solbridge accounting 1 homeworkWord文件下载.docx
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solbridge accounting 1 homeworkWord文件下载.docx
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NotePayable2,850
Totalliabilities10,850
Stockholders’Equity
ContributedCapital98,00_
RetainedEarnings13,550
TotalStockholders’Equity111,550
TotalLiabilitiesandStockholders’Equity$122,400
2.Usingtheretainedearningsequationandanopeningbalanceof$0,workbackwardstocomputetheamountofnetincomefortheyearendedDecember31,2009.
RetainedEarnings(2008)$0
Add:
NetIncome?
Subtract:
Dividends0
RetainedEarnings(2009)$13,550
Theamountofnetincomefortheyearended2009is$13,550
3.AsofDecember31,2009,didmostofthefinancingforassetscomefromcreditorsorstockholders?
Stockholders
4.AssumingthatReaderDirectgeneratesnetincomeof$3,000andpaysdividendsof$2,000in2010,whatwouldbetheendingRetainedEarningsbalanceatDecember31,2010?
RetainedEarnings(2009)$13,550
NetIncome3,000
Dividends-2,000
RetainedEarnings(2010)$14,550
TheendingRetainedEarningsare$14,550
E1-6PreparinganIncomeStatementandInferringMissingValues
1.SolveforthemissingamountsandprepareanincomestatementforthequarterendedJune26,2008.Tip:
Firstputtheitemsintheordertheywouldappearontheincomestatementandthensolveforthemissingvalues.
Netincomeis$13,800.Totalexpensesis$662,000
IncomeStatement
June26,2008
(inthousands)
Revenues
AdmissionsRevenues$455,700
ConcessionsRevenues188,900
OtherRevenues31,200
TotalRevenues$675,800
Expenses
ConcessionsExpenses25,500
FilmRentalExpenses247,000
GeneralandAdministrativeExpenses65,700
RentExpenses90,000
OtherExpenses233,800
TotalExpenses662,000
NetIncome$13,800
2.WhatisRegal’smainsourceofrevenueandbiggestexpense?
RevenueisAdmissionsRevenues$455,700
BiggestisFilmRentalExpenses$247,000
PA1-1
PreparinganIncomeStatement,StatementofRetainedEarnings,andBalanceSheet
1.PrepareanincomestatementfortheyearendedDec.31.
Fortheyearended(2010)
Revenues
SalesRevenues$_91,000
TotalRevenues91,000
OperatingExpenses58,700
OtherExpenses8,850
TotalExpenses67,550
NetIncome$23,450
2.PrepareastatementofretainedearningsfortheyearendedDec.31,2010.
StatementofRetainedEarnings
Fortheyearended(2010)
RetainedEarnings,Beginning$0
Add:
NetIncome23,450
Subtract:
Dividends1,950
RetainedEarnings,December31,2010$21,500
3.PrepareabalancesheetatDec.31,2010.
BalanceSheet
Assets
Cash$13,300
AccountsReceivable9,550
Supplies5,000
Equipment86,000
TotalAssets$113,850
E2-3
ClassifyingAccountsandTheirUsualBalance
ForeachofthefollowingaccountsfromDDI’srecentbalancesheet,completethefollowingtable.Indicatewhethertheaccountisclassifiedasacurrentasset(CA),noncurrentasset(NCA),currentliability(CL),noncurrentliability(NCL),orstockholders’equity(SE),andwhethertheaccountusuallyhasacredit(cr)ordebit(dr)balance.
Account
BalanceSheetClassification
DebitorCreditBalance
1.Land
2.RetainedEarnings
3.NotesPayable(duein3years)
4.AccountsReceivable
5.Supplies
6.ContributedCapital
7.Equipment
8.AccountsPayable
9.Cash
10.TaxesPayable
NCA
SE
NCL
CA
CL
Dr
Cr
E2-8
AnalyzingtheEffectsofTransactioninT-accounts
1.CreateT-accountsforthefollowingaccounts:
Cash,Equipment,NotePayable,andContributedCapital.Beginningbalancesarezero.Foreachoftheabovetransactions,recorditseffectsintheappropriateT-accounts.IncludereferencingandtotalsforeachT-account.
T-accounts
Dr+Cash(A)Cr-
Beg.bal0
(a)60,000
3,000(b)
End.bal.57,000
Dr+Equipment(A)Cr-
Beg.bal.0
(b)12,000
End.bal.12,000
Dr-ContributedCapital(SE)Cr+
1Beg.bal.
60,000(a)
60,000End.bal.
Dr-NotePayable(L)Cr+
0Beg.bal
9,000(b)
9,000End.bal.
2.UsingthebalancesintheT-accounts,fillinthefollowingamountsfortheaccountingequation:
Assets$_69,000_=Liabilities$_9,000_+Stockholders’Equity$_60,000_
3.Explainyourresponsetoevents(c)and(d).
(C)
Thisisapromiseontheblob,itcan’trecordonthecompanyaccounts.
(D)
Conorborrowed$10,000forpersonaluse,itnotthecompanyuseitnotconnectwiththecompany,soitdoesn’trecordontheaccounts.
E2-11
RecordingJournalEntries
Preparejournalentriesforeachtransaction.(Rememberthatdebitsgoontopandcreditsgoonthebottom,indented.)Besuretousereferencingandcategorizeeachaccountasanasset(A),liability(L),orstockholders’equity(SE).Ifatransactiondoesnotrequireajournalentry,explainthereason.
Journalentriesforeachtransaction
a.DrCash(+A)60,000
CrContributedCapital(+SE)60,000
b.DrCash(+A)20,000
CrNotePayable(+L)20,000
c.It’sapromiseontheblobitdon’tarealagreementsoitdoesn’tneedtorecordonthecompanyaccounts.
d.DrEquipment(+A)10,000
CrCash(-A)1,000
CrNotePayable(+L)9,000
e.DrEquipment(+A)16,000
CrCash(-A)16,000
PA2-2
RecordingTransactions(inaJournalandT-Accounts);
PreparingandInterpretingtheBalanceSheet
1.Analyzetransactions(a)-(e)todeterminetheireffectsontheaccountingequation.
a.Cash(A)andContributedCapital(SE)areincreased.
b.Cash(A)andAccountsPayable(L)areincreased.
c.FactoryBuilding(A)andNotePayable(L)areincreased;
Cash(A)isdecreased.
d.Equipment(A)isincreasedandCash(A)isdecreased.
e.Supplies(A)andAccountsPayable(L)areincreased.
2.Recordthetransactioneffectsdeterminedinrequirement1usingajournalentryformat.
a.DrCash(+A)400,000
CrContributedCapital(+SE)400,000
b.DrCash(+A)90,000
CrAccountsPayable(+L)90,000
c.DrFactoryBuilding(+A)182,000
CrCash(-A)82,000
CrNotePayable(+L)100,000
d.DrEquipment(+A)200,000
CrCash(-A)200,000
e.DrSupplies(+A)30,000
CrAccountsPayable(+L)30,000
3.Summarizethejournalentryeffectsfromrequirement2usingT-accounts.
D+Cash(A)Cr-
Beg.bal.26,000
(a)400,000
(b)90,000
82,000(c)
200,000(d)
End.bal.234,000
Dr+Equipment(A)Cr-
Beg.bal.118,000
(d)200,000
End.bal.318,000
Dr+FactoryBuilding(A)Cr-
Beg.bal.100,000
(c)182,000
End.bal.282,000
Dr+Supplies(A)Cr-
Beg.bal.7,000
(e)30,000
End.bal.37,000
Dr-AccountsPayable(L)Cr+
10,000Beg.bal.
90,000(b)
30,000(e)
130,000End.bal.
Dr-NotePayable(L)Cr+
2,000Beg.bal.
100,000(c)
102,000End.bal.
Dr-ContributedCapital(SE)Cr+
180,000Beg.bal.
400,000(a)
580,000End.bal.
4.PrepareaclassifiedbalancesheetatJuly31,2010.
ClassifiedBalanceSheet
AtJuly31,2010
Cash$234,000
FactoryBuilding282,000
Equipment318,000
Supplies37,000
Land200,000
TotalAssets$1071,000
Liabilities
AccountsPayable$130,000
NotePayable102,000
TotalLiabilities$232,000
ContributedCapital$580,000
RetainedEarnings259,000
TotalStockholders’Equity$839,000
TotalLiabilitiesandStockholders’Equity$1071,000
5.AsofJulyof31,2010,hasthefinancingforDSC’sinvestmentinassetsprimarilycomefromliabilitiesorstockholders’equity?
FromStockholders’equity
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