Jeremy Jones has been an avid surfer for many years and is excited about the idea of opening his own S
that the surf shop will provide services by offering lessons and training and also be place he can sell to
accessories. Throughout this semester we will be looking at the progress of Jeremy as he opens his Su
decisions that have to be made along the way.
Jones Surf Shop was started when it acquired $10,000 from creditors and $25,000 from owners. The c
Record the events under an accounting equation (Enter values in the yellow highlighted cells)
Jones Surf Shop
Accounting Equation
ASSETS = LIABILITIES + STOCKHOLDERS' EQUITY
Cash + Land = Creditors + Stockholders' Equity
$10,000 $10,000
$25,000 $37,000
$0 $12,000
Bal. $35,000 + $12,000 = $10,000 + $37,000
After the events have been recorded, Jones's obligation to creditors represents what percent of total assets?
Percentage of total assets Creditors Claim / Total Assets =
$10,000 $47,000
After the events have been recorded, Jones's stockholders' equity represents what percentage of total assets?
Percentage of total assets Investor's Claim/ Total Assets =
$37,000 $47,000
After the first month of operations Jones Surf Shop had the following revenues and expenses. Put the expenses a
Revenue from Sale $2,500
Rent Expense $500
Marketing Expense $250
Utilities Expense $75
Jones Surf Shop
Income Statement
For Month Ended Month 1, Year 1
, Revenue $2,500
Total Revenue $2,500
Expenses
Rent Expense $500
Marketing Expense $250
Utilities Expense $75
Total Expenses $825
Net Income $1,675
Please complete the balance sheet for Jones Surf Shop as of the end of Month 1
Jones Surf Shop
Balance Sheet
As of End of Month 1, Year 1
Assets
Cash $36,675
Land $12,000
Total Assets $48,675
Liabilities
Notes Payable $10,000
Total Liabilities $10,000
Owner's Equity
Owner's Equity $37,000
Total Owner's Equity $37,000
Total Liabilities & Owner's Equity $47,000
Define the term stakeholders. Identify two stakeholder groups for Jones Surf Shop and explain how eac
that the surf shop will provide services by offering lessons and training and also be place he can sell to
accessories. Throughout this semester we will be looking at the progress of Jeremy as he opens his Su
decisions that have to be made along the way.
Jones Surf Shop was started when it acquired $10,000 from creditors and $25,000 from owners. The c
Record the events under an accounting equation (Enter values in the yellow highlighted cells)
Jones Surf Shop
Accounting Equation
ASSETS = LIABILITIES + STOCKHOLDERS' EQUITY
Cash + Land = Creditors + Stockholders' Equity
$10,000 $10,000
$25,000 $37,000
$0 $12,000
Bal. $35,000 + $12,000 = $10,000 + $37,000
After the events have been recorded, Jones's obligation to creditors represents what percent of total assets?
Percentage of total assets Creditors Claim / Total Assets =
$10,000 $47,000
After the events have been recorded, Jones's stockholders' equity represents what percentage of total assets?
Percentage of total assets Investor's Claim/ Total Assets =
$37,000 $47,000
After the first month of operations Jones Surf Shop had the following revenues and expenses. Put the expenses a
Revenue from Sale $2,500
Rent Expense $500
Marketing Expense $250
Utilities Expense $75
Jones Surf Shop
Income Statement
For Month Ended Month 1, Year 1
, Revenue $2,500
Total Revenue $2,500
Expenses
Rent Expense $500
Marketing Expense $250
Utilities Expense $75
Total Expenses $825
Net Income $1,675
Please complete the balance sheet for Jones Surf Shop as of the end of Month 1
Jones Surf Shop
Balance Sheet
As of End of Month 1, Year 1
Assets
Cash $36,675
Land $12,000
Total Assets $48,675
Liabilities
Notes Payable $10,000
Total Liabilities $10,000
Owner's Equity
Owner's Equity $37,000
Total Owner's Equity $37,000
Total Liabilities & Owner's Equity $47,000
Define the term stakeholders. Identify two stakeholder groups for Jones Surf Shop and explain how eac
