Submitted by KVILLAGOMEZ to the category Other Topics on 06/13/2011 09:32 AM
Week Three Individual Assignment
Exercise: 2-14 Expanded Accounting Equation
Assets = Liabilities Capital Stock Retained Earnings
Case A $23,000 $11,000 A 7,500 $ 4,500
Case B 17,500 B 9,400 $ 4,500 3,600
Case C C 52,000 14,000 11,000 27,000
Case D 45,000 29,000 18,000 D ( 2,000)
Exercise: 2-25 Balance Sheet Preparation
Taylor Construction Company
Balance Sheet
December 31, 2009
Assets
Current Assets:
Cash $ 153,600
Supplies 4,250
Account Receivables 113,500
Total current assets $ 271,350
Long-term Assets:
Buildings $ 512,000
Land 90,000
Total long-term assets $ 602,000
Total Assets $ 873,350
Liabilities and Owner’s Equity
Current Liabilities:
Accounts Payable $ 74,300
Total current liabilities $ 74,300
Long-term Liabilities:
Mortgage payable $ 423,400
Total long-term liabilities $ 423,400
Owners’ Equity:
Assets Liabilities total $ 376,050
Total Owner’s Equity $ 376,050
Total Liabilities and Owner’s Equity $ 873,350
Exercise: 2-27-Part 1 only, Income Statement Preparation
Pickard and Associates
Income Statement
For Year End December 31, 2009
Revenue:
Accounts Receivables 95,000
Fees 476,000
Total Revenue $ 634,000
Expenses:
Accounts payable $ 143,000
Advertising expense 14,500
Supplies expense 31,500
Rent expense 12,000
Utilities expense 2,500
Miscellaneous expense 5,100
Salary expense 78,000
Total Expenses $ -286.600
Income before taxes= $ 347,400
Income tax @ 30%= $ (104,220)
Net Income: $ 243,180
243,180/ by 11,000 outstanding shares= $...
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