Maurice Tutor

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Category > Management Posted 11 Oct 2017 My Price 9.00

Bob’s Bowling, Inc.,

Determining the Financial Statement Effects o f Ope r ating A ctivities In v olving R ev enues

The following transactions are July 2011 activities of Bob’s Bowling, Inc., which operates several bowling centers (for games and equipment sales). For each of the following transac- tions, complete the tabulation, indicating the amount and effect ( for increase and for de- crease) of each transaction. (Remember that A L SE, R E NI, and NI affects SE through Retained Earnings.) Write NE if there is no effect. The first transaction is provided as an example.

 

B ALANCE SHEET

INCOME S T A TEMENT

 

 

 

T ransaction

 

 

 

Assets

 

Liabil- ities

Stock- holders’ Equity

 

 

 

R e v enues

 

 

 

Expenses

 

Net

Income

a. Bob’s collected $11,000 from cus- tomers for games played in July.

11,000

NE

11,000

11,000

NE

11,000

b. Bob’s sold $6,000 in bowling equip- ment inventory; received $4,000 in cash and the rest on account. (The cost of goods sold (expense) related to these sales is in M3-8e.)

            

c. Bob’s received $1,500 from cus- tomers on account who purchased merchandise in June.

            

d. The men’s and ladies’ bowling leagues gave Bob’s a deposit of

$1,600 for the upcoming fall season.

  

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Oct 2017 06:10 PM My Price 9.00

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