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On December 31, Bryniuk’s Company, the accounting records showed the following
information:
Expenses:
Salaries Expense $ 52,000.00
Advertising Expense $ 17,000.00
Insurance Expense $ 5,000.00
Utilities Expense $ 13,750.00
Interest Expense $ 2,750.00
Total Expenses $ 90,500.00
Exercise 2
For the following accounts: tell if it is an Asset, Liability, Equity, Revenue, or Expense AND if
it is found on the Income Statement, Balance Sheet or Neither
PROBLEM 1
Cast 77 Service Company has the following account balances: Cash, $6,000; Accounts Receivable, $7,000; Prepaid
$950; Equipment, $7,000; Trucks, $10,000; Accounts Payable, $2,700; Common Stock $25,000; Retained Earnings
presented as follows:
Cast 77
Income Statement
For Month Ended December 31
Revenues:
Revenue $ 19,900.00
Total Revenues $ 19,900.00
Expenses:
Rent $ 950.00
Copy Plus $ 550.00
Salaries $ 4,700.00
Utilities $ 380.00
Misc $ 250.00
Insurance $ 200.00
Total Expenses $ 7,030.00
Cast 77
Statementof Retained Earnings
For Month Ended December 31
Beginning Retained Earnings 6,350
Add: Net Income 12,870
Cast 77
Balance Sheet
December 31
Assets Liabilities and Equity
$ 20,420 Accounts payable
15,200
950 Common stock
1,000 Retained Earnings
1,400 Total Equity
7,000
10,000
Total Assets $ 55,970 Total Liabilities and Equity
wed the following
$ 65,000.00
$ 20,000.00
$ 174,000.00
$ 1,000.00
$ 52,000.00
$ 17,000.00
$ 5,000.00
$ 13,750.00
$ 2,750.00
$ 80,000.00
$ 170,000.00
$ 250,000.00
$ 410,000.00
129,500
$ 539,500.00
$ 789,500
$ (950.00)
$ 450.00
$ (200.00)
25,000
18,470
43,470
$ 46,570
Accounts Expenses -
Payable Comm stock Dividends Retained Earnings Revenue Amount
$ 2,700.00 $ 25,000.00 $ 6,350.00
$ 7,500.00
$ (600.00)
$ 950.00
$ 8,200.00
$ 450.00
$ 4,200.00
$ 550.00
$ 750.00
Rent