ACC250-AE
Income Statement Items From the following list of selected items taken from the records of Rosewood Appliance Service as of a specific date, identify those items that would appear on the income statement.
1. Accounts Payable- Would NOT appear on the income statement. 2. Accounts Receivable-Would NOT appear on the income statement. 3. Andrew King, Capital-Would NOT appear on the income statement. 4. Cash-Would NOT appear on the income statement. 5. Fees Earned-Would appear on the income statement. 6. Land-Would NOT appear on the income statement. 7. Rent Expense-Would appear on the income statement. 8. Supplies-Would NOT appear on the income statement. 9. Wages Expense-Would appear on the income statement. 10. Wages Payable- Would NOT appear on the income statement.
Balance Sheet Items From the following list of selected items taken from the records of Rosewood Appliance Service as of a specific date, identify those that would appear on the balance sheet:
1. Accounts Payable-Would appear on the balance sheet. 2. Accounts Receivable- Would appear on the balance sheet. 3. Andrew King, Capital- Would appear on the balance sheet. 4. Cash- Would appear on the balance sheet. 5. Fees Earned- Would NOT appear on the balance sheet. 6. Land- Would appear on the balance sheet. 7. Rent Expense- Would NOT appear on the balance sheet. 8. Supplies- Would appear on the balance sheet. 9. Wages Expense- Would NOT appear on the balance sheet. 10. Wages Payable- Would appear on the balance sheet.
Effect of Transactions on Owner's Equity Indicate whether each of the following types of transactions will either (a) increase owner's equity or (b) decrease owner's equity
1. Expenses- decrease 2. Owner's investments- increase 3. Owner's withdrawals-decrease 4. Revenues- increase
Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: A. Opened a business bank account with a deposit of $31,000 from personal funds. B. Purchased office supplies on account, $3,140. C. Paid creditor on account, $1,980. D. Earned sales commissions, receiving cash, $31,990. E.Paid rent on office and equipment for the month, $6,270. F. Withdrew cash for personal use, $10,000. G. Paid automobile expenses (including rental charge) for the month, $3,010, and miscellaneous expenses, $1,440. H. Paid office salaries, $3,770. I. Determined that the cost of supplies on hand was $1,060; therefore, the cost of supplies used was $2,080.a
1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers.
Transactions The selected transactions below were completed by Silverado Delivery Service during February: Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: A. Increase in an asset, decrease in another asset. B. Increase in an asset, increase in a liability. C. Increase in an asset, increase in owner's equity. D. Decrease in an asset, decrease in a liability. E. Decrease in an asset, decrease in owner's equity.
1. Received cash from owner as additional investment, $25,000.c 2. Purchased supplies for cash, $750.a 3. Paid rent for February, $3,000.e 4. Paid advertising expense, $1,500.e 5. Received cash for providing delivery services, $16,800.c 6. Billed customers for delivery services on account, $32,500.c 7. Paid creditors on account, $1,400.d 8. Received cash from customers on account, $23,770.a 9. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month.e 10. Paid cash to owner for personal use, $5,000.- e
Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: A. Opened a business bank account with a deposit of $39,000 from personal funds. B. Purchased office supplies on account, $3,110. C. Received cash from fees earned for managing rental property, $8,630. D. Paid rent on office and equipment for the month, $3,820. E. Paid creditors on account, $1,420. F. Billed customers for fees earned for managing rental property, $7,080. G. Paid automobile expenses (including rental charges) for the month, $850, and miscellaneous expenses, $420. H. Paid office salaries, $2,690. I. Determined that the cost of supplies on hand was $1,840; therefore, the cost of supplies used was $1,270. J. Withdrew cash for personal use, $2,550. Required: 1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300)
Assets = Liabilities + Owner's Equity Item Cash + Accounts Receivable + Supplies = Accounts Payable + Chad Wilson, Capital - Chad Wilson, Drawing + Fees Earned - Rent Expense - Salaries Expense - Supplies Expense - Auto Expense - Misc. Expense a.39,000 39,000 b. 3,110 3,110 Bal.39,000 3,110 3,110 39,000 c.8,630 8,630 Bal.47,630 3,110 3,110 39,000 8,630 d.-3,820 -3,820 Bal.43,810 3,110 3,110 39,000 8,630 -3,820 e.-1,420 -1,420 Bal.42,390 3,110 1,690 39,000 8,630 -3,820 f. 7,080 7,080 Bal.42,390 7,080 3,110 1,690 39,000 15,710 -3,820 g.-1,270 -850 -420 Bal.41,120 7,080 3,110 1,690 39,000 15,710 -3,820 -850 -420 h.-2,690 -2,690 Bal.38,430 7,080 3,110 1,690 39,000 15,710 -3,820 -2,690 -850 -420 i. -1,270 -1,270 Bal.38,430 7,080 1,840 1,690 39,000 15,710 -3,820 -2,690 -1,270 -850 -420 j.-2,550 -2,550 Bal.35,880 7,080 1,840 1,690 39,000 -2,550 15,710 -3,820 -2,690 -1,270 -850 -420
Accounting Equation: The total assets and total liabilities (in millions) of Keurig Green Mountain, Inc. and Starbucks Corporation follow: Keurig Green MountainStarbucks Assets$4,002 $12,446 Liabilities1,288 6,628 Determine the owners' equity of each company. Enter your answers in millions.
Keurig: 2714 million Starbucks: 5818 owner's equity
Statement of Owner's Equity Financial information related to Udder Products Company, a proprietorship, for the month ended April 30, 2019, is as follows: Net income for April- $166,000 Mark Kominksy's withdrawals during April-$25,000 Mark Kominksy's capital, April 1, 2019- $384,500 a. Prepare a statement of owner's equity for the month ended April 30, 2019.
Udder Products Co. Statement of Owner's Equity For the Month Ended April 30, 2019 Mark Kominksy, capital, April 1, 2019 - $384500 Net income for April $166000 Withdrawals 25000 Increase in owner's equity- 141000 Mark Kominksy, capital, April 30, 2019 $525500
Asset, Liability, and Owner's Equity Items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owner's equity: a. Accounts receivable b. Accounts payable c. Cash d. Fees earned e. Land f. Rent expense g. Supplies
a. Accounts receivable- asset b. Accounts payable-liability c. Cash-asset d. Fees earned- owner's equity e. Land- asset f. Rent expense- owner's equity g. Supplies- asset
Effect of Transactions on Accounting Equation Describe how the following business transactions affect the three elements of the accounting equation.
a. Invested cash in business.-Increases assets and increases owner's equity. b. Paid for utilities used in the business.Decreases assets and decreases owner's equity. c. Purchased supplies for cash.Increases assets and decreases assets. d. Purchased supplies on account.Increases assets and increases liabilities. e. Received cash for services performed.Increases assets and increases owner's equity.
Accounting Equation: The total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation follow: Dollar TreeTarget CorporationAssets$3,567 $41,404 Liabilities1,782 27,407 Determine the owners' equity of each company. Dollar Tree's owners' equity$fill in the blank 1 millionTarget's owners' equity$fill in the blank 2 million
Dollar TRee OE: 1785 milion Target's OE is 13997 million