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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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08/05/2014

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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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