Name:
Section:
Score: 0%
Key Code:
1.
Fees earned (a)
Operating expenses:
Wages expense
33,120$
2.
Retained earnings, December 1, 20Y4 (d)
Net income for December 57,500$
3.
Cash (h)
Land 175,000
Total assets 225,500$
Balance Sheet
Assets
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NETWORK REALTY, INC.
Income Statement
December 31, 20Y4
For the Month Ended December 31, 20Y4
NETWORK REALTY, INC.
Retained Earnings Statement
For the Month Ended December 31, 20Y4
NETWORK REALTY, INC.
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Problem 2-5
Instructions
2
Utilities expense
Interest expense
4.
Cash flows from operating activities:
125,000$
(67,500)
(m)
NETWORK REALTY, INC.
Statement of Cash Flows
Deduct cash payments for expenses
Net cash flows from operating activities
For the Month Ended December 31, 20Y4
Cash received from customers
Name:
Section:
Score:
Scoring:
1.
2.
Retained earnings, December 1, 20Y4 (d) –$
Net income for December 57,500$
Less dividends (e) 12,000 (f) 45,500
Retained earnings, December 31, 20Y4
(g) 45,500$
3.
Problem 2-5
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Instructions
SOLUTION
ON
See student sheet for student’s score
NETWORK REALTY, INC.
Income Statement
For the Month Ended December 31, 20Y4
NETWORK REALTY, INC.
Retained Earnings Statement
For the Month Ended December 31, 20Y4
NETWORK REALTY, INC.
Balance Sheet
December 31, 20Y4
Capital stock (i) $75,000
Retained earnings (j) 45,500 (k) 120,500
Total liabilities and stockholders’ equity (l) 225,500$
4.
NETWORK REALTY, INC.
Statement of Cash Flows
Stockholders’ Equity
For the Month Ended December 31, 20Y4
Name:
Section:
Score: 0%
Key Code:
Cash
Land
Total assets
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Balance Sheet
November 30, 20Y6
Assets
Exercise 2-16
Instructions
2
ABBY’S INTERIORS
Assets
ABBY’S INTERIORS
Balance Sheet
b.
Retained earnings, November 30, 20Y6
Retained earnings, October 31, 20Y6
Net income
Name:
Section:
Score:
Scoring: ON
a.
Cash 50,000$
Land 500,000
Total assets 550,000$
Notes payable 200,000$
Notes payable 250,000$
Capital stock 90,000$
Retained earnings 410,000 500,000
Total liabilities and stockholders’ equity 750,000$
ABBY’S INTERIORS
Balance Sheet
October 31, 20Y6
Assets
Liabilities
Stockholders’ Equity
Liabilities
Stockholders’ Equity
Exercise 2-16
SOLUTION
See student sheet for student’s score
Instructions
ABBY’S INTERIORS
Balance Sheet
Assets
b.
Retained earnings, November 30, 20Y6 410,000$
Retained earnings, October 31, 20Y6 275,000
135,000$
12,000
Net income 147,000$
Increase in retained earnings
Add dividends
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Key Code:
Revenues:
Expenses:
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2
0%
BENJAMIN REALTY, INC.
Income Statement
For the Month Ended April 30, 20Y9
Exercise 2-17
Instructions
Name:
Section:
Score:
Scoring:
Revenues:
145,000$
Expenses:
75,000$
15,000
Sales commissions
Salaries expense
Utilities expense
ON
Exercise 2-17
SOLUTION
See student sheet for student’s score
For the Month Ended April 30, 20Y9
BENJAMIN REALTY, INC.
Income Statement
Instructions
Interest expense
Miscellaneous expense
Net income
Rent expense
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Section:
Score: 0%
Key Code:
2
Exercise 2-18
Instructions
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Scoring:
Instructions
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Exercise 2-18
SOLUTION
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ON
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Key Code:
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BENJAMIN REALTY INC.
Balance Sheet
Exercise 2-19
Instructions
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2
April 30, 20Y9
Name:
Section:
Score:
Scoring: ON
BENJAMIN REALTY INC.
Balance Sheet
April 30, 20Y9
Instructions
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Exercise 2-19
SOLUTION
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Retained earnings
Cash
Notes payable
Capital stock
Name:
Section:
Score: 0%
Key Code:
Cash flows from operating activities:
Net cash flows from operating activities
For the Month Ended April 30, 20Y9
Exercise 2-20
BENJAMIN REALTY INC.
2
Statement of Cash Flows
Instructions
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Section:
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Cash flows from operating activities:
145,000$
(100,000)
Net cash flows from operating activities
45,000$
Cash flows from investing activities:
(42,000)
Cash payments for operating activities
BENJAMIN REALTY INC.
ON
Statement of Cash Flows
For the Month Ended April 30, 20Y9
Instructions
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Cash payment for land
Exercise 2-20
SOLUTION
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Cash receipts from operating activities
Cash receipts from notes payable
Cash payments for dividends
Net cash flows from financing activities
Cash receipts from issuing capital stock