Exercise 1-1
(a) Increase in one asset, decrease in another asset. (3)(8) (b) Increase in an asset, increase in a liability. (c) Increase in an asset, increase in capital.(1)(4)(5) (d) Decrease in an asset, decrease in a liability. (6) (e) Decrease in an asset, decrease in capital. (2)(7)(9)(10)
Exercise 1-2 a.
(1) Purchase of land for cash. (2) Revenue earned for cash.
(3) Expense incurred and cash paid. (4) Purchase of supplies on account. (5) Withdrew for personal use for cash. (6) Paid to creditors.
(7) Supplies used for the period.
b. 6250
c. 620
d. 1370
e. 620
Exercise 1-3 a. Tina Pierce Interiors Balance Sheet March 31, 19xx 4500 2560 840 7900 430 7470 7900 Tina Pierce Interiors Balance Sheet April 30, 19xx 5400 4100 450 9950 690 9260 9950 Assets Cash Accounts Receivable Supplies Total Assets Liabilities Accounts Payable Owner’s Equity Tina Pierce, Capital Total Liabilities and OE b. 2050 c. 4550
Problem 1-1 a. ASSETS = Cash A B C D E F G H I b. Collins Realty Income Statement For August Total revenue Expenses: Rent exp Auto exp Salaries exp Supplies exp Misc. exp Total expenses Net income $1,200 280 600 65 175 $ 4,850 2,320 $2,530 5000 -1200 -250 4850 -1000 -455 -600 6345 Supplies 340 -65 275 LIABILITIES + OWNER’S EQUITY Accounts payable 340 -250 90 C.W. Collins, capital Explanation of change in equity 5000 Investment -1200 Rent 4850 Revenue -1000 Withdrawals -280 Auto -175 Misc. -600 Salaries -65 Supplies 6530 Collins Realty Capital Statement For August C W Collins, capital, August 1 Add: Investments by owner Net income Less: Withdrawals by owner C W Collins, capital August 31 Collins Realty Balance Sheet August 31 Assets Cash Supplies Total assets
Problem 1-2 a. Pioneer Services Income Statement For the year ended Dec 31 Sales Expenses: Salary expense ……………………………….. Rent expense …………………………………. Utilities expense ……………………………… Supplies expense …………………………….. Taxes expense ……………………………….. Insurance expense …………………………… Advertising expense …………………………. Miscellaneous expense ………………………. Total expenses Net income
25,200 8,000 7,800 6,200 6,000 4,800 3,000 2,425 $ 91,670 63,425 $28,245 Liabilities $6345 Accounts payable 275 Owner’s equity C W Collins, capital $6620 Total liabilities and capital $90 6530 $6620 $0 5,000 2,530 (1,000) $6,530 Pioneer Services Capital Statement For the year ended Dec 31 E G Eberhart, capital, Jan 1 Add: Net income Less: Withdrawals by owner E G Eberhart, capital Dec 31 Pioneer Services Balance Sheet Dec 31 Assets Cash Accounts receivable Supplies Prepaid insurance Total assets Problem 1-3 a,b,c Liabilities $6150 Accounts payable 12260 Salary payable 1200 400 Owner’s equity E G Eberhart, capital $20010 Total liabilities and capital $4010 2100 13900 $20010 $10,655 28,245 (25,000) $13,900 Assets Cash a 50000 AR Truck Sup. Office Sup Prepaid Land Ins. Liabilities NP AP Stockholders’ Equity Capital Stock 50000 R E Explanation b -2500 12400 c d -5280 e -120 f -600 g 8690 -8690 h -1100 i -2000 j 30550 k -3025 l -840 m -1475 n -16600 3810 1615 960 120 600 6000 8670 1615 -5280 -2000 -1100 Advertising 30550 Revenue -3025 Rent -840 Utilities -1475 Misc. -16600 Wage
会计英语 Lesson1 答案
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