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, 2012
(d)
Bal.
(e)
Bal.
(f) Beverly Zahn, capital, November 30, 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:
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
=
Instructions
Statement of Cash Flows
+
–
–
–
BEV’S DRY CLEANERS
=
+
–
–
–
–
Owner’s Equity
Income Statement
Owner’s Equity
=
+
+
+
+
BEV’S DRY CLEANERS
Statement of Owner’s Equity
Liabilities
BEV’S DRY CLEANERS
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,
Rent expense 4,000
Truck expense 2,100
2.
Liabilities
Utilities expense 1,800
Dry Dry Miscellaneous expense 1,300
Accounts Accounts Beverly Zahn, Beverly Zahn, Cleaning Cleaning Wages Rent Supplies Truck Utilities Misc. Total expenses 69,850
Cash
Receivable
Supplies Land Payable Capital Drawing Revenue Expense Expense Expense Expense Expense Expense Expense Net income 40,150$
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) –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, 2014 148,500$
Problem 1-5B
Solution
Name:
Section:
=
+
Assets
=
+
–
Cells with non-gray backgrounds are protected and cannot be edited.
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Assets
+
–
+
=
–
–
–
Owner’s Equity
–
–
–
BEV’S DRY CLEANERS
Statement of Owner’s Equity
For the Month Ended November 30, 2014
+
+
Income Statement