Student Name:
Class:
Cash 33,300$ Accounts payable 23,000$
Supplies 5,380
Accounts receivable 12,200
Equipment 77,000 Francisco Valdez, Capital 104,880
Total Assets 127,880$ Total Liabilities and Owner’s Eq. 127,880$
Correct! Correct!
Owner’s Equity
February 28, 2013
Problem 02.03A
McGraw-Hill/Irwin
Instructor
Balance Sheet
VALDEZ EQUIPMENT REPAIR SERVICE
Assets
Liabilities
Cash 33,300$
Supplies 5,380
Accounts receivable 12,200
Equipment 77,000
Accounts payable 23,000
Net Worth ?
February 28, 2010
Selected Account Balances
VALDEZ EQUIPMENT REPAIR SERVICE
Student Name:
Class:
Liabilities +
Accts. Accounts R. Abbey
Date Cash+ Rec. + Supp. + Equip. = Pay. + Capital + Rev. – Exp.
Balances, May 1 14,000$ 2,000$ 4,800$ 32,800$ 6,000$ 47,600$ –$ –$
Paid for utilities (880) 880
New balances 13,120 2,000 4,800 32,800 6,000 47,600 – 880
Sold services for cash 4,880 4,880
New balances 18,000 2,000 4,800 32,800 6,000 47,600 4,880 880
Paid a creditor (1,600) (1,600)
New balances 16,400 2,000 4,800 32,800 4,400 47,600 4,880 880
Sold services on credit 2,400 2,400
New balances 16,400 4,400 4,800 32,800 4,400 47,600 7,280 880
Paid salaries (8,400) 8,400
New balances 8,000 4,400 4,800 32,800 4,400 47,600 7,280 9,280
Paid telephone bill (304) 304
New balances 7,696 4,400 4,800 32,800 4,400 47,600 7,280 9,584
Withdrew cash for personal
expenses (2,000) (2,000)
New balances 5,696$ 4,400$ 4,800$ 32,800$ 4,400$ 45,600$ 7,280$ 9,584$
Revenues:
Fees Income 7,280$
Expenses:
Utilities expense 880$
Salaries expense 8,400
Telephone expense 304
Total expenses 9,584
Net Loss (2,304)$
Correct!
Carol West, Capital, May 1, 2013 47,600$
Net Loss for March (2,304)$
Less Withdrawals for May 2,000
Decrease in Capital (4,304)
Carol West, Capital, May 31, 2013 43,296$
Correct!
Assets
Cash 5,696$
Accounts Receivable 4,400
Supplies 4,800
Equipment 32,800
Total assets 47,696$ «- Correct!
Liabilities
Accounts payable 4,400$
Owner’s Equity
Carol West, Capital 43,296
Total Liabilities and Owner’s Equity 47,696$ «- Correct!
Problem 02.04A
McGraw-Hill/Irwin
Instructor
Assets =
WEST CLEANING SERVICE
Owner’s Equity
WEST CLEANING SERVICE
Statement of Owner’s Equity
WEST CLEANING SERVICE
Month Ended May 31, 2013
Income Statement
May 31, 2013
Balance Sheet
WEST CLEANING SERVICE
Month Ended May 31, 2013
Liabilities +
Accts. Accounts C. West
Date Cash+ Rec. + Supp. + Equip. = Pay. + Capital + Rev. – Exp.
Balances, May 1 14,000$ 2,000$ 4,800$ 32,800$ 6,000$ 47,600$ –$ –$
Paid for utilities (880) 880
New balances 13,120 2,000 4,800 32,800 6,000 47,600 – 880
Sold services for cash 4,880 4,880
New balances 18,000 2,000 4,800 32,800 6,000 47,600 4,880 880
Paid a creditor (1,600) (1,600)
New balances 16,400 2,000 4,800 32,800 4,400 47,600 4,880 880
Sold services on credit 2,400 2,400
New balances 16,400 4,400 4,800 32,800 4,400 47,600 7,280 880
Paid salaries (8,400) 8,400
New balances 8,000 4,400 4,800 32,800 4,400 47,600 7,280 9,280
Paid telephone bill (304) 304
New balances 7,696 4,400 4,800 32,800 4,400 47,600 7,280 9,584
Withdrew cash for personal
expenses (2,000) (2,000)
New balances 5,696$ 4,400$ 4,800$ 32,800$ 4,400$ 45,600$ 7,280$ 9,584$
Assets =
Owner’s Equity
WEST CLEANING SERVICE
Given Data P02.04A: