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Category > Business & Finance Posted 25 May 2017 My Price 6.00

Determining the Financial Statement Effects o f Operating Activities Involving Revenues

 

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 venues

 

 

 

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

Alpha Geek
(8)
Status NEW Posted 25 May 2017 08:05 AM My Price 6.00

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file 1495701085-Answer.docx preview (225 words )
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