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Category > Accounting Posted 19 Aug 2017 My Price 9.00

financial data

Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in stockholders’ equity, except transaction (5), affects net   income.

                      Assets                        5 Liabilities 1                          Stockholders’ Equity                                       

 

Accounts

Common

Retained

Fees

 

    Cash    1 Supplies 1   Land    5  Payable  1  Stock   Earnings   −    dividends     1 Earned  − Expenses

 

Bal. 1.

40,000

+71,800

 

3,000

82,000

 

7,500

 

50,000

 

67,500

 

 

 

+71,800

 

2.

–15,000

 

 

+15,000

 

 

 

 

 

 

 

 

 

3.

–47,500

 

 

 

 

 

 

 

 

 

 

 

 

−47,500

4.

 

 

+1,100

 

 

+1,100

 

 

 

 

 

 

 

 

5.

–5,000

 

 

 

 

 

 

 

 

 

 

–5,000

 

 

6.

–4,000

 

 

 

 

–4,000

 

 

 

 

 

 

 

 

7.

 

 

–1,500

 

 

 

 

 

 

 

 

 

 

–1,500

Bal.

40,300

 

2,600

97,000

 

4,600

 

50,000

 

67,500

 

–5,000

71,800

–49,000

 

a.                               Describe each transaction.

b.     What is the amount of the net increase in cash during the month?

c.     What is the amount of the net increase in stockholders’ equity during the month?

d.     What is the amount of the net income for the month?

e.     How much of the net income for the month was retained in the business?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 07:08 PM My Price 9.00

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