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a.
Common
Stock
Retained
Earnings
Total
Balances, June 1, 20Y9
Balances, June 30, 20Y9
b.
Exercise 1-18
Name:
Section:
Statement of Stockholders’ Equity
[Key essay answer here]
0%
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Instructions
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Organic Products Company
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a.
Common
Stock
Retained
Earnings
Total
Balances, June 1, 20Y9 180,000$ 1,630,000$ 1,810,000$
Issued common stock 50,000 – 50,000
Net income – 115,000 115,000
Dividends – (25,000) (25,000)
Balances, June 30, 20Y9 230,000$ 1,720,000$ 1,950,000$
b.
ON
Exercise 1-18
Name:
Solution
Section:
Statement of Stockholders’ Equity
For the Month Ended June 30, 20Y9
The statement of stockholders’ equity is prepared before the June 30, 20Y9, balance sheet
because common stock and retained earnings as of June 30, 20Y9, is needed for the June
30, 20Y9, balance sheet.
Instructions
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Organic Products Company
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Fees earned
Expenses:
Total expenses
Exercise 1-19
Name:
Section:
Income Statement
0%
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Imaging Services
Score:
Fees earned 482,000$
Expenses:
Wages expense 300,000$
Rent expense 41,500
Supplies expense 3,600
Miscellaneous expense 1,900
Total expenses (347,000)
135,000$
ON
Exercise 1-19
Name:
Solution
Section:
Income Statement
For the Month Ended March 31, 20Y5
Net income
Instructions
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Imaging Services
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a.
Assets
Total assets
Liabilities
Stockholders’ Equity
Total stockholders’ equity
Total liabilities and stockholders’ equity
Assets
Total assets
Liabilities
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
Exercise 1-21
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Section:
0%
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Ebony Interiors
Balance Sheet
February 28, 20Y3
Ebony Interiors
Balance Sheet
March 31, 20Y3
Stockholders’ Equity
Total stockholders’ equity
Total liabilities and stockholders’ equity
b.
Stockholders’ equity, March 31
c.
Stockholders’ equity, March 31
Net income
Stockholders’ equity, February 28
Net income
Stockholders’ equity, February 28
Increase in stockholders’ equity
Dividends
Score:
a.
Assets
Cash 320,000$
Accounts receivable 800,000
Supplies 30,000
Total assets 1,150,000$
Liabilities
Accounts payable 310,000$
Assets
Cash 380,000$
Accounts receivable 960,000
Supplies 35,000
Total assets 1,375,000$
Liabilities
Balance Sheet
Ebony Interiors
Exercise 1-21
Name:
Solution
Section:
ON
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Ebony Interiors
Balance Sheet
February 28, 20Y3
Accounts payable 400,000$
Stockholders’ Equity
Common stock 200,000$
Retained earnings 775,000
Total stockholders’ equity 975,000
Total liabilities and stockholders’ equity 1,375,000$
b.
Stockholders’ equity, March 31 975,000$
(840,000)
135,000$
c.
Stockholders’ equity, March 31 975,000$
(840,000)
135,000$
50,000
185,000$
Net income
Stockholders’ equity, February 28
Net income
Stockholders’ equity, February 28
Increase in stockholders’ equity
Dividends
Problem 1-2A
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1.
Expenses:
Total expenses
Net income
2.
Common
Stock
Retained
Earnings
Total
Balances, January 1, 20Y5
Balances, December 31, 20Y5
Global Travel Agency
Name:
Section:
0%
[Key code here]
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
Global Travel Agency
Income Statement
Statement of Stockholders’ Equity
3.
Assets
Total assets
Liabilities
Stockholders’ Equity
Total stockholders’ equity
Total liabilities and stockholders’ equity
4.
The following items appear on both the statement of stockholders’ equity
and the balance sheet:
Global Travel Agency
Balance Sheet
Problem 1-2A
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Instructions
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1.
Fees earned 940,000$
Expenses:
Wages expense 415,000$
Rent expense 56,000
Utilities expense 34,800
Supplies expense 12,700
Miscellaneous expense 19,500
Total expenses (538,000)
Net income 402,000$
2.
Common
Stock
Retained
Earnings
Total
Balances, January 1, 20Y5 525,000$ 1,250,000$ 1,775,000$
Issued common stock 50,000 – 50,000
Net income – 402,000 402,000
Dividends – (90,000) (90,000)
Global Travel Agency
Supplies 6,000
Land 1,500,000
Total assets 2,245,000$
Liabilities
Accounts payable 108,000$
Stockholders’ Equity
Common stock 575,000$
Retained earnings 1,562,000
Total stockholders’ equity 2,137,000
Total liabilities and stockholders’ equity 2,245,000$
4.
The following items appear on both the statement of stockholders’ equity
and the balance sheet:
Common stock 575,000$
ON
Name:
Solution
Section:
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Global Travel Agency
Income Statement
For the Year Ended December 31, 20Y5
Global Travel Agency
Statement of Stockholders’ Equity
For the Year Ended December 31, 20Y5
Problem 1-2B
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1.
Expenses:
Total expenses
Net income
2.
Common
Stock
Retained
Earnings
Total
Balances, May 1, 20Y6
Balances, April 30, 20Y7
Wilderness Travel Service
Name:
Section:
0%
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Wilderness Travel Service
Income Statement
Statement of Stockholders’ Equity
3.
Assets
Total assets
Liabilities
Stockholders’ Equity
Total stockholders’ equity
Total liabilities and stockholders’ equity
4.
The following item appears on both the income statement and the
statement of stockholders’ equity:
Wilderness Travel Service
Balance Sheet
Problem 1-2B
Key Code:
Instructions
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1.
Fees earned 875,000$
Expenses:
Wages expense 525,000$
Rent expense 75,000
Utilities expense 38,000
Supplies expense 12,000
Taxes expense 10,000
Miscellaneous expense 15,000
Total expenses (675,000)
Net income 200,000$
2.
Common
Stock
Retained
Earnings
Total
Balances, May 1, 20Y6 25,000$ 155,000$ 180,000$
Issued common stock 10,000 – 10,000
Net income – 200,000 200,000
Dividends – (40,000) (40,000)
Balances, April 30, 20Y7 35,000$ 315,000$ 350,000$
Wilderness Travel Service
Total assets 375,000$
Liabilities
Accounts payable 25,000$
Stockholders’ Equity
Common stock 35,000$
Retained earnings 315,000
Total stockholders’ equity 350,000
Total liabilities and stockholders’ equity 375,000$
4.
The following item appears on both the income statement and the
statement of stockholders’ equity:
Net income (loss) 200,000$
ON
Name:
Solution
Section:
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Wilderness Travel Service
Income Statement
For the Year Ended April 30, 20Y7
Wilderness Travel Service
Statement of Stockholders’ Equity
For the Year Ended April 30, 20Y7