FA ASSIGNMENT

Problem 1
Assets Liabilities Equity
   
  Accounts Accounts Notes Common Retained
Receivable Equipmen Payable Payable Stock Earnings
Cash
t
a. 5,000         5,000  
b. -1000   10000   9000    
c.     2500 2500      
d. 1700           1700
e.   12000         12000
f. -2000           -2000
g. -2500     -2500      
h. 8000 -8000          
i. -3000       -3000    
j. -2500           -2500
Total
3700 4000 12500 0 6000 5000 9200
s
20200 20200

Problem 2
Assets Liabilities Equity
    Accounts     Accounts Common Retained
Cash Receivable Supplies Equipment Payable Stock Earnings
a. 6,000         6,000  
b. -2000           -2000
c.       9000 9000    
d. -1000   1000        
e. 2800           2800
f.   1400         1400
g. -400           -400
h. -4500       -4500    
i. 1400 -1400          
j. -200           -200
Tota
2100 0 1000 9000 4500 6000 1600
l
1210
0 12100
Problem 3

GREEN BAY DELIVERY SERVICE

BALANCE SHEET AS AT NOVEMBER 30
ASSETS   LIABILITIES AND OWNER'S EQUITY  
Cash 8,000 Accounts Payable 18,000
Accounts Receivable 10,000 Notes Payable 45,000
Building 28,000 Total Liabilities 63,000
Trucks 55,000 EQUITY
Office Equipment 12,000 Common Stock 30,000
    Retained Earnings 20,000
    Total Equity 50,000
Total Assets 1,13,000 Total liabilities and owners’ equity 1,13,000

Problem 4

SKYMASTER AIRPLANE RENTALS

BALANCE SHEET AS AT DECEMBER 31, 2014
ASSETS   LIABILITIES AND OWNER'S EQUITY  
Cash 11,000 Accounts Payable 36,000
Accounts Receivable 24,000 Notes Payable 47,000
Airplanes 1,50,000 Total Liabilities 83,000
Hangar 60,000 EQUITY  
Office Furniture 15,000 Common Stock 20,000
    Retained Earnings 1,57,000
    Total Equity 1,77,000
Total Assets 2,60,000 Total liabilities and owners’ equity 2,60,000

Statement of Retained Earnings:

Retained Earnings, December 31, 2013 1,30,000

Revenues 2,17,000
Expenses 1,38,000
Divided 52,000
Retained Earnings, December 31, 2014 1,57,000

Retained earnings = Revenue – Expense - Dividend