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Accounting and Finance

# Accounting and Finance

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Published by: Chris TheoneNonly Gilchrist on Oct 08, 2012
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1
Chapter 1

ABE1-8
Your answer is correct.Use the basic accounting equation to answer these questions.(a) The liabilities of Daley Company are \$80,063 and the stockholders' equity is \$205,645. What is theamount of Daley Company's total assets?(b) The total assets of Laven Company are \$172,724 and its stockholders' equity is \$93,034. What is theamount of its total liabilities?(c) The total assets of Peterman Co. are \$678,400 and its liabilities are equal to one-fourth of its totalassets. What is the amount of Peterman Co.'s stockholders' equity?
Assets
=
Liabilities
+
Stockholders' Equity
(a) \$ 285708 \$ 80063 \$ 205645(b) \$ 172724 \$ 79690 \$ 93034(c) \$ 678400 \$ 169600 \$ 508800
Question Attempts: Unlimited

AP1-3A (a)
Your answer is correct.On June 1 Beardsley Service Company was started with an investment of \$27,024 cash. Here are theassets and liabilities of the company on June 30, and the revenues and expenses for the month of June, its first month of operations.Cash \$5,424 Notes payable \$13,638Accounts receivable 4,408 Accounts payable 908Revenue 7,814 Supplies expense 1,021Supplies 2,389 Gas & oil expense 620Advertising expense 400 Utilities expense 280Equipment 29,814 Wage expense 2,214In June, the company issued no additional common stock, but paid dividends of \$2,814.Complete an income statement and a retained earnings statement for the month of June and abalance sheet at June 30, 2012.
(List expenses from largest to smallest amount, e.g. 10, 5, 2.List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 2with notes payable first.)

BEARDSLEY SERVICE CO.

Income Statement

For the Month Ended June 30, 2012
Revenues
Revenue
\$
7814

2
Expenses
Wage expense
\$
2214

Supplies expense

1021

Gas & oil expense

620

Advertising expense

400

Utilities expense

280
Total expenses
4535
Net income\$
3279

BEARDSLEY SERVICE CO.

Retained Earnings Statement

For the Month Ended June 30, 2012

Retained earnings, June 1

\$
0
Add:
Net income

3279

3279

Less:
Dividends

2814

Retained earnings, June 30

\$
465

BEARDSLEY SERVICE CO.

Balance Sheet

June 30, 2012

Assets

Cash

\$
5424

Accounts receivable

4408

Supplies

2389

Equipment

29814
Total assets\$
42035

Liabilities and Stockholders' Equity
Liabilities
Notes payable
\$
13638

Accounts payable

908
Total liabilities\$
14546
Stockholders' equity
Common stock

27024

Retained earnings

465

27489
Total liabilities and stockholders' equity\$
42035
Click here if you would like to Show Work for this question

3
Question Attempts: Unlimited

Copyright © 2000-2012 by John Wiley & Sons, Inc. or related companies. All rights reserved.

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