Submitted by: Submitted by jtcrist
Views: 1562
Words: 689
Pages: 3
Category: Business and Industry
Date Submitted: 11/07/2010 11:41 AM
1.)
Analysis of Marion Boats, Inc. by Mr. William Hurley
General Journal
Oct 1 Cash 71,600
Legal Fees Expense 400
Common Stock (1,800 shares) 72,000
(Fred Cunningham)
Oct 1 Cash 19,600
Legal Fees Expense 400
Common Stock (500 shares) 20,000
(Bill Cunningham)
Nov 1 Cash 40,000
Acc. Payable (Bank Loan) 40,000
Nov 1 Land 72,000
Cash 72,000
Nov 11 Land 9,000
Acc. Payable (Deferred until May 1996) 9,000
(Demolished old building)
Dec 31 Cash 40,000
Acc. Payable (Sports Boats) 40,000
Jan 2 Buildings 140,000
Acc. Payable (Holmes Construction) 140,000
Jan 31 Acc. Payable (Holmes Construction) 40,000
Cash 40,000
Feb 28 Acc. Payable (Holmes Construction) 40,000
Cash (From Sport Boats Loan) 40,000
Mar 1 Boats 153,000
Cash 153,000
Mar 1 Cash 112,000
Trade-In Allowances 58,000
Acc. Receivable 13,600
Revenue (Boat Sales) 183,600
Mar 16 Dep. Expense (Trade-In Boats) 3,200
Accum. Depreciation (Trade-In Boats) 3,200
Mar 24 Cash (Fred Cunningham) 680
Cash 680
Mar 25 Cash 54,800
Trade-In Allowances for Boats 54,800
Mar 27 Acc. Payable (Holmes Construction) 60,000
Cash 60,000
Mar 28 Buildings 2,400
Cash 2,400
(Additional materials)
Mar 29 Architect Expense 2,600
Acc. Payable (Architect) 2,600
Mar 29 Acc. Payable (Architect) 2,600
Cash 2,600
Mar 30 Acc. Payable (Bank Loan) 40,000
Interest Expense 2,000
Cash 42,000
Mar 30 Salaries Expense 24,000
Cash 24,000
(For 6 months for both brothers)
2.)
Marion Boats, Inc.
Balance Sheet
For Period Ended March 31, 1996
Assets:
Cash (98,680)
Boats 156,200
Buildings 142,400
Land 81,000
Acc/Rec. 13,600
Less: Accum Dep.(3,200)
Total Assets: 291,320
Liabilities:
Acc/Pay 49,000
Stockholder’s Equity:
Common Stock 92,000
R/E 183,600...