Name:
Section:
Score: 32%
*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.
Key Code:
1.
= Liabilities +
Notes Capital Retained
Cash + Land = Payable + Stock + Earnings
a. Investment
b. Issued note payable
Balances
c. Fees earned c.
Balances
d. Rent expense d.
Balances
2.
3.
JORDAN INSURANCE, INC.
For the Month Ended March 31, 20Y5
Revenues:
Expenses:
4.
JORDAN INSURANCE, INC.
JORDAN INSURANCE, INC.
Income Statement
For the Month Ended March 31, 20Y5
Balance Sheet
Income
Statement
Assets
Stockholders’ Equity
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Problem 2-1
Instructions
Answers are entered in the cells with gray backgrounds.
2
Statement of
Cash Flows
Total assets
5.
Cash receipts from operating activities
Cash payments for operating activities
Net cash flows from operating activities
Net cash flows from financing activities
Cash flows used for investing activities:
For the Month Ended March 31, 20Y5
Cash flows from operating activities:
JORDAN INSURANCE, INC.
Statement of Cash Flows
Total stockholders’ equity
Name:
Section:
Score:
Scoring:
1.
=Liabilities +
Notes Capital Retained
Cash + Land = Payable + Stock + Earnings
a. Investment F 50,000 50,000 50,000
b. Issued note payable F 25,000 25,000 25,000
Balances 75,000 25,000 50,000
c. Fees earned O 28,000 28,000 28,000 c. 28,000
Balances 103,000 25,000 50,000 28,000
d. Rent expense O (3,000) (3,000) (3,000) d. (3,000)
2.
3.
Interest expense
Miscellaneous expense
Net income
Rent expense
Automotive expense
Revenues:
28,000$
Expenses:
4,200$
18,000$
4,000
Retained earnings, March 31, 20Y5 14,000$
4.
For the Month Ended March 31, 20Y5
Problem 2-1
SOLUTION
Instructions
ON
March 31, 20Y5
Fees earned
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Retained Earnings Statement
Income
Statement
JORDAN INSURANCE, INC.
Income Statement
For the Month Ended March 31, 20Y5
Statement of
Cash Flows
Balance Sheet
Assets
Stockholders’ Equity
Stockholders’ rights to business assets are increased by investments and revenues, and decreased by dividends and expenses.
JORDAN INSURANCE, INC.
See student sheet for student’s score.
Salaries expense
Net income
Less dividends
Balances 100,000 25,000 50,000 25,000
e. Paid expenses O (2,700) (2,700) (2,700) e. (1,800)
Balances 97,300 25,000 50,000 22,300 (900)
f. Paid salary expense O (4,200) (4,200) (4,200) f. (4,200)
Balances 93,100 25,000 50,000 18,100
g. Paid interest expense O (100) (100) (100) g. (100)
Balances 93,000 25,000 50,000 18,000
h. Purchased land I (55,000) (55,000) 55,000
Balances 38,000 55,000 25,000 50,000 18,000
i. Paid dividends F (4,000) (4,000) (4,000)
34,000$
55,000
Total assets 89,000$
5.
Cash receipts from operating activities
28,000$
Cash payments for operating activities
(10,000)
Net cash flows from operating activities
Net cash flows from financing activities
18,000$
For the Month Ended March 31, 20Y5
JORDAN INSURANCE, INC.
Cash
Land
Cash flows from operating activities:
Statement of Cash Flows
Assets
Total stockholders’ equity
Retained earnings
Notes payable
Capital stock
Name:
Section:
Score: 0%
Key Code:
1.
Revenues:
Expenses:
2.
3.
Income Statement
For the Month Ended August 31, 20Y4
2
Balance Sheet
August 31, 20Y4
UP-DATE COMPUTER SERVICES
Answers are entered in the cells with gray backgrounds.
Assets
Retained Earnings Statement
UP-DATE COMPUTER SERVICES
Problem 2-2
Instructions
UP-DATE COMPUTER SERVICES
For the Month Ended August 31, 20Y4
4.
Cash receipts from operating activities
Cash payments for operating activities
Net cash flows from operating activities
Cash flows used for investing activities:
Cash flows from financing activities:
Stockholders’ Equity
UP-DATE COMPUTER SERVICES
Statement of Cash Flows
For the Month Ended August 31, 20Y4
Cash flows from operating activities:
Liabilities
Name:
Section:
Score:
Scoring:
1.
Revenues:
27,000$
Expenses:
2.
18,000$
3,000
Retained earnings, August 31, 20Y4 15,000$
3.
Problem 2-2
SOLUTION
Instructions
Balance Sheet
August 31, 20Y4
ON
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UP-DATE COMPUTER SERVICES
Income Statement
See student sheet for student’s score.
Less dividends
Fees earned
For the Month Ended August 31, 20Y4
UP-DATE COMPUTER SERVICES
Retained Earnings Statement
For the Month Ended August 31, 20Y4
UP-DATE COMPUTER SERVICES
Net income
Net income
Salaries expense
Rent expense
Automotive expense
Miscellaneous expense
10,000$
4.
Cash receipts from operating activities 27,000$
Cash payments for operating activities (9,000)
Net cash flows from operating activities
18,000$
Cash flows used for investing activities:
UP-DATE COMPUTER SERVICES
Statement of Cash Flows
Notes payable
Liabilities
Stockholders’ Equity
For the Month Ended August 31, 20Y4
Cash flows from operating activities:
Capital stock
Retained earnings
Name:
Section:
Score: 0%
Key Code:
1.
Revenues:
Expenses:
2.
Retained earnings, May 31, 20Y7
3.
HARGROVE SERVICES, INC.
HARGROVE SERVICES, INC.
Income Statement
For the Year Ended May 31, 20Y7
Problem 2-3
Instructions
Answers are entered in the cells with gray backgrounds.
Balance Sheet
2
HARGROVE SERVICES, INC.
For the Year Ended May 31, 20Y7
Retained Earnings Statement
Total stockholders’ equity
Total liabilities and stockholders’ equity
4.
Cash flows from operating activities:
Cash receipts from operating activities
Statement of Cash Flows
For the Year Ended May 31, 20Y7
Stockholders’ Equity
HARGROVE SERVICES, INC.
Cash payments for operating activities
Name:
Section:
Score:
Scoring:
1.
Revenues:
300,000$
Expenses:
87,000$
40,000
2.
113,000$
13,000
Retained earnings, May 31, 20Y7 100,000$
3.
Cash
HARGROVE SERVICES, INC.
Retained Earnings Statement
For the Year Ended May 31, 20Y7
Net income
HARGROVE SERVICES, INC.
Less dividends
Problem 2-3
See student sheet for student’s score
Instructions
Answers are entered in the cells with gray backgrounds.
SOLUTION
ON
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Cells with non-gray backgrounds are protected and cannot be edited.
HARGROVE SERVICES, INC.
May 31, 20Y7
Balance Sheet
Income Statement
For the Year Ended May 31, 20Y7
Fees earned
Salaries expense
Utilities expense
Rent expense
Taxes expense
Interest expense
Miscellaneous expense
Net income
4.
Cash flows from operating activities:
Cash receipts from operating activities
300,000$
Cash payments for operating activities
Cash payment for land
Net cash flows from financing activities
Cash payments for dividends
Cash receipts from issuing capital stock
Cash receipts from notes payable
(187,000)
113,000$
Net cash flows from operating activities
HARGROVE SERVICES, INC.
For the Year Ended May 31, 20Y7
Statement of Cash Flows
Name:
Section:
Score: 0%
Key Code:
1.
Revenues:
Expenses:
2.
Retained earnings, June 1, 20Y7
3.
For the Year Ended May 31, 20Y8
Retained Earnings Statement
May 31, 20Y8
HARGROVE SERVICES, INC.
Balance Sheet
HARGROVE SERVICES, INC.
Problem 2-4
2
Instructions
Answers are entered in the cells with gray backgrounds.
HARGROVE SERVICES, INC.
Income Statement
For the Year Ended May 31, 20Y8
Total stockholders’ equity
Total liabilities and stockholders’ equity
4.
Statement of Cash Flows
For the Year Ended May 31, 20Y8
Stockholders’ Equity
HARGROVE SERVICES, INC.
Liabilities
Name:
Section:
Score:
Scoring:
1.
Revenues:
515,000$
Expenses:
155,000$
2.
Less dividends
Retained earnings, June 1, 20Y7 100,000$
230,000$
3.
145,000$
240,000
HARGROVE SERVICES, INC.
May 31, 20Y8
Balance Sheet
Income Statement
For the Year Ended May 31, 20Y8
Fees earned
Salaries expense
HARGROVE SERVICES, INC.
Net income
Problem 2-4
See student sheet for student’s score
Instructions
Answers are entered in the cells with gray backgrounds.
SOLUTION
ON
HARGROVE SERVICES, INC.
Assets
Retained Earnings Statement
For the Year Ended May 31, 20Y8
Cash
Land
Utilities expense
Rent expense
Taxes expense
Interest expense
Miscellaneous expense
Net income
4.
Cash flows from operating activities:
Cash receipts from operating activities
515,000$
Cash payments for operating activities
Cash receipts from notes payable
Cash payments for dividends
Cash payment for land
Net cash flows from financing activities
(285,000)
230,000$
Statement of Cash Flows
Net cash flows from operating activities
HARGROVE SERVICES, INC.
For the Year Ended May 31, 20Y8