Score: 0%
Key Code:
An asterisk (*) will appear to the right of an incorrect entry.
1.
Expenses:
Total expenses
Net income
2.
Ian Eisele, capital, January 1, 2016
Ian Eisele, capital, December 31, 2016
Income Statement
NORDIC TRAVEL AGENCY
Problem 1-2A
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
NORDIC TRAVEL AGENCY
Statement of Owner’s Equity
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
2
Instructions
Name:
Section:
3.
Assets
Cash
Accounts receivable
Supplies
Land
Total assets
4.
Total liabilities and owner’s equity
NORDIC TRAVEL AGENCY
Balance Sheet
Owner’s Equity
Liabilities
Name:
Section:
Grading: ON
1.
Fees earned 912,500$
Expenses:
Wages expense 510,000$
Rent expense 36,000
2.
Ian Eisele, capital, January 1, 2016 670,000$
Net income for the year 327,500$
3.
Statement of Owner’s Equity
For the Year Ended December 31, 2016
Problem 1-2A
Instructions
Answers are entered in the cells with gray backgrounds.
Solution
NORDIC TRAVEL AGENCY
Income Statement
Cells with non-gray backgrounds are protected and cannot be edited.
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.
For the Year Ended December 31, 2016
NORDIC TRAVEL AGENCY
NORDIC TRAVEL AGENCY
Balance Sheet
December 31, 2016
Assets
Cash 190,500$ 69,500$
Accounts receivable 285,000
Supplies 5,500
Land 544,000
Accounts payable
Owner’s Equity
Liabilities
Ian Eisele, capital
Score: 0%
Key Code:
An asterisk (*) will appear to the right of an incorrect entry.
1.
Expenses:
Total expenses
Net income
2.
Harper Borg, capital, May 1, 2015
Harper Borg, capital, April 30, 2016
[key code here]
Instructions
Problem 1-2B
Name:
Section:
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Statement of Owner’s Equity
Income Statement
WILDERNESS TRAVEL SERVICE
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
WILDERNESS TRAVEL SERVICE
3.
Assets
Cash
Accounts receivable
Supplies
Total assets
4.
Total liabilities and owner’s equity
WILDERNESS TRAVEL SERVICE
Balance Sheet
Owner’s Equity
Liabilities
Score: ON
An asterisk (*) will appear to the right of an incorrect entry.
1.
Fees earned 875,000$
Expenses:
Wages expense 525,000$
Rent expense 75,000
Utilities expense 38,000
2.
Harper Borg, capital, May 1, 2015 180,000$
Net income for the year 200,000$
3.
WILDERNESS TRAVEL SERVICE
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
For the Year Ended April 30, 2016
WILDERNESS TRAVEL SERVICE
Cells with non-gray backgrounds are protected and cannot be edited.
Name:
Section:
Problem 1-2B
Solution
Instructions
Answers are entered in the cells with gray backgrounds.
Statement of Owner’s Equity
For the Year Ended April 30, 2016
WILDERNESS TRAVEL SERVICE
Income Statement
Assets
Cash 146,000$ 25,000$
Accounts receivable 210,000
Balance Sheet
April 30, 2016
Accounts payable
Liabilities
Harper Borg, capital
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.
1.
Expenses:
Total expenses
Net income
2.
Seth Feye, capital, July 1, 2016
Seth Feye, capital, July 31, 2016
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
Income Statement
RELIANCE FINANCIAL SERVICES
Statement of Owner’s Equity
[Key code here]
RELIANCE FINANCIAL SERVICES
0%
Name:
Section:
3.
Assets
Total assets Total liabilities and owner’s equity
4.
Cash flows from operating activities:
Cash received from customers
Cash payments for expenses and
payments to creditors
Net cash flows used for operating activities
Cash flows from investing activities
Cash flows from financing activities:
Cash received as owner’s investment
Cash withdrawal by owner
Net cash flows from financing activities
Net increase in cash and July 31, 2016, cash balance
Owner’s Equity
RELIANCE FINANCIAL SERVICES
Balance Sheet
RELIANCE FINANCIAL SERVICES
Statement of Cash Flows
Liabilities
Problem 1-3A
Grading:
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
1.
Fees earned 144,500$
Expenses:
Salaries expense 55,000$
Rent expense 33,000
2.
Seth Feye, capital, July 1, 2016 –$
Investment on July 1 50,000$
3.
An asterisk (*) will appear to the right of an incorrect entry.
RELIANCE FINANCIAL SERVICES
RELIANCE FINANCIAL SERVICES
Income Statement
For the Month Ended July 31, 2016
For the Month Ended July 31, 2016
Statement of Owner’s Equity
RELIANCE FINANCIAL SERVICES
Name:
Section:
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
ON
Solution
Assets
Cash 32,600$ 3,400$
Accounts receivable 34,500
4.
Cash flows from operating activities:
Cash received from customers 110,000$
Cash payments for expenses and
payments to creditors (112,400)
Statement of Cash Flows
Balance Sheet
July 31, 2016
For the Month Ended July 31, 2016
Owner’s Equity
Accounts payable
Liabilities
RELIANCE FINANCIAL SERVICES
Seth Feye capital
Problem 1-3B
Score: 0%
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.
1.
Expenses:
Total expenses
Net income
2.
Jose Loder, capital, August 1, 2016
Jose Loder, capital, August 31, 2016
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
Income Statement
BRONCO CONSULTING
Statement of Owner’s Equity
[Key code here]
BRONCO CONSULTING
Name:
Section:
3.
Assets
Total assets Total liabilities and owner’s equity
4.
Cash flows from operating activities:
Cash received from customers
Cash payments for expenses and
payments to creditors
Net cash flows used for operating activities
Cash flows from investing activities
Cash flows from financing activities:
Cash received as owner’s investment
Cash withdrawals
Net cash flows from financing activities
Net increase in cash and August 31, 2016, cash balance
Owner’s Equity
BRONCO CONSULTING
Balance Sheet
BRONCO CONSULTING
Statement of Cash Flows
Liabilities
Problem 1-3B
Scoring:
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
1.
Fees earned 125,000$
Expenses:
Salaries expense 58,000$
Rent expense 27,000
2.
Jose Loder, capital, August 1, 2016 –$
Investment on August 1, 2016 75,000$
3.
BRONCO CONSULTING
Income Statement
An asterisk (*) will appear to the right of an incorrect entry.
For the Month Ended August 31, 2016
For the Month Ended August 31, 2016
Statement of Owner’s Equity
BRONCO CONSULTING
BRONCO CONSULTING
Name:
Section:
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
Solution
Assets
Cash 38,000$ 3,000$
Accounts receivable 33,000
4.
Cash flows from operating activities:
Cash received from customers 92,000$
Cash payments for expenses and
payments to creditors (114,000)
BRONCO CONSULTING
Statement of Cash Flows
Balance Sheet
August 31, 2016
For the Month Ended August 31, 2016
Owner’s Equity
Accounts payable
Liabilities
Jose Loder, capital
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. For correct grading,
enter a zero where you would otherwise leave an amount cell blank.
1. Owner’s
=Liabilities +Equity
Accounts Accounts Joel Palk,
Cash + Receivable + Supplies + Land = Payable + Capital 3. a.
Joel Palk,
+ + + = Capital
Joel Palk,
= Capital Dry cleaning revenue
Expenses:
= Joel Palk, Capital
2. Liabilities
Dry Dry
Accounts Accounts Joel Palk, Joel Palk, Cleaning Cleaning Wages Rent Supplies Truck Utilities Misc. Total expenses
Cash
Receivable
Supplies Land Payable Capital Drawing Revenue Expense Expense Expense Expense Expense Expense Expense Net income
Bal. 45,000 93,000 7,000 75,000 40,000 180,000 – – – – – – – – –
(a)
+
35,000 – – – –
+
35,000 – – – – – – – – –
Bal. 80,000 93,000 7,000 75,000 40,000 215,000 – – – – – – – – – b.
(b)
Bal.
c)
Bal. Joel Palk, capital, March 1, 2012
(d)
Bal.
(e)
Bal.
(f) Joel Palk, capital, March 31, 2012
Bal.
(g)
Bal. c.
(h)
Bal.
(i)
Bal. Assets
(j)
Bal.
(k)
Bal. Total liabilities and
(l) Total assets owner’s equity
Bal.
4.
Cash flows from operating activities:
Cash flows from investing activities:
Cash flows from financing activities:
Increase in cash
Cash balance, July 1, 2016
Cash balance, July 31, 2016
=
+
+
–
–
–
–
Income Statement
Owner’s Equity
=
+
Owner’s Equity
Statement of Cash Flows
D’LITE DRY CLEANERS
D’LITE DRY CLEANERS
Statement of Owner’s Equity
Liabilities
D’LITE DRY CLEANERS
Balance Sheet
2
Assets
=
–
–
–
–
Instructions
+
+
+
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
D’LITE DRY CLEANERS
Problem 1-5A
0%
Assets
Name:
Section:
Scoring:
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. For correct grading, enter a “0” where you would otherwise leave an amount cell blank.
An asterisk (*) will appear to the right of incorrect entries in outlined answer cells.
1. Owner’s
=Liabilities +Equity
Accounts Accounts Joel Palk,
Cash + Receivable + Supplies + Land = Payable + Capital 3. a.
Joel Palk,
45,000 + 93,000 + 7,000 + 75,000 = 40,000 + Capital
Joel Palk,
= 40,000 + Capital Dry cleaning revenue 116,875$
Expenses:
= Joel Palk, Capital Dry cleaning expense 29,500$
Wages expense 7,500
Rent expense 6,000
(a)
+
35,000 – – – –
+
Joel Palk, capital
D’LITE DRY CLEANERS
Statement of Cash Flows
For the Month Ended July 31, 2016
35,000 – – – – – – – – –
Bal. 80,000 93,000 7,000 75,000 40,000 215,000 – – – – – – – – – b.
(b) – 50,000 – – + 50,000 – – – – – – – – – – –
Bal. 30,000 93,000 7,000 125,000 40,000 215,000 – – – – – – – – –
c) + 32,125 – – – – – – + 32,125 – – – – – – –
Bal. 62,125 93,000 7,000 125,000 40,000 215,000 – 32,125 – – – – – – – Joel Palk, capital, July 1, 2016 180,000$
(d) – 6,000 – – – – – – – – – – 6,000 – – – – Additional investments during July 35,000$
Bal. 56,125 93,000 7,000 125,000 40,000 215,000 – 32,125 – – (6,000) – – – – Net income for July 63,775 98,775$
(e) – – + 2,500 – + 2,500 – – – – – – – – – – Less withdrawals 12,000
Bal. 56,125 93,000 9,500 125,000 42,500 215,000 – 32,125 – – (6,000) – – – – Increase in owner’s equity 86,775
(f) – 22,800 – – – – 22,800 – – – – – – – – – – Joel Palk, capital, July 31, 2016 266,775$
Bal. 33,325 93,000 9,500 125,000 19,700 215,000 – 32,125 – – (6,000) – – – –
(g) – + 84,750 – – – – – + 84,750 – – – – – – –
Bal. 33,325 177,750 9,500 125,000 19,700 215,000 – 116,875 – – (6,000) – – – – c.
(h) – – – – + 29,500 – – – – 29,500 – – – – – –
Bal. 33,325 177,750 9,500 125,000 49,200 215,000 – 116,875 (29,500) – (6,000) – – – –
(i) – 14,000 – – – – – – – – –7,500 – – –2,500 – 1,300 – 2,700
Bal. 19,325 177,750 9,500 125,000 49,200 215,000 – 116,875 (29,500) (7,500) (6,000) – (2,500) (1,300) (2,700) Assets
(j) + 88,000 – 88,000 – – – – – – – – – – – – Cash 95,325$ 49,200$
D’LITE DRY CLEANERS
Statement of Owner’s Equity
For the Month Ended July 31, 2016
D’LITE DRY CLEANERS
Balance Sheet
Income Statement
For the Month Ended July 31, 2016
July 31, 2016
Liabilities
Accounts payable
Name:
Section:
D’LITE DRY CLEANERS
Assets
Cells with non-gray backgrounds are protected and cannot be edited.
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Problem 1-5A
Solution
220,000
180,000
Assets
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. For correct grading,
enter a zero where you would otherwise leave an amount cell blank.
1. Owner’s
=Liabilities +Equity
Accounts Accounts Beverly Zahn,
Cash + Receivable + Supplies + Land = Payable + Capital 3. a.
Beverly Zahn,
+ + + = Capital
Beverly Zahn,
= Capital Dry cleaning revenue
Expenses:
= Beverly Zahn, Capital
2. Liabilities
Dry Dry
Accounts Accounts Beverly Zahn, Beverly Zahn, Cleaning Cleaning Wages Rent Supplies Truck Utilities Misc. Total expenses
Cash
Receivable
Supplies Land Payable Capital Drawing Revenue Expense Expense Expense Expense Expense Expense Expense Net income
Bal. 39,000 80,000 11,000 50,000 31,500 148,500 – – – – – – – – –
(a)
+
21,000 – – – –
+
21,000 – – – – – – – – –
Bal. 60,000 80,000 11,000 50,000 31,500 169,500 – – – – – – – – – b.
(b)
Bal.
c)
Bal. Beverly Zahn, capital, November 1, 2016
(d)
Bal.
(e)
Bal.
(f) Beverly Zahn, capital, November 30, 2016
Bal.
(g)
Bal. c.
(h)
Bal.
(i)
Bal. Assets
(j)
Bal.
(k)
Bal. Total liabilities and
(l) Total assets owner’s equity
Bal.
4.
Cash flows from operating activities:
Cash flows from investing activities:
Cash flows from financing activities:
Increase in cash
Cash balance, November 1, 2016
Cash balance, November 30, 2016
Problem 1-5B
0%
Assets
Name:
Section:
Instructions
+
+
+
BEV’S DRY CLEANERS
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
2
Assets
=
BEV’S DRY CLEANERS
BEV’S DRY CLEANERS
Statement of Owner’s Equity
Liabilities
BEV’S DRY CLEANERS
–
–
–
–
Owner’s Equity
Statement of Cash Flows
Income Statement
Owner’s Equity
=
+
Balance Sheet
=
+
+
–
–
–
–
Scoring:
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. For correct grading, enter a “0” where you would otherwise leave an amount cell blank.
An asterisk (*) will appear to the right of incorrect entries in outlined answer cells.
1. Owner’s
=Liabilities +Equity
Accounts Accounts Beverly Zahn,
Cash + Receivable + Supplies + Land = Payable + Capital 3. a.
Beverly Zahn,
39,000 + 80,000 + 11,000 + 50,000 = 31,500 + Capital
Beverly Zahn,
= 31,500 + Capital Dry cleaning revenue 110,000$
Expenses:
= Beverly Zahn, Capital Dry cleaning expense 29,450$
(a)
+
21,000 – – – –
+
For the Month Ended November 30, 2016
Beverly Zahn, capital
BEV’S DRY CLEANERS
Statement of Cash Flows
21,000 – – – – – – – – –
Bal. 60,000 80,000 11,000 50,000 31,500 169,500 – – – – – – – – – b.
(b) –35,000 – – + 35,000 – – – – – – – – – – –
Bal. 25,000 80,000 11,000 85,000 31,500 169,500 – – – – – – – – –
c) –4,000 – – – – – – – – – –4,000 – – – –
Bal. 21,000 80,000 11,000 85,000 31,500 169,500 – – – – (4,000) – – – – Beverly Zahn, capital, November 1, 2016 148,500$
(d) –– + 72,000 – – – – – + 72,000 – – – – – – – Net income for November 40,150$
Bal. 21,000 152,000 11,000 85,000 31,500 169,500 – 72,000 – – (4,000) – – – – Additional investments during November 21,000 61,150$
(e) 20,000 – – – –20,000 – – – – – – – – – – Less withdrawals 5,000
Bal. 1,000 152,000 11,000 85,000 11,500 169,500 – 72,000 – – (4,000) – – – – Increase in owner’s equity 56,150
(f) – – + 8,000 – + 8,000 – – – – – – – – – Beverly Zahn, capital, November 30, 2016 204,650$
Bal. 1,000 152,000 19,000 85,000 19,500 169,500 – 72,000 – – (4,000) – – – –
(g) + 38,000 – – – – – + 38,000 – – – – – – –
Bal. 39,000 152,000 19,000 85,000 19,500 169,500 – 110,000 – – (4,000) – – – – c.
(h) + 77,000 –77,000 – – – – – – – – – – – –
Bal. 116,000 75,000 19,000 85,000 19,500 169,500 – 110,000 – – (4,000) – – – –
(i) – – – – + 29,450 – – – –29,450 – – – – – –
Bal. 116,000 75,000 19,000 85,000 48,950 169,500 – 110,000 (29,450) – (4,000) – – – – Assets
(j) –29,200 – – – – – – – – 24,000 – – –2,100 –1,800 –1,300 Cash 81,800$ 48,950$
Instructions
Answers are entered in the cells with gray backgrounds.
Problem 1-5B
Solution
180,000
148,500
BEV’S DRY CLEANERS
Income Statement
For the Month Ended November 30, 2016
Name:
Section:
Assets
Cells with non-gray backgrounds are protected and cannot be edited.
ON
November 30, 2016
Liabilities
Accounts payable
BEV’S DRY CLEANERS
Balance Sheet
BEV’S DRY CLEANERS
Statement of Owner’s Equity
For the Month Ended November 30, 2016
Assets