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(21).docx
- Respuestas • 3 páginas • 2020
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Financial information related to the proprietorship of Ebony Interiors for February and March 2014 is as follows:
 February 28, 2014 March 31, 2014
Accounts payable $310,000 $400,000
Accounts receivable 800,000 960,000
Cash 320,000 380,000
Justin Berk, capital ? ?
Supplies 30,000 35,000
a. Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 2014.
b. Determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during th...
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(2).docx
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On January 1, 2013, Dr. Marcie Cousins established Health-Wise Medical, a medical practice organized as a proprietorship. The following conversation occurred the following August between Dr. Cousins and a former medical school classmate, Dr. Avi Abu, at an American Medical Association convention in Seattle. Dr. Abu: Marcie, good to see you again. Why didn’t you call when you were in Miami? We could have had dinner together. Dr. Cousins: Actually, I never made it to Miami this year. My husband ...
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(6).docx
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Using the following data for Sunset Travel Service as well as the statement of owner’s
equity shown in Practice Exercise 1-5A, prepare a balance sheet as of April 30, 2014.
Accounts payable $ 61,000
Accounts receivable 124,000
Cash 274,000
Land 450,000
Supplies 13,000
PE 1-6B Balance sheet OBJ. 5
Using the following data for Sentinel Travel Service as well as the statement of owner’s
equity shown in Practice Exercise 1-5B, prepare a balance sheet as of August 31, 2014.
Accounts payable $ 44,...
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(6).docx
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PR 1-6B Missing amounts from financial statements OBJ. 5
The financial statements at the end of Atlas Realty’s first month of operations are shown
below.
Atlas Realty
Income Statement
For the Month Ended May 31, 2014
Fees earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $400,000
Expenses:
Wages expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (a)
Rent expense . . . ....
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(16).docx
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From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet:
1. Accounts Receivable
2. Cash
3. Fees Earned
4. Land
5. Ming Hu, Capital
6. Supplies
7. Supplies Expense
8. Utilities Expense
9. Wages Expense
10. Wages Payable
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(8).docx
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PE 1-8A Ratio of liabilities to owner’s equity OBJ. 6
The following data were taken from Mesa Company’s balance sheet:
Dec. 31, 2014 Dec. 31, 2013
Total liabilities $547,800 $518,000
Total owner’s equity 415,000 370,000
a. Compute the ratio of liabilities to owner’s equity.
b. Has the creditor’s risk increased or decreased from December 31, 2013, to December
31, 2014?
PE 1-8B Ratio of liabilities to owner’s equity OBJ. 6
The following data were taken from Alvarado Company’s balance...
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(10).docx
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a. A vacant lot acquired for $180,000 is sold for $440,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?
b. Assume that the seller owes $69,000 on a loan for the land. After receiving the $440,000 cash in (a), the seller pays the $69,000 owed. What is the effect of the payment on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?
c. Is it true that a transaction always af...
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(3).docx
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PE 1-3A Transactions OBJ. 4
Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected transactions were completed by Arrowhead Delivery Service during August:
1. Received cash from owner as additional investment, $25,000.
2. Paid creditors on account, $3,750.
3. Billed customers for delivery services on account, $22,400.
4. Received cash from customers on account, $11,300.
5. Paid cash to owner for personal use, $6,000.
Indicate the effect of each transaction on th...
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(3).docx
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Seth Feye established Reliance Financial Services on July 1, 2014. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the
balances after each transaction for July are shown below.
Assets 5 Liabilities 1 Owner’s Equity
Cash 
Accounts
Receivable Supplies =
Accounts
Payable 
Seth
Feye,
Capital
 Seth
 Feye,
− Drawing 
Fees
Earned −
Salaries
Expense −
Rent
Expense −
Auto
Expense −
Supplies
Expense −
Misc.
Expense
a. 50,0...
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(3).docx
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PR 1-3B Financial statements OBJ. 5
Jose Loder established Bronco Consulting on August 1, 2014. The effect of each transaction and the balances after each transaction for August are shown below.
Assets 5Liabilities 1 Owner’s Equity
Cash 
Accounts
Receivable Supplies =
Accounts
Payable 
Jose Loder,
Capital −
Jose Loder,
Drawing 
Fees
Earned −
Salaries
Expense −
Rent
Expense −
Auto
Expense −
Supplies
Expense −
Misc.
Expense
a. 75,000 75,000
b. 9,000 9,000
Bal. 75,000 9,000 9...