CourseLover
$10/per page/Negotiable
Exercise 1-11
Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Steven Craig and Georgia Enterprises.
Determine the missing amounts.
Steven
Craig
Georgia
Enterprises
Beginning of year:
Total assets
$116,924
$155,497
Total liabilities
102,459
(c)
Total stockholders’ equity
(a)
90,405
End of year:
Total assets
192,864
216,972
Total liabilities
144,648
60,270
Total stockholders’ equity
48,216
156,702
Changes during year in stockholders’ equity:
Additional investment
(b)
30,135
Dividends
28,930
(d)
Total revenues
259,161
120,540
Total expenses
210,945
Problem 1-2A (Part Level Submission)
On August 31, the balance sheet of Donahue Veterinary Clinic showed Cash $, Accounts Receivable $, Supplies $, Equipment $, Accounts Payable $, Common Stock $, and Retained Earnings $. During September, the following transactions occurred.
1.
Paid $ cash for accounts payable due.
2.
Collected $ of accounts receivable.
3.
Purchased additional office equipment for $, paying $ in cash and the balance on account.
4.
Earned revenue of $, of which $ is collected in cash and the balance is due in October.
5.
Declared and paid a $ cash dividend
6.
Paid salaries $, rent for September $, and advertising expense $.
7.
Incurred utilities expense for month on account $.
8.
Received $ from Capital Bank on a 6-month note payable.
(a)
Prepare a tabular analysis of the September transactions beginning with August 31 balances. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)
DONAHUE VETERINARY CLINIC
Assets
Liabilities
Stockholders' Equity
Cash
+
Accounts
Receivable
+
Supplies
+
Office
Equipment
=
Notes
Payable
+
Accounts
Payable
+
Common
Stock
+
Retained
Earnings
+
Revenues
–
Expenses
–
Dividends
Bal.
$
$
$
$
$
$
$
$
$
$
$
1.
2.
3.
4.
5.
6.
7.
8.
$
$
$
$
=
$
$
$
$
$
$
$
Click if you would like to Show Work for this question:
Open Show Work
Show List of Accounts
Link to Text
Link to Text
Link to Text
Link to Video
Attempts: 0 of 3 used
Save for later
Submit Answer
(b1)
The parts
66,297
Problem 1-4A (Part Level Submission)
Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The following transactions occurred during the month of June.
June 1
Stockholders invested $ cash in the business in exchange for common stock.
2
Purchased a used van for deliveries for $. Matt paid $ cash and signed a note payable for the remaining balance.
3
Paid $ for office rent for the month.
5
Performed $ of services on account.
9
Declared and paid $ in cash dividends.
12
Purchased supplies for $ on account.
15
Received a cash payment of $ for services provided on June 5.
17
Purchased gasoline for $ on account.
20
Received a cash payment of $ for services provided.
23
Made a cash payment of $ on the note payable.
26
Paid $ for utilities.
29
Paid for the gasoline purchased on account on June 17.
30
Paid $ for employee salaries.
(a)
Show the effects of the previous transactions on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)
STINER DELIVERIES
Assets
=
Liabilities
+
Stockholders' Equity
Retained Earnings
Date
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Notes
Payable
+
Accounts
Payable
+
Common
Stock
+
Revenues
–
Expenses
–
Dividends
June 1
$
$
$
$
$
$
$
$
$
$
2
3
5
9
12
15
17
20
23
26
29
30
$
$
$
$
=
$
$
$
$
$
$
Click if you would like to Show Work for this question:
Open Show Work
Show List of Accounts