Accounting Chapter 03 Homework Balances Jan Fees Earned Balances Net

Problem 3-1

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Score: 44%

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= +

Accounts Accum. Accounts Unearned Wages Notes Capital Retained

Cash + Receivable + Prepaid Ins. + Supplies + Building

–Depr. + Land = Payable + Revenue + Payable + Payable + Stock + Earnings

Balances, Jan. 1 20,000 34,500 700 1,000 150,000 11,200 120,000 7,500 – – 30,000 50,000 227,500

Jan. 1 Rec’d rent rev.

Balances

Jan. 1 Paid ins.

Balances

Jan. 30 Paid expenses 1/30 Wages exp.

Balances Utilities exp.

Jan. 30 Paid dividends Rent exp.

2

Instructions

Income

Statement

Balance Sheet

Assets

Liabilities

Stockholders’ Equity

Statement of

Cash Flows

Problem 3-1

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Score:

Scoring:

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= +

Accounts Accum. Accounts Unearned Wages Notes Capital Retained

Cash + Receivable + Prepaid Ins. + Supplies + Building

–Depr. + Land = Payable + Revenue + Payable + Payable + Stock + Earnings

Balances, Jan. 1 20,000 34,500 700 1,000 150,000 11,200 120,000 7,500 – – 30,000 50,000 227,500

Jan. 1 Rec’d rent rev. O 15,000 15,000 – – – – – – – 15,000 – – – –

Balances 35,000 34,500 700 1,000 150,000 11,200 120,000 7,500 15,000 – 30,000 50,000 227,500

Jan. 1 Paid ins. O (4,200) (4,200) – 4,200 – – – – – – – – – –

Balances 30,800 34,500 4,900 1,000 150,000 11,200 120,000 7,500 15,000 – 30,000 50,000 227,500

Jan. 6 Purch. supplies

NA

– – – – 1,800 – – – 1,800 – – – – –

Jan. 30 Paid expenses O (37,700) (37,700) – – – – – – – – – – – (37,700) 1/30 (24,000) Wages exp.

Balances 55,500 69,000 4,900 2,800 150,000 11,200 120,000 6,300 15,000 – 30,000 75,000 264,700 (6,000) Utilities exp.

Jan. 30 Paid dividends F (15,000) (15,000) – – – – – – – – – – – (15,000) (5,000) Rent exp.

Balances 40,500 69,000 4,900 2,800 150,000 11,200 120,000 6,300 15,000 – 30,000 75,000 249,700 (200) Interest exp.

Income Statement

Statement of

Cash Flows

Balance Sheet

Stockholders’ Equity

SOLUTION

ON

See student sheet for student’s score.

Instructions

Liabilities

Assets

NA

Name:

Section:

Score: 38%

*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.

Key Code:

= Liabilities +

Accounts Capital Retained

Cash + Supplies + Prepaid Ins. = Payable + Stock + Earnings

a. Investment

b. Paid insurance

Balances

c. Purchased supplies

Balances

Income

Statement

Stockholders’ Equity

Exercise 3-2

Instructions

2

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Assets

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Statement of

Cash Flows

Balance Sheet

Name:

Section:

Score:

Scoring:

=Liabilities +

Accounts Capital Retained

Cash +Supplies +Prepaid Ins. = Payable + Stock +Earnings

a. Investment F 25,000 25,000 25,000

b. Paid insurance O(4,200) (4,200) 4,200

Balances 20,800 4,200 25,000

c. Purchased supplies

NA

– – 1,200 – 1,200

Exercise 3-2

SOLUTION

Instructions

ON

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Income

Statement

Statement of

Cash Flows

Balance Sheet

Assets

Stockholders’ Equity

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NA

Problem 3-2

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Score: 41%

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= +

Accounts Accum. Accounts Unearned Wages Notes Capital Retained

Cash + Receivable + Prepaid Ins. + Supplies + Building

–Depr. + Land = Payable + Revenue + Payable + Payable + Stock + Earnings

Balances brought forward Inc. b/f adj.

Jan. 31 Insurance exp. Ins. exp. *

Balances

Jan. 31 Supplies exp. Supplies exp. *

Balances

Income

Statement

Balance Sheet

Assets

Liabilities

Stockholders’ Equity

Statement of

Cash Flows

2

Instructions

Problem 3-2

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Section:

Score:

Scoring:

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= +

Accounts Accum. Accounts Unearned Wages Notes Capital Retained

Cash + Receivable + Prepaid Ins. + Supplies + Building

–Depr. + Land = Payable + Revenue + Payable + Payable + Stock + Earnings

Balances brought forward 20,500 40,500 69,000 4,900 2,800 150,000 (11,200) 120,000 6,300 15,000 – 30,000 75,000 249,700 37,200 Inc. b/f adj.

Jan. 31 Insurance exp.

NA

– – – (800) – – – – – – – – – (800) (800) Ins. exp.

Balances 40,500 69,000 4,100 2,800 150,000 (11,200) 120,000 6,300 15,000 – 30,000 75,000 248,900

Income Statement

ON

See student sheet for student’s score.

Instructions

Liabilities

Assets

SOLUTION

Statement of

Cash Flows

Balance Sheet

Stockholders‘ Equity

NA

Name:

Section:

Score: 0%

Key Code:

Revenues:

Expenses:

Exercise 3-3

Instructions

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2

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THE HERBAL SHOPPE

Income Statement

For the Month Ended February 28, 20Y4

THE HERBAL SHOPPE

For the Month Ended February 28, 20Y4

Retained Earnings Statement

Cash

Supplies

Prepaid insurance

Total assets

Total stockholders’ equity

Total liabilities and stockholders’ equity

Cash flows from operating activities:

Assets

February 28, 20Y4

For the Month Ended February 28, 20Y4

Stockholders’ Equity

THE HERBAL SHOPPE

Liabilities

Statement of Cash Flows

Name:

Section:

Score:

Scoring:

Revenues:

36,500$

Expenses:

12,000$

2,000

THE HERBAL SHOPPE

Retained Earnings Statement

For the Month Ended February 28, 20Y4

THE HERBAL SHOPPE

Exercise 3-3

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Instructions

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SOLUTION

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THE HERBAL SHOPPE

Income Statement

For the Month Ended February 28, 20Y4

Fees earned

Wages expense

Rent expense

Utilities expense

Insurance expense

Supplies expense

Miscellaneous expense

Net income

Cash 33,700$

Supplies 900

Cash flows from operating activities:

Cash received from customers 36,500$

Cash paid for expenses (20,300)

Assets

Statement of Cash Flows

For the Month Ended February 28, 20Y4

February 28, 20Y4

Balance Sheet

Name:

Section:

Score: 0%

Key Code:

Revenues:

Operating expenses:

Retained earnings, January 1, 20Y5

Retained Earnings Statement

For the Month Ended January 31, 20Y5

OASIS HEALTH CARE, INC.

Income Statement

Instructions

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Problem 3-3

2

OASIS HEALTH CARE, INC.

For the Month Ended January 31, 20Y5

Retained earnings, January 31, 20Y5

Current assets:

Current liabilities:

Total current liabilities

Long-term liabilities

Assets

OASIS HEALTH CARE, INC.

Liabilities

Balance Sheet

January 31, 20Y5

Total current assets

Total property, plant, and equipment

Name:

Section:

Score:

Scoring:

Revenues:

84,900$

Operating expenses:

25,700$

6,000

Retained earnings, January 1, 20Y5 227,500$

43,500$

ON

For the Month Ended January 31, 20Y5

Net income

Utilities expense

OASIS HEALTH CARE, INC.

Income Statement

For the Month Ended January 31, 20Y5

Fees earned

Wages expense

OASIS HEALTH CARE, INC.

Problem 3-3

SOLUTION

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Instructions

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Retained Earnings Statement

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Miscellaneous expense

Rent revenue

Net income

Rent expense

Insurance expense

Interest expense

Depreciation expense

Supplies expense