6:25 am
4B-5B. Thank you
44 Chapter 1 Introduction to Accounting and Business OBJ. 4,3 2. Net income $9.200 Assets Cash Supplies OBL. 4,5 ✓3. Net Income $22,050 PR 1-48 Transactions financial statements On August 1, 2010, Tanja Zier established Royal Realty. Tanja completed the following transactions during the month of August & Opened a business bank account with a deposit of $20,000 from personal funds b. Purchased supplies (pens, file folders, paper, etc.) on account, $2,650. c. Paid creditor on account, $1,600. d. Eamed sales commissions, receiving cash, $28,750 e. Paid rent on office and equipment for the month, $4,200. f. Withdrew cash for personal use, $5,000 8 Paid automobile expenses (including rental charge) for month, $2,500, and miscellaneo expenses, $1,200. h. Paid office salaries, $10,000 1. Determined that the cost of supplies on hand was $1,000, therefore, the cost of sup plies used was $1,650. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings Liabilities Accounts Payable Tanja Ziet Tanja Capital Owner's Equity Office Salaries Sales Drawing Commissions - Expe Auto Bent Expense Expeme Mise Supplies Expense Expense 2. Prepare an income statement for August, a statement of owner's equity for August, and a balance sheet as of August 31. PR 1-58 Transactions; financial statements Swan Dry Cleaners is owned and operated by Peyton Keyes. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on July 1, 2010, are as follows: Cash, $17,000, Accounts Receivable, $51,000 Supplies, $3,200, Land, $56,000, Accounts Payable, $10,400. Business transactions during July are summarized as follows: a. Peyton Keyes invested additional cash in the business with a deposit of $25,000 in the business bank account. b. Paid $24,000 for the purchase of land as a future building site. e Received cash from cash customers for dry cleaning revenue, $19,500. d. Paid rent for the month, $3,000. e. Purchased supplies on account, $1,550. f. Paid creditors on account, $5,100. g. Charged customers for dry cleaning revenue on account, $24,750, h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10% $8,200. i Paid the following wages expense, $5,100, truck expense, $1,200, utilities expense. $800; miscellaneous expense, $950. j. Received cash from customers on account, $26,750. k. Determined that the cost of supplies on hand was $1,800, therefore, the cost of supplies used during the month was $2,950. 1. Withdrew $18,000 cash for personal use. Instructions 1. Determine the amount of Peyton Keyes' capital as of July 1 of the current year. 2. State the assets, liabilities, and owner's equity as of July 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases
Problems Series A OBJ. 4 ✓Cash bal, at end of July: $50,450 Assets d. Using the balance sheet data for The Home Depot in Exercise 1-26, how does the ratio of liabilities to stockholders' equity of Lowe's compare to that of The Home Depor t income: 0 2 PR 1-1A Transactions Jean Howard established an insurance agency on July 1 of the current year and completed the following transactions during July a. Opened a business bank account with a deposit of $50,000 from personal funds. b. Purchased supplies on account, $1,600. c. Paid creditors on account, $500. d. Received cash from fees earned on insurance commissions, $9,250. e. Paid rent on office and equipment for the month, $2,500. f. Paid automobile expenses for month, $900, and miscellaneous expenses, $300. g. Paid office salaries, $1,900. h. Determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,050. i. Billed insurance companies for sales commissions eamed, $11,150. Withdrew cash for personal use, $2,700. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using following tabular headings. Jean Accounts Accounts Howard, Receivable Supplies Payable Capital = Li ilities + Briefly explain why the owner's investment and revenues increased owner's equity, while withdrawals and expenses decreased owner's equity. Accounts payable Accounts receivable Owner's Equity Jean Howard Fees Moc Rent Salaries Supplies Auto Drawing + Earned Expense Expense Expense Expense Expense PR 1-2A Financial statements The amounts of the assets and liabilities of Heavenly Travel Service at April 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Jennifer Burch, owner, was $45.540 at May 1, 2009, the beginning of the current year, and the owner withdrew $25.000 during the current year. Cash Fees earned Miscellaneous expense Rent expense $ 14,600 78,000 159,200 600,000 5,000 80,900 Supplies Supplies expense Taxes expense Utilities expense Wages expense $ 6,800 13,200 10,250 49,150 232,640 Instructions 1. Prepare an income statement for the current year ended April 30, 2010. 2. Prepare a statement of owner's equity for the current year ended April 30, 2010. 3. Prepare a balance sheet as of April 30, 2010.
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Problems Series A OBJ. 4 ✓Cash bal, at end of July: $50,450 Assets d. Using the balance sheet data for The Home Depot in Exercise 1-26, how does the ratio of liabilities to stockholders' equity of Lowe's compare to that of The Home Depor t income: 0 2 PR 1-1A Transactions Jean Howard established an insurance agency on July 1 of the current year and completed the following transactions during July a. Opened a business bank account with a deposit of $50,000 from personal funds. b. Purchased supplies on account, $1,600. c. Paid creditors on account, $500. d. Received cash from fees earned on insurance commissions, $9,250. e. Paid rent on office and equipment for the month, $2,500. f. Paid automobile expenses for month, $900, and miscellaneous expenses, $300. g. Paid office salaries, $1,900. h. Determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,050. i. Billed insurance companies for sales commissions eamed, $11,150. Withdrew cash for personal use, $2,700. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using following tabular headings. Jean Accounts Accounts Howard, Receivable Supplies Payable Capital = Li ilities + Briefly explain why the owner's investment and revenues increased owner's equity, while withdrawals and expenses decreased owner's equity. Accounts payable Accounts receivable Owner's Equity Jean Howard Fees Moc Rent Salaries Supplies Auto Drawing + Earned Expense Expense Expense Expense Expense PR 1-2A Financial statements The amounts of the assets and liabilities of Heavenly Travel Service at April 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Jennifer Burch, owner, was $45.540 at May 1, 2009, the beginning of the current year, and the owner withdrew $25.000 during the current year. Cash Fees earned Miscellaneous expense Rent expense $ 14,600 78,000 159,200 600,000 5,000 80,900 Supplies Supplies expense Taxes expense Utilities expense Wages expense $ 6,800 13,200 10,250 49,150 232,640 Instructions 1. Prepare an income statement for the current year ended April 30, 2010. 2. Prepare a statement of owner's equity for the current year ended April 30, 2010. 3. Prepare a balance sheet as of April 30, 2010.