Salaries payable..................... 1,000 Building............................... 100,000
215. From the information given below, prepare a November income statement, a November statement of owner’s equity, and a November 30 balance sheet. On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts.
Accounts payable……………. $12,000 Office furnishings……….. $40,000 Accounts receivable………. 23,000 Owner's withdrawals……. 6,000 Cash……………………… 17,200 Rent expense…………… 3,600 Fees earned………………. 30,000 Salaries expense………. Notes payable………………… 4,250 Telephone expense……. 216. Data for Madison Realty are as follows:
Total assets at January 1 ...................... $100,000 Total liabilities at January 1 ................. 35,000 Total revenues for the year .................. 79,000 Total expenses for the year .................. 47,000
6,200
250
The owner, Mary Madison, withdrew a total of $30,000 for personal use during the year. Using the above data, prepare Madison Realty's Statement of Owner's Equity for the year ended December 31.
217. FastForward has the following beginning cash balance and cash transactions for the month of January. Using this information prepare a statement of cash flows.
a. b. c. d. e. f. g. h. i.
Beginning cash balance…………….. Cash investment by owner………….. Cash payment toward long-term loan Cash payment of rent……………….. Purchased equipment for cash…….. Purchased store supplies for cash… Cash collected from customers……. Cash withdrawal by owner………….. Cash payment of wages…………….
$ 3,200 15,000 1,000 1,800 7,500 1,500 7,750 2,000 4,000
218. The records of Skymaster Airplane Rentals show the following information as of December 31. Skymaster withdrew $52,000 during the year for personal expenses. Prepare a December income statement, a December statement of owner’s equity, and a December 30 balance sheet.
Accounts payable .......................... Insurance expense .......................... Accounts receivable ...................... H. Skymaster, capital,
January 1 .................................... Airplanes ....................................... Notes payable ................................
$36,000 2,000 24,000
150,000 150,000 47,000
Wages expense .............................. Advertising expense ...................... Cash ...............................................
Office Furniture ............................. Maintenance expense .................... Revenues .......................................
$75,000 22,000 11,000
15,000 39,000 217,000
Hangar ...........................................
60,000
219. Graham Roofing Company, owned by R. Graham, began operations in May and
completed the following transactions during that first month of operations. Show the effects of the transactions on the accounts of the accounting equation by recording increases and decreases in the appropriate columns in the table below. Do not
determine new account balances after each transaction. Determine the final total for each account and verify that the equation is in balance. May 1 R. Graham invested $90,000 cash in the company. 2 The company purchased $25,000 in office equipment. It paid $10,000 in cash and signed a note payable promising to pay the $15,000 over the next three years. 2 The company rented office space and paid $3,000 for the May rent. 6 The company installed a new roof for a customer and immediately collected $5,000. 7 The company paid a supplier $2,000 for roofing materials used on the May 6 job. 8 The company purchased a $2,500 copy machine for office use on credit. 9 The company completed work for additional customers on credit in the amount of $16,000. 15 The company paid its employees salaries $2,300 for the first half of the month. 17 The company installed a new roof for a customer and immediately collected $2,400. 20 The company received $10,000 in payments from the customers billed on May 9. 28 The company paid $1,500 on the copy machine purchased on May 8. It will pay the remaining balance in June. 31 The company paid its employees salaries $2,400 for the second half of the month. 31 The company paid a supplier $5,300 for roofing materials used on the remaining jobs completed during May. 31 The company paid $450 for this month’s utility bill.
GRAHAM ROOFING CO.
Date May
Cash
Accounts
Assets =
Accounts Payable
Notes Payable
Liabilities +
R. Graham Capital
R. Graham
Equity
Receivable Equipment Withdrawals Revenues Expens
1 2 2 6 7 8 9 15 17 20 28 31 31 31 $ -
$ -
$ -
$ -
$ -
$
$ -
$ -
$ - -
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