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Mark Kominksy, capital, April 1, 2016
Mark Kominksy, capital, April 30, 2016
Exercise 1-18
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0%
2
Instructions
UDDER PRODUCTS COMPANY
Statement of Owner's Equity
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Mark Kominksy, capital, April 1, 2016 384,500$
Net income for the month 166,000$
Instructions
ON
For the Month Ended April 30, 2016
UDDER PRODUCTS COMPANY
Statement of Owner's Equity
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Exercise 1-18
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Fees earned
Expenses:
Total expenses
Exercise 1-19
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2
Instructions
DAIRY SERVICES
Income Statement
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Scoring:
Fees earned 783,000$
Expenses:
Wages expense 550,000$
Rent expense 35,000
Exercise 1-19
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Solution
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Instructions
ON
For the Month Ended August 31, 2016
DAIRY SERVICES
Income Statement
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a.
Assets Liabilities
Owner's Equity
Total liabilities and
Total assets owner's equity
Assets Liabilities
Owner's Equity
Total liabilities and
Total assets owner's equity
b.
Owner’s equity, March 31
c.
Owner’s equity, March 31
0%
2
Instructions
Net income
Balance Sheet
EBONY INTERIORS
Balance Sheet
March 31, 2016
Net income
Withdrawals
Increase in owner's equity
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Owner’s equity, February 29
Owner’s equity, February 29
February 29, 2016
EBONY INTERIORS
Exercise 1-21
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a.
Assets Liabilities
Cash 320,000$ Accounts payable 310,000$
Accounts receivable 800,000
Assets Liabilities
Cash 380,000$ Accounts payable 400,000$
Accounts receivable 960,000
b.
Owner’s equity, March 31 975,000$
c.
Owner’s equity, March 31 975,000$
840,000
EBONY INTERIORS
Balance Sheet
February 29, 2016
Balance Sheet
March 31, 2016
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Owner’s equity, February 29
ON
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EBONY INTERIORS
Exercise 1-21
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Solution
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