Group 05

Vuth Ravy

Teng Somnang

Soth Longdy

Soun Borami

Tutorial Question
Chapter 1: Conceptual Framework and Financial Statements
I-True / False Questions
1. False
2. True
3. False
4. True
5. True
6. False
7. False
8. True
9. False
10. False
11. True
12. False
13. False
14. False
15. True
II- MULTIPLE CHOICES
1. D
2. B
3. D
4. D
5. A
6. C
7. B
8. D
9. C
10. B
11. A
12. A
13. B
14. C
15. D
16. D
17. C
18. B
19. A
20. B
21. B
22. B
23. B
24. D
25. C
26. A) Liabilities 110,000
B) Asset 340,000
 C) Shareholder 100,000
27. D
28. A
29. A
30. B
III- Exercises
E1-24A.
1. Prepare the Income Statement and the Statement of Changes in Equity of Fast Copy Center, for
the month ended July 31, 20X6.

Fast Copy Center, Inc. Month Ended July 31,20X6

Income Statement
Revenue :
Service revenue $ 604,500
Expenses :
Salary expense $ 168,000
Rent expense 2,300
Utilities expense 12,000
Total expense 182,300
Net Income : $ 422,200

Fast Copy Center, Inc. Month Ended July 31,20X6

Statement Of Changes In Equity
Total Equity, July 31, 20X6 $69,500
Add: Net income for the month 422,200
491,700
Less: Dividends (4,200)
Total Equity, July 31,20X6 $ 487,500
E1-25A.
1. Prepare the Balance Sheet of Fast Copy Center, Inc., for July 31, 20X6.

Fast Copy Center, Inc. As at July 31, 20X6

Balance Sheet
Assets :
Cash balance 10,000
Office supplies 13,700
Equipment 480,000
Total assets $ 503,700
Liabilities:
Accounts payable $16,000
Shareholders’ Equity:
Share capital 69,500
Retained earnings 418,000
Total shareholders’ Equity $ 487,500
Total liabilities and shareholders’ equity $ 503,500