Professional Documents
Culture Documents
March
a Advertising Expenses 50,000 54,000
b Expenditures 26,800
c Outstanding balance payment 17,500 -17,500
d Supplies 12,000
e Telephone and Light Bill 7,500
f Additional Supplies 4,000 1,000
g Bank Loan 100,000
Problem 2 Current Assets
Cash
Supplies
Advertising Expense
Accounts receivable
Operating Expenses
Supplies Expense
Utilities Expense
Miscellaneous Expense
Rent Expense
Salaries Expense
Total Expenses
Liabilities and Owner's Equity b) Capital Statement
19,500 Liabilities GRS's Capital, December 31
23,000 Accounts Payable 35,000 Less: Total decrease in capital:
20,000 Notes Payable 150,000 Net Loss
65,000 185,000 GRS, Capital
127,500 Owner's Equity
Owner's Equity, Dec 31, 2017 140,000
400,000 Total 325,000 c) Capital Statement
527,500 Owner's Capital 202,500 GRS's Capital, December 31
Total Liabilities & Equity 527,500 Less: Total decrease in capital:
Net Loss
23,000 a) total Assets = 527,500 ; total liabilities = 185,000 Owner's Drawings
3,000 GRS, Capital
4,400 Computation of Owner's Capital
10,000 Total Assees -Total Liabilities & Owner's Equity
61,000 527,500-325,000 = 202,500
101,400
atement
202,500
101,400
101,100
tal Statement
202,500
101,400
5,000 106,400
96,100