Accounting Resúmenes

PR 1-5B Transactions; financial statements OBJ. 4, 5 Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on November 1, 2014, are as follows: Cash, $39,000; Accounts Receivable, $80,000; Supplies, $11,000; Land, $50,000; Accounts Payable, $31,500. Business transactions during...

The revenues and expenses of Sunset Travel Service for the year ended April 30, 2014, are listed below. Fees earned $1,673,000 Office expense 488,000 Miscellaneous expense 34,000 Wages expense 660,000 Prepare an income statement for the current year ended April 30, 2014. PE 1-4B Income statement OBJ. 5 The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2014, are listed below. Fees earned $750,000 Office expense 295,000 Miscellaneous expense 12,000 Wages expense 45...

. On May 19, Integrity Repair Service extended an offer of $335,000 for land that had been priced for sale at $363,000. On June 4, Integrity Repair Service accepted the seller’s counteroffer of $345,000. On October 10, the land was assessed at a value of $290,000 for property tax purposes. On February 5 of the next year, Integrity Repair Service was offered $380,000 for the land by a national retail chain. At what value should the land be recorded in Integrity Repair Service’s records? b. On...

The Home Depot, Inc., is the world’s largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Home Depot operates over 2,200 Home Depot® stores that sell a wide assortment of building materials and home improvement and lawn and garden products. The Home Depot recently reported the following balance sheet data (in millions): Year 2 Year 1 Total assets $40,125 $40,877 Total stockholders’ equity 18,889 19,393 a. Determine the total...

Four different proprietorships, Juliet, Kilo, Lima, and Mike, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner’s equity, are summarized as follows: Total Assets Total Liabilities Beginning of the year $ 600,000 $150,000 End of the year 1,125,000 500,000 On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year. (Hint: First determine the...

Question: Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash in business. b. Paid for utilities used in the business. c. Purchased supplies for cash. d. Purchased supplies on account. e. Received cash for services performed.

The following is a list of well-known companies. 1. Alcoa Inc. 2. Boeing 3. Caterpillar 4. Citigroup Inc. 5. CVS 6. Dow Chemical Company 7. eBay Inc. 8. FedEx 9. Ford Motor Company 10. Gap Inc. 11. H&R Block 12. Hilton Hospitality, Inc. 13. Procter & Gamble 14. SunTrust 15. Walmart Stores, Inc. a. Indicate whether each of these companies is primarily a service, merchandise, or manufacturing business. If you are unfamiliar with the company, use the Internet to locate the company’s home page or ...

PE 1-5A Statement of owner’s equity OBJ. 5 Using the income statement for Sunset Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner’s equity for the current year ended April 30, 2014. Craig Daws, the owner, invested an additional $75,000 in the business during the year and withdrew cash of $66,000 for personal use. Craig Daws, capital as of May 1, 2013, was $300,000. PE 1-5B Statement of owner’s equity OBJ. 5 Using the income statement for Sentinel Travel Service...

PE 1-4A Income statement OBJ. 5 The revenues and expenses of Sunset Travel Service for the year ended April 30, 2014, are listed below. Fees earned $1,673,000 Office expense 488,000 Miscellaneous expense 34,000 Wages expense 660,000 Prepare an income statement for the current year ended April 30, 2014. PE 1-4B Income statement OBJ. 5 The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2014, are listed below. Fees earned $750,000 Office expense 295,000 Miscellaneous...

Following are the amounts of the assets and liabilities of Oriental Travel Agency at December 31, 2014, the end of the current year, and its revenue and expenses for the year. The capital of Sung Kim, owner, was $450,000 on January 1, 2014, the beginning of the current year. During the current year, Sung withdrew $25,000. Accounts payable $ 115,000 Rent expense $150,000 Accounts receivable 370,000 Supplies 20,000 Cash 210,000 Supplies expense 14,000 Fees earned 1,100,000 Utilities expense 79,000...