Problem 1-3A
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
For correct grading, enter a zero in cells you would otherwise leave blank.
1.
Expenses:
Total expenses
Net income
2.
Common
Stock
Retained
Earnings
Total
Balances, July 1, 20Y2
Balances, July 31, 20Y2
Reliance Financial Services
Name:
Section:
0%
[Key code here]
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
Statement of Stockholders’ Equity
3.
Assets
Total assets
Liabilities
Stockholders’ Equity
Total stockholders’ equity
Total liabilities and stockholders’ equity
4.
Cash flows from (used for) operating activities:
Cash received from customers
Cash paid for expenses and to
creditors
Net cash flows used for operating activities
Cash flows from (used for) investing activities
Cash flows from (used for) financing activities:
Cash received from issuing common stock
Cash paid for dividends
Net cash flows from financing activities
Net increase in cash
Cash balance, July 1, 20Y2
Cash balance, July 31, 20Y2
Problem 1-3A
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
For correct grading, enter a zero in cells you would otherwise leave blank.
1.
Fees earned 144,500$
Expenses:
Salaries expense 55,000$
Rent expense 33,000
Auto expense 16,000
Supplies expense 4,500
Miscellaneous expense 4,800
Total expenses (113,300)
Net income 31,200$
Net income – 31,200 31,200
Dividends – (15,000) (15,000)
Balances, July 31, 20Y2 50,000$ 16,200$ 66,200$
3.
Assets
Cash 32,600$
Accounts receivable 34,500
Supplies 2,500
Total assets 69,600$
Liabilities
Accounts payable 3,400$
Stockholders’ Equity
Cash flows from (used for) operating activities:
Reliance Financial Services
For the Month Ended July 31, 20Y2
creditors (112,400)
Net cash flows used for operating activities (2,400)$
Cash flows from (used for) investing activities
–
Cash flows from (used for) financing activities:
Cash received from issuing common stock 50,000$
Cash paid for dividends (15,000)
For the Month Ended July 31, 20Y2
Name:
Solution
Section:
ON
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
An asterisk (*) will appear to the right of an incorrect entry.
Reliance Financial Services
Income Statement
Reliance Financial Services
Balance Sheet
July 31, 20Y2
Net increase in cash 32,600$
Cash balance, July 1, 20Y2 –
Cash balance, July 31, 20Y2 32,600$
Problem 1-3B
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
For correct grading, enter a zero in cells you would otherwise leave blank.
1.
Expenses:
Total expenses
Net income
2.
Common
Stock
Retained
Earnings
Total
Balances, August 1, 20Y1
Balances, August 31, 20Y1
Bronco Consulting
Name:
Section:
0%
[Key code here]
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
Statement of Stockholders’ Equity
3.
Assets
Total assets
Liabilities
Stockholders’ Equity
Total stockholders’ equity
Total liabilities and stockholders’ equity
4.
Cash flows from (used for) operating activities:
Cash received from customers
Cash paid for expenses and to
creditors
Net cash flows used for operating activities
Cash flows from (used for) investing activities
Cash flows from (used for) financing activities:
Cash received from issuing common stock
Cash paid for dividends
Net cash flows from financing activities
Net increase in cash
Cash balance, August 1, 20Y1
Cash balance, August 31, 20Y1
Problem 1-3B
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
For correct grading, enter a zero in cells you would otherwise leave blank.
1.
Fees earned 125,000$
Expenses:
Salaries expense 58,000$
Rent expense 27,000
Auto expense 15,500
Supplies expense 6,100
Miscellaneous expense 7,500
Total expenses (114,100)
Net income 10,900$
Net income – 10,900 10,900
Dividends – (5,000) (5,000)
Balances, August 31, 20Y1 75,000$ 5,900$ 80,900$
3.
Assets
Cash 48,000$
Accounts receivable 33,000
Supplies 2,900
Total assets 83,900$
Liabilities
Accounts payable 3,000$
Stockholders’ Equity
Cash flows from (used for) operating activities:
Bronco Consulting
For the Month Ended August 31, 20Y1
creditors (114,000)
Net cash flows used for operating activities (22,000)$
Cash flows from (used for) investing activities
–
Cash flows from (used for) financing activities:
Cash received from issuing common stock 75,000$
Cash paid for dividends (5,000)
For the Month Ended August 31, 20Y1
Name:
Solution
Section:
ON
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
An asterisk (*) will appear to the right of an incorrect entry.
Bronco Consulting
Income Statement
Bronco Consulting
Balance Sheet
August 31, 20Y1
Net increase in cash 48,000$
Cash balance, August 1, 20Y1 –
Cash balance, August 31, 20Y1 48,000$
Score
Key Code:
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In part 2, place
a plus sign or minus sign in the small box beside the amount. Row (A) has been completed as an example.
An asterisk (*) will appear to the right of incorrect entries in outlined answer cells.
Enter a zero where you would otherwise leave an amount cell blank.
1.
=
Liabilities
+
Accounts Accounts Common Retained
Cash + Receivable + Supplies + Land = Payable + Stock Earnings 3. a.
Retained
+ + + = + + Earnings
= + Retained Earnings Dry cleaning revenue
Expenses:
= Retained Earnings
2.
Liabilities
Dry Dry
Accounts Accounts Common Retained Cleaning Cleaning Wages Rent Supplies Truck Utilities Misc. Total expenses
Cash
Receivable
Supplies Land Payable Stock Earnings Dividends + Revenue Expense Expense Expense Expense Expense Expense Expense Net income
Bal. 45,000 93,000 7,000 75,000 40,000 60,000 ###### – – – – – – – – –
a.
+
35,000 – – – –
+
35,000 – – – – – – – – – –
Bal. 80,000 93,000 7,000 75,000 40,000 95,000 ###### – – – – – – – – – b.
b.
Bal.
c. Common Stock Retained Earnings Total
Bal. Retained earnings, July 1, 20Y4
d.
Bal.
e.
Bal. Retained earnings, July 31, 20Y4
f.
Bal.
g.
Bal. c.
h.
Bal.
i.
Bal. Assets
j.
Bal.
k.
Bal.
l. Total assets
Bal.
Liabilities
Stockholders‘ Equity
Total stockholders’ equity
Total liabilities and stockholders’ equity
4.
Cash flows from (used for) operating activities:
Cash flows from (used for) investing activities:
Cash flows from (used for) financing activities:
Net increase in cash
Cash balance, July 1, 20Y4
Cash balance, July 31, 20Y4
Cells with non-gray backgrounds are protected and cannot be edited.
Problem 1-5A
Name:
Section
0%
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Stockholders‘ Equity
Assets
Stockholders‘ Equity
+
D’Lite Dry Cleaners
Income Statement
Assets
=
+
−
=
+
+
+
=
+
+
−
−
−
−
−
−
−
D’Lite Dry Cleaners
Statement of Stockholders‘ Equity
D’Lite Dry Cleaners
Balance Sheet
D’Lite Dry Cleaners
Statement of Cash Flow s
Score
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In part 2, place
a plus sign or minus sign in the small box beside the amount. Row (A) has been completed as an example.
An asterisk (*) will appear to the right of incorrect entries in outlined answer cells.
Enter a zero where you would otherwise leave an amount cell blank.
1.
Liabilities
Accounts Accounts Common Retained
Cash + Receivable + Supplies + Land Payable Stock Earnings 3.
Retained
45,000 + 93,000 + 7,000 + 75,000 = 40,000 + 60,000 Earnings
= 100,000 + Retained Earnings Dry cleaning revenue 116,875$
Expenses:
= Retained Earnings Dry cleaning expense 29,500$
Wages expense 7,500
Rent expense 6,000
Supplies expense 3,600
Truck expense 2,500
2.
Liabilities
Utilities expense 1,300
Dry Dry Miscellaneous expense 2,700
Accounts Accounts Common Retained Cleaning Cleaning Wages Rent Supplies Truck Utilities Misc. Total expenses (53,100)
Cash
Receivable
Supplies Land Payable Stock Earnings Dividends + Revenue Expense Expense Expense Expense Expense Expense Expense Net income 63,775$
Bal. 45,000 93,000 7,000 75,000 40,000 60,000 ###### – – – – – – – – –
a.
+
35,000 – – – –
+
35,000 – – – – – – – – – –
Bal. 80,000 93,000 7,000 75,000 40,000 95,000 ###### – – – – – – – – –
b. – 50,000 – – + 50,000 – – – – – – – – – – – –
Bal. 30,000 93,000 7,000 ###### 40,000 95,000 ###### – – – – – – – – –
c. + 32,125 – – – – – – – + 32,125 – – – – – – – Common Stock Retained Earnings Total
Bal. 62,125 93,000 7,000 ###### 40,000 95,000 ###### – 32,125 – – – – – – – Balances, July 1, 20Y4 60,000$ 120,000$ 180,000$
d. – 6,000 – – – – – – – – – – – 6,000 – – – – Issued common stock 35,000 – 35,000
Bal. 56,125 93,000 7,000 ###### 40,000 95,000 ###### – 32,125 – – (6,000) – – – – Net income – 63,775 63,775
e. – – + 2,500 – + 2,500 – – – – – – – – – – – Dividends – (12,000) (12,000)
Bal. 56,125 93,000 9,500 ###### 42,500 95,000 ###### – 32,125 – – (6,000) – – – – Balances, July 31, 20Y4 95,000$ 171,775$ 266,775$
f. – 22,800 – – – – 22,800 – – – – – – – – – – –
Bal. 33,325 93,000 9,500 ###### 19,700 95,000 ###### – 32,125 – – (6,000) – – – –
g. – + 84,750 – – – – – + 84,750 – – – – – – –
Bal. 33,325 ###### 9,500 ###### 19,700 95,000 ###### – ###### – – (6,000) – – – –
h. – – – – + 29,500 – – – – 29,500 – – – – – –
Bal. 33,325 ###### 9,500 ###### 49,200 95,000 ###### – ###### (29,500) – (6,000) – – – –
i. – 14,000 – – – – – – – – – – 7,500 – – – 2,500 – 1,300 – 2,700
Bal. 19,325 ###### 9,500 ###### 49,200 95,000 ###### – ###### (29,500) (7,500) (6,000) – (2,500) (1,300) (2,700) Assets
j. + 88,000 – 88,000 – – – – – – – – – – – – – – Cash 95,325$
Bal. ###### 89,750 9,500 ###### 49,200 95,000 ###### – ###### (29,500) (7,500) (6,000) – (2,500) (1,300) (2,700) Accounts receivable 89,750
k. – – – 3,600 – – – – – – – – – – 3,600 – – – Supplies 5,900
Bal. ###### 89,750 5,900 ###### 49,200 95,000 ###### – ###### (29,500) (7,500) (6,000) (3,600) (2,500) (1,300) (2,700) Land 125,000
l. – 12,000 – – – – – – – 12,000 – – – – – – – – Total assets 315,975$
Bal. 95,325 89,750 5,900 ###### 49,200 95,000 ###### (12,000) ###### (29,500) (7,500) (6,000) (3,600) (2,500) (1,300) (2,700)
Liabilities
Accounts payable 49,200$
Stockholders‘ Equity
Common stock 95,000$
Retained earnings 171,775
Total stockholders’ equity 266,775
Total liabilities and stockholders’ equity 315,975$
4.
Cash flows from (used for) operating activities:
Cash received from customers 120,125$
p p
creditors (42,800)
Net cash flows from operating activities 77,325$
Cash flows from (used for) investing activities:
Cash paid for the acquisition of land (50,000)
Cash flows from (used for) financing activities:
Cash received from issuing common stock
35,000$
Cash paid for dividends (12,000)
Net cash flows from financing activities 23,000
Net increase in cash 50,325$
Cash balance, July 1, 20Y4 45,000
Cash balance, July 31, 20Y4 95,325$
ON
Problem 1-5A
Name:
Solution
Section
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Assets
=
+
Stockholders‘ Equity
Stockholders‘ Equity
=
+
+
D’Lite Dry Cleaners
Income Statement
+
For the Month Ended July 31, 20Y4
220,000
120,000
Assets
=
+
−
=
+
+
+
=
+
+
−
−
−
−
For the Month Ended July 31, 20Y4
−
−
−
D’Lite Dry Cleaners
Statement of Stockholders‘ Equity
For the Month Ended July 31, 20Y4
D’Lite Dry Cleaners
Balance Sheet
July 31, 20Y4
D’Lite Dry Cleaners
Statement of Cash Flow s
Score
Key Code:
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In part 2, place
a plus sign or minus sign in the small box beside the amount. Row (A) has been completed as an example.
An asterisk (*) will appear to the right of incorrect entries in outlined answer cells.
Enter a zero where you would otherwise leave an amount cell blank.
1.
=
Liabilities
+
Accounts Accounts Common Retained
Cash + Receivable + Supplies + Land = Payable + Stock Earnings 3.
Retained
+ + + = + + Earnings
= + Retained Earnings Dry cleaning revenue
Expenses:
= Retained Earnings
2.
Liabilities
Dry Dry
Accounts Accounts Common Retained Cleaning Cleaning Wages Supplies Rent Truck Utilities Misc. Total expenses
Cash
Receivable
Supplies Land Payable Stock Earnings Dividends + Revenue Expense Expense Expense Expense Expense Expense Expense Net income
Bal. 39,000 80,000 11,000 50,000 31,500 50,000 98,500 – – – – – – – – –
a.
+
21,000 – – – –
+
21,000 – – – – – – – – – –
Bal. 60,000 80,000 11,000 50,000 31,500 71,000 98,500 – – – – – – – – –
b.
Bal.
c. Common Stock Retained Earnings Total
Bal. Balances, November 1, 20Y3
d.
Bal.
e.
Bal. Balances, November 30, 20Y3
f.
Bal.
g.
Bal.
h.
Bal.
i.
Bal. Assets
j.
Bal.
k.
Bal.
l. Total assets
Bal.
Liabilities
Stockholders‘ Equity
Total stockholders’ equity
Total liabilities and stockholders’ equity
4.
Cash flows from (used for) operating activities:
Cash flows from (used for) investing activities:
Cash flows from (used for) financing activities:
Net increase in cash
Cash balance, November 1, 20Y3
Cash balance, November 30, 20Y3
Cells with non-gray backgrounds are protected and cannot be edited.
Problem 1-5B
Name:
Section
0%
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Stockholders‘ Equity
Assets
Stockholders‘ Equity
+
Bev’s Dry Cleaners
Income Statement
Assets
=
+
−
=
+
+
+
=
+
+
−
−
−
−
−
−
−
Bev’s Dry Cleaners
Statement of Stockholders‘ Equity
Bev’s Dry Cleaners
Balance Sheet
Bev’s Dry Cleaners
Statement of Cash Flow s
Score
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In part 2, place
a plus sign or minus sign in the small box beside the amount. Row (A) has been completed as an example.
An asterisk (*) will appear to the right of incorrect entries in outlined answer cells.
Enter a zero where you would otherwise leave an amount cell blank.
1.
Liabilities
Accounts Accounts Common Retained
Cash + Receivable + Supplies + Land Payable Stock Earnings 3.
Retained
39,000 + 80,000 + 11,000 + 50,000 = 31,500 + 50,000 Earnings
= 81,500 + Retained Earnings Dry cleaning revenue 110,000$
Expenses:
= Retained Earnings Dry cleaning expense 29,450$
Wages expense 24,000
Supplies expense 7,200
Rent expense 4,000
Truck expense 2,100
2.
Liabilities
Utilities expense 1,800
Dry Dry Miscellaneous expense 1,300
Accounts Accounts Common Retained Cleaning Cleaning Wages Supplies Rent Truck Utilities Misc. Total expenses (69,850)
Cash
Receivable
Supplies Land Payable Stock Earnings Dividends + Revenue Expense Expense Expense Expense Expense Expense Expense Net income 40,150$
Bal. 39,000 80,000 11,000 50,000 31,500 50,000 98,500 – – – – – – – – –
a.
+
21,000 – – – –
+
21,000 – – – – – – – – – –
Bal. 60,000 80,000 11,000 50,000 31,500 71,000 98,500 – – – – – – – – –
b. – 35,000 – – + 35,000 – – – – – – – – – – – –
Bal. 25,000 80,000 11,000 85,000 31,500 71,000 98,500 – – – – – – – – –
c. – 4,000 – – – – – – – – – – – – 4,000 – – – Common Stock Retained Earnings Total
Bal. 21,000 80,000 11,000 85,000 31,500 71,000 98,500 – – – – – (4,000) – – – Balances, November 1, 20Y3 50,000$ 98,500$ 148,500$
d. – + 72,000 – – – – – – + 72,000 – – – – – – – Issued common stock 21,000 – 21,000
Bal. 21,000 ###### 11,000 85,000 31,500 71,000 98,500 – 72,000 – – – (4,000) – – – Net income – 40,150 40,150
e. – 20,000 – – – – 20,000 – – – – – – – – – – – Dividends – (5,000) (5,000)
Bal. 1,000 ###### 11,000 85,000 11,500 71,000 98,500 – 72,000 – – – (4,000) – – – Balances, November 30, 20Y3 71,000$ 133,650$ 204,650$
f. – – + 8,000 – + 8,000 – – – – – – – – – – –
Bal. 1,000 ###### 19,000 85,000 19,500 71,000 98,500 – 72,000 – – – (4,000) – – –
g. + 38,000 – – – – – – + 38,000 – – – – – – –
Bal. 39,000 ###### 19,000 85,000 19,500 71,000 98,500 – ###### – – – (4,000) – – –
h. + 77,000 – 77,000 – – – – – – – – – – – – –
Bal. ###### 75,000 19,000 85,000 19,500 71,000 98,500 – ###### – – – (4,000) – – –
i. – – – – + 29,450 – – – – – 29,450 – – – – – –
Bal. ###### 75,000 19,000 85,000 48,950 71,000 98,500 – ###### (29,450) – – (4,000) – – – Assets
j. – 29,200 – – – – – – – – – – 24,000 – – – 2,100 – 1,800 – 1,300 Cash 81,800$
Bal. 86,800 75,000 19,000 85,000 48,950 71,000 98,500 – ###### (29,450) (24,000) – (4,000) (2,100) (1,800) (1,300) Accounts receivable 75,000
k. – – – 7,200 – – – – – – – – – 7,200 – – – – Supplies 11,800
Bal. 86,800 75,000 11,800 85,000 48,950 71,000 98,500 – ###### (29,450) (24,000) (7,200) (4,000) (2,100) (1,800) (1,300) Land 85,000
l. – 5,000 – – – – – – – 5,000 – – – – – – – – Total assets 253,600$
Bal. 81,800 75,000 11,800 85,000 48,950 71,000 98,500 (5,000) ###### (29,450) (24,000) (7,200) (4,000) (2,100) (1,800) (1,300)
Liabilities
Accounts payable 48,950$
Stockholders‘ Equity
Common stock 71,000$
Retained earnings 133,650
Total stockholders’ equity 204,650
Total liabilities and stockholders’ equity 253,600$
4.
Cash flows from (used for) operating activities:
Cash received from customers 115,000$
p p
creditors (53,200)
Net cash flows from operating activities 61,800$
Cash flows from (used for) investing activities:
Cash paid for the acquisition of land (35,000)
Cash flows from (used for) financing activities:
Cash received from issuing common stock
21,000$
Cash paid for dividends (5,000)
Net cash flows from financing activities 16,000
Net increase in cash 42,800$
Cash balance, November 1, 20Y3 39,000
Cash balance, November 30, 20Y3 81,800$
ON
Problem 1-5B
Name:
Solution
Section
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Assets
=
+
Stockholders‘ Equity
Stockholders‘ Equity
=
+
+
Bev’s Dry Cleaners
Income Statement
+
For the Month Ended November 30, 20Y3
180,000
98,500
Assets
=
+
−
=
+
+
+
=
+
+
−
−
−
−
For the Month Ended November 30, 20Y3
−
−
−
Bev’s Dry Cleaners
Statement of Stockholders‘ Equity
For the Month Ended November 30, 20Y3
Bev’s Dry Cleaners
Balance Sheet
November 30, 20Y3
Bev’s Dry Cleaners
Statement of Cash Flow s