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  • Detail Amount Amount: Problems p-1 Solution

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    MUHAMMAD AMMAD ARSHAD
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    The document contains solutions to accounting problems for Delux Design Company for the period ending January 31, 2011. It includes the income statement which shows net income of $36,580, the equity statement which shows ending owner's equity of $55,580, and the balance sheet which lists total assets of $72,790 equal to total liabilities and owner's equity.

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    chap#2.xlsx

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    The document contains solutions to accounting problems for Delux Design Company for the period ending January 31, 2011. It includes the income statement which shows net income of $36,580, the equity statement which shows ending owner's equity of $55,580, and the balance sheet which lists total assets of $72,790 equal to total liabilities and owner's equity.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    13 views1 page

    Detail Amount Amount: Problems p-1 Solution

    Uploaded by

    MUHAMMAD AMMAD ARSHAD
    The document contains solutions to accounting problems for Delux Design Company for the period ending January 31, 2011. It includes the income statement which shows net income of $36,580, the equity statement which shows ending owner's equity of $55,580, and the balance sheet which lists total assets of $72,790 equal to total liabilities and owner's equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Asslam-o-alikum,Sir.

    Name Muhammad Ammad khan


    Sap# 20085
    Subject name Financial Accounting
    Chapter#2
    Problems
    p-1 solution
    Delux Design Company
    Income statement
    For the period ended 31 jan 2011
    Detail Amount Amount
    Design Revenue 105000
    Less opening Expenes
    Wages Expense 62000
    Telephone Expense 480
    Rent Expense 5940 68420
    Net Income 36580

    Delux Design Company


    Equity statement
    For the period ended 31 jan 2011
    Detail Amount Amount
    Beginning Balance 37000
    Net income 36580 73580
    Less Withdraws 18000
    Ending Balance 55580
    Delux Design Company
    Balance Sheet
    For the period ended 31 jan 2011
    Items Amount
    Asset
    Current asset
    Cash 9200
    Account Receivable 39000
    Non-current assets
    Equipment 24590
    Total 72790
    liability&owners Equity
    Account Payable 3210
    Loans payable 5000
    unearned revenue 9000
    Owners equity
    Owners capital 55580
    Total 72790

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