ACC - 111 - Chapter 1 HW

Ruth Lewis is the sole owner of Sunland Vista Park, a public camping ground near the Crater Lake National Recreation Area. Ruth has compiled the following financial information as of December 31, 2020. Revenues during 2020—camping fees = $204,148 ; Fair value of equipment = $204,148 ; Revenues during 2020—general store = $94,783 ; Notes payable = $87,492 ; Accounts payable = $16,040 ; Expenses during 2020 = $218,730 ; Cash on hand = $33,539 ; Accounts receivable = $25,518 ; Original cost of equipment = $153,840 Determine Ruth Lewis's net income from Sunland Vista Park for 2020.

$80,201

Financial statement information about four different companies is as follows. Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities = Owner's equity = $ 33,500.)

(a.) 33,500 (b.) 108,680 (c.) 13,430 (d.) 52,630 (e.) 36,910 (f.) 35,520 (g.) 135,350 (h.) 104,990 (i.) 379,270 (j.) 59,330 (k.) 258,800 (l.) 443,300 Formulas: OE = A - L A = OE + L L = A - OE (OE + D + TE) - (TR + OB) = AI

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2020, Novak's Goods and Crane Enterprises. Determine the missing amounts.

(a.) 34,690 (b.) 9,713 (c.) 67,992 (d.) 20,814 Formulas: OE = A - L A = OE + L L = A - OE (OE + D + TE) - (TR + OB) = AI

Carol Garcia started her own consulting firm, Sheridan Consulting, on May 1, 2020. The following transactions occurred during the month of May. 1.) May 1 Trixie invested $6,000 cash in the business. 2.) Paid $900 for office rent for the month. 3.) Purchased $500 of supplies on account. 5.) Paid $100 to advertise in the County News. 9.) Received $4,100 cash for services performed. 12.) Withdrew $1,100 cash for personal use. 15.) Performed $5,000 of services on account. 17.) Paid $2,100 for employee salaries. 20.) Made a partial payment of $300 for the supplies purchased on account on May 3. 23.) Received a cash payment of $3,800 for services performed on account on May 15. 26.) Borrowed $5,400 from the bank on a note payable. 29.) Purchased equipment for $4,100 on account. 30.) Paid $250 for utilities.

1.) Cash=6,000 ; Owner's Capital=6,000 2.) Cash=(900) ; Expenses=(900) 3.) Supplies=500 ; Accounts Payable=500 5.) Cash=(100) ; Expense=(100) 9.) Cash=4,100 ; Revenue=4,100 12.) Cash=(1,100) ; Owner's Drawings=(1,100) 15.) Accounts Receivable=5,000 ; Revenue=5,000 17.) Cash=(2,100) ; Expenses=(2,100) 20.) Cash=(300) ; Accounts Payable=(300) 23.) Cash=3,800 ; Accounts Receivable=(3,800) 26.) Cash=5,400 ; Notes Payable=5,400 29.) Equipment=4,100 ; Account's Payable=4,100 30.) Cash=(250) ; Expenses=(250) Total Cash = 14,550 Total Accounts Receivable = 1,200 Total Supplies = 500 Total Equipment = 4,100 Total Notes Payable = 5,400 Total Accounts Payable = 4,300 Total Owner's Capital = 6,000 Total Owner's Drawing = (1,100) Total Revenues = 9,100 Total Expenses = (3,350) Key: (parenthesis) means that the number is negative Also, you can put 0's in all your leftover blanks to help *For some reason it will count it wrong if you put a 0 in the blank for Owner's Capital, Line 3 (Or question 3)

The following information relates to Blossom Co. for the year 2020. Owner's capital, January 1, 2020 = $57,158 ; Advertising expense = $2,143 ; Owner's drawings during 2020 = $7,145 ; Rent expense = $12,384 ; Service revenue = $75,735 ; Utilities expense = $3,691 ; Salaries and wages expense = $35,129 After analyzing the data, prepare an income statement for the year ending December 31, 2020. BLOSSOM CO. Income Statement a[Blank] b[Blank] c[Blank] d[Blank] e[Blank] f[Blank] g[Blank] h[Blank] i[Blank] j[Blank] k[Blank] l[Blank] m[Blank] n[Blank] o[Blank] p[Blank] q[Blank]

BLOSSOM CO. Income Statement a[For the Year Ended Dec 31, 2020] b[Revenues] c[Service Revenue] d[75,735] e[Expenses] f[Salaries and Wages Expense g[35,129] h[Rent Expense] i[12,384] j[Advertising Expense] k[2,143] l[Utilities Expense] m[3,691] n[Total Expenses] o[53,347] p[Net Income/ (Loss)] q[22,388]

After analyzing the data, prepare an owner's equity statement for the year ending December 31, 2020. (List items that increase owner's equity first.) BLOSSOM CO. Owner's Equity Statement a[Blank] b[Blank] c[Blank] d[Blank] : e[Blank] f[Blank] g[Blank] h[Blank] : i[Blank] j[Blank] k[Blank] l[Blank]

BLOSSOM CO. Owner's Equity Statement a[For the Year Ended Dec 31, 2020] b[Owner's Capital, Jan 1] c[57,158] d[Add] : e[Net Income/ (Loss)] f[22,388] g[79,546] h[Less] : i[Drawings] j[7,145] k[Owner's Capital, Dec 31] l[72,401]

Michelle Walker opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,300, Accounts Receivable $2,000, Supplies $500, Equipment $6,100, Accounts Payable $3,500, and Owner's Capital $10,400. During August, the following transactions occurred. 1.Collected $1,700 of accounts receivable. 2.Paid $2,400 cash on accounts payable. 3.Recognized revenue of $7,300, of which $2,900 is collected in cash and the balance is due in September. 4.Purchased additional equipment for $2,100, paying $300 in cash and the balance on account. 5.Paid salaries $2,300, rent for August $1,200, and advertising expenses $450. 6.Withdrew $800 in cash for personal use. 7.Received $1,900 from Standard Federal Bank—money borrowed on a note payable. 8.Incurred utility expenses for month on account $230.

Balance: Cash=5,300 ; Accounts Receivable=2,000 ; Supplies=500 ; Equipment=6,100 ; Accounts Payable=3,500 ; Owner's Capital=10,400 1.) Cash=1,700 ; Accounts Receivable=(1,700) 2.) Cash=(2,400) ; Accounts Payable=(2,400) 3.) Cash=2,900 ; Accounts Receivable=4,400 ; Revenues=7,300 4.) Cash=(300) ; Equipment=2,100 ; Accounts Payable=1,800 5.) Cash=(3,950) ; Expenses=(3,950) 6.) Cash=(800) ; Owner's Drawings=(800) 7.) Cash=1,900 ; Notes Payable=1,900 8.) Accounts Payable=230 ; Expenses=(230) Total Cash = 4,350 Total Accounts Receivable = 4,700 Total Supplies = 500 Total Equipment = 8,200 Total Notes Payable = 1,900 Total Accounts Payable = 3,130 Total Owner's Capital = 10,400 Total Owner's Drawing = (800) Total Revenues = 7,300 Total Expenses = (4,180) Key: (parenthesis) means that the number is negative Also, you can put 0's in all your leftover blanks to help

Prepare a balance sheet at August 31. MICHELLE WALKER, ATTORNEY AT LAW Balance Sheet a[Blank] Assets b[Blank] c[Blank] d[Blank] e[Blank] f[Blank] g[Blank] h[Blank] i[Blank] j[Blank] k[Blank] Liabilities and Owner's Equity l[Blank] m[Blank] n[Blank] o[Blank] p[Blank] q[Blank] r[Blank] s[Blank] t[Blank] u[Blank] v[Blank] w[Blank]

MICHELLE WALKER, ATTORNEY AT LAW Balance Sheet a[August 31, 2020] Assets b[Cash] c[4,350] d[Accounts Receivable] e[4,700] f[Supplies] g[500] h[Equipment] i[8,200] j[Total Assets] k[17,750] Liabilities and Owner's Equity l[Liabilities] m[Notes Payable] n[1,900] o[Accounts Payable] p[3,130] q[Total Liabilities] r[5,030] s[Owner's Equity] t[Owner's Capital] u[12,720] v[Total Liabilities and Owner's Equity] w[17,750]

Prepare an income statement for August. MICHELLE WALKER, ATTORNEY AT LAW Income Statement a[Blank] b[Blank] c[Blank] d[Blank] e[Blank] f[Blank] g[Blank] h[Blank] i[Blank] j[Blank] k[Blank] l[Blank] m[Blank] n[Blank] o[Blank] p[Blank] q[Blank]

MICHELLE WALKER, ATTORNEY AT LAW Income Statement a[For the Month Ended Aug 31, 2020] b[Revenues] c[Service Revenue] d[7,300] e[Expenses] f[Salaries and Wages Expense] g[2,300] h[Rent Expense] i[1,200] j[Advertising Expense] k[450] l[Utilities Expense] m[230] n[Total Expenses] o[4,180] p[Net Income/ (Loss)] q[3,120]

Prepare an owner's equity statement for August. MICHELLE WALKER, ATTORNEY AT LAW Owner's Equity Statement a[Blank] b[Blank] c[Blank] d[Blank] : e[Blank] f[Blank] g[Blank] h[Blank] : i[Blank] j[Blank] k[Blank] l[Blank]

MICHELLE WALKER, ATTORNEY AT LAW Owner's Equity Statement a[For the Month Ended Aug 31, 2020] b[Owner's Capital, Aug 1] c[10,400] d[Add] : e[Net Income/ (Loss)] f[3,120] g[13,520] h[Less] : i[Drawings] j[800] k[Owner's Capital, Aug 31] l[12,720]

Prepare a balance sheet at May 31, 2020. SHERIDAN CONSULTING Balance Sheet a[Blank] Assets b[Blank] c[Blank] d[Blank] e[Blank] f[Blank] g[Blank] h[Blank] i[Blank] j[Blank] k[Blank] Liabilities and Owner's Equity l[Blank] m[Blank] n[Blank] o[Blank] p[Blank] q[Blank] r[Blank] s[Blank] t[Blank] u[Blank] v[Blank] w[Blank]

SHERIDAN CONSULTING Balance Sheet a[May 31, 2020] Assets b[Cash] c[14,550] d[Accounts Receivable] e[1,200] f[Supplies] g[500] h[Equipment] i[4,100] j[Total Assets] k[20,350] Liabilities and Owner's Equity l[Liabilities] m[Notes Payable] n[5,400] o[Accounts Payable] p[4,300] q[Total Liabilities] r[9,700] s[Owner's Equity] t[Owner's Capital] u[10,650] v[Total Liabilities and Owner's Equity] w[20,350]

Prepare an income statement for the month of May. SHERIDAN CONSULTING Income Statement a[Blank] b[Blank] c[Blank] d[Blank] e[Blank] f[Blank] g[Blank] h[Blank] i[Blank] j[Blank] k[Blank] l[Blank] m[Blank] n[Blank] o[Blank] p[Blank] q[Blank]

SHERIDAN CONSULTING Income Statement a[For the Month Ended May 31, 2020] b[Revenues] c[Service Revenue] d[9,100] e[Expenses] f[Rent Expense] g[900] h[Advertising Expense] i[100] j[Salaries and Wages Expense] k[2,100] l[Utilities Expense] m[250] n[Total Expenses] o[3,350] p[Net Income/(Loss)] q[5,750]

Determine Ruth Lewis's net income from Sunland Vista Park for 2020. SUNLAND VISTA PARK Balance Sheet a[Blank] Assets b[Blank] c[Blank] d[Blank] e[Blank] f[Blank] g[Blank] h[Blank] i[Blank] Liabilities and Owner's Equity j[Blank] k[Blank] l[Blank] m[Blank] n[Blank] o[Blank] p[Blank] q[Blank] r[Blank] s[Blank] t[Blank] u[Blank]

SUNLAND VISTA PARK Balance Sheet a[December 31, 2020] Assets b[Cash] c[33,539] d[Accounts Receivable] e[25,518] f[Equipment] g[153,840] h[Total Assets] i[212,897] Liabilities and Owner's Equity j[Liabilities] k[Notes Payable] l[87,492] m[Accounts Payable] n[16,040] o[Total Liabilities] p[103,532] q[Owner's Equity] r[Owner's Capital] s[109,365] t[Total Liabilities and Owner's Equity] u[212,897]

Prepare the owner's equity statement for Wildhorse Company. WILDHORSE COMPANY Owner's Equity Statement a[Blank] b[Blank] c[Blank] d[Blank] : e[Blank] f[Blank] g[Blank] h[Blank] i[Blank] j[Blank] k[Blank] : l[Blank] m[Blank] n[Blank] o[Blank]

WILDHORSE COMPANY Owner's Equity Statement a[For the Year Ended Dec 31, 2020] b[Owner's Capital, Jan 1] c[33,500] d[Add] : e[Investments] f[13,430] g[Net Income/ (Loss)] h[20,000] i[33430] j[66,930] k[Less] : l[Drawings] m[17,890] n[Owner's Capital, Dec 31] o[49,040] *NI/(L) = R - E