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138.
Completion of balance sheet
Use the following information to complete the balance sheet of Adelphi Construction as of
December 31, 2014.
(1) The company was organized on January 1, 2014 and has operated for the full year
2014.
(2) Earnings were $275,000 and dividends of $70,000 were paid to stockholders.
(3) Cash and accounts receivable together amount to one and one-half times as much as
notes payable.
2-95
139.
Completion of balance sheet
Use the following information to complete the December 31, 2014 balance sheet of Copper
Supplies Company.
(1) Owners' equity as of January 1, 2014, totaled $175,000, which included capital stock of
$150,000.
(2) Additional capital stock was issued during 2014 in exchange for $40,000 cash.
(3) Net income for 2014 amounted to $200,000; no dividends were paid during 2014.
(4) Cash and accounts receivable together amount to 3 times as much as accounts
payable.
2-97
140.
Effects of transactions on balance sheet items
Show the effect of each of the seven listed transactions on the balance sheet items of
Distinctive Draperies. Indicate the new balances after the transaction of May 2 and each
subsequent transaction. The effects of the May 1 transaction are already filled in to
provide you with an example.
2-99
141.
Effects of transactions on balance sheet items
Show the effect of each of the six listed transactions on the balance sheet items of
Renaissance Investment Services, Inc. Indicate the new balances after the transaction of
November 2 and each subsequent transaction. The effects of the November 1 transaction
are already filled in to provide you with an example.
142.
An inexperienced accounting intern at Tasso Company prepared the following income
statement for the month of July 2014:
143.
From the following accounts and amounts prepare a balance sheet for the Swell Company
for December 31, 2014. You must compute the amount for retained earnings to complete
the balance sheet.
144.
Forms of Business Organization
State and describe the three most common forms of business organizations in the United
States.
