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Problem 1-2B
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
1.
Fees earned 875,000$
Expenses:
Wages expense 525,000$
Rent expense 75,000
3.
WILDERNESS TRAVEL SERVICE
Income Statement
For the Year Ended April 30, 2016
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.
WILDERNESS TRAVEL SERVICE
Solution
ON
Name:
Section:
Assets
Liabilities
Balance Sheet
April 30, 2016
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.
Retained earnings, July 1, 2016
Retained earnings, July 31, 2016
Retained Earnings Statement
Name:
Section:
[Key code here]
RELIANCE FINANCIAL SERVICES
0%
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
Income Statement
RELIANCE FINANCIAL SERVICES
3.
Assets
Cash
Accounts receivable
Supplies
Total stockholders' equity
Total assets Total liabilities and stockholders' equity
4.
Cash flows from operating activities:
Cash received from customers
Cash payments for expenses and
payments to creditors
Net cash flow used for operating activities
Cash flows from investing activities
Cash flows from financing activities:
Cash received from issuing common stock
Cash dividends
Net cash flow used from financing activities
Net increase in cash and July 31, 2016, cash balance
Stockholders' Equity
RELIANCE FINANCIAL SERVICES
Balance Sheet
RELIANCE FINANCIAL SERVICES
Statement of Cash Flows
Liabilities
Problem 1-3A
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$
3.
RELIANCE FINANCIAL SERVICES
Income Statement
Name:
Section:
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.
Solution
RELIANCE FINANCIAL SERVICES
Balance Sheet
ON
For the Month Ended July 31, 2016
Assets
Cash 32,600$ 3,400$
Accounts receivable 34,500
Supplies 2,500 50,000$
Accounts payable
Liabilities
July 31, 2016
Common stock
Stockholders' Equity
Problem 1-3B
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.
Retained earnings, August 1, 2016
Retained earnings, August 31, 2016
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
Income Statement
BRONCO CONSULTING
Retained Earnings Statement
Name:
Section:
0%
[Key code here]
BRONCO CONSULTING
3.
Assets
Total stockholders' equity
Total assets Total liabilities and stockholders' equity
4.
Cash flows from operating activities:
Cash received from customers
Cash payments for expenses and
payments to creditors
Net cash flow used for operating activities
Cash flows from investing activities
Cash flows from financing activities:
Cash received from issuing common stock
Cash dividends
Net cash flow used from financing activities
Net increase in cash and August 31, 2016, cash balance
Statement of Cash Flows
Liabilities
BRONCO CONSULTING
Stockholders' Equity
BRONCO CONSULTING
Balance Sheet
Problem 1-3B
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
3.
ON
Balance Sheet
BRONCO CONSULTING
Income Statement
An asterisk (*) will appear to the right of an incorrect entry.
For the Month Ended August 31, 2016
BRONCO CONSULTING
Name:
Section:
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
Solution
Assets
Cash 48,000$ 3,000$
Accounts receivable 33,000
Supplies 2,900 75,000$
4.
Cash flows from operating activities:
Cash received from customers 92,000$
BRONCO CONSULTING
Statement of Cash Flows
August 31, 2016
For the Month Ended August 31, 2016
Common stock
Stockholders' Equity
Accounts payable
Liabilities
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.
Enter a zero where you would otherwise leave an amount cell blank.
1.
=Liabilities +
Accounts Accounts Common Retained
Cash +
Receivable
+ Supplies + Land = Payable + Stock Earnings 3. a.
Retained
+ + + = + + Earnings
= + Retained Earnings Dry cleaning sales
Expenses:
= Retained Earnings
2. Liabilities
Dry Dry
Accounts Accounts Common Retained Cleaning Cleaning Wages Rent Supplies Truck Utilities Misc. Total expenses
Cash
Receivable
Supplies Land Payable Stock Earnings Dividends Revenue Expense Expense Expense Expense Expense Expense Expense Net income
Bal. 45,000 93,000 7,000 75,000 40,000 60,000 120,000 - - - - - - - - -
a. + 35,000 - - - -
+
35,000 - - - - - - - - - -
Bal. 80,000 93,000 7,000 75,000 40,000 95,000 120,000 - - - - - - - - - b.
b.
Bal.
c.
Bal. Retained earnings, July 1, 2016
d.
Bal.
e.
Bal. Retained earnings, July 31, 2016
f.
Bal.
g.
Bal. c.
h.
Bal.
i.
Bal. Assets
j.
Bal.
k.
Bal.
l. Total stockholders' equity
Bal. Total assets Total liabilities and stockholders' equity
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
Section:
Instructions
+
=
=
Problem 1-5A
0%
Assets
Name:
−
−
−
−
+
Statement of Cash Flows
Retained Earnings Statement
D'LITE DRY CLEANERS
Balance Sheet
D'LITE DRY CLEANERS
−
−
−
−
D'LITE DRY CLEANERS
Liabilities
Stockholders' Equity
Cells with non-gray backgrounds are protected and cannot be edited.
[Key code here]
Stockholders' Equity
+
+
Assets
=
+
+
D'LITE DRY CLEANERS
Income Statement
Stockholders' Equity
+
+
Answers are entered in the cells with gray backgrounds.
Score:
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.
Enter a zero where you would otherwise leave an amount cell blank.
1.
Liabilities
Accounts Accounts Common Retained
Cash +
Receivable
+ Supplies + Land Payable Stock Earnings 3. a.
Supplies expense 3,600
Truck expense 2,500
2. Liabilities Utilities expense 1,300
Dry Dry Miscellaneous expense 2,700
Accounts Accounts Common Retained Cleaning Cleaning Wages Rent Supplies Truck Utilities Misc. Total expenses 53,100
Cash
Receivable
Supplies Land Payable Stock Earnings Dividends Revenue Expense Expense Expense Expense Expense Expense Expense Net income 63,775$
Bal. 45,000 93,000 7,000 75,000 40,000 60,000 120,000 - - - - - - - - -
a. + 35,000 - - - -
+
35,000 - - - - - - - - - -
Bal. 80,000 93,000 7,000 75,000 40,000 95,000 120,000 - - - - - - - - - b.
b. - 50,000 - - + 50,000 - - - - - - - - - - - -
Bal. 30,000 93,000 7,000 125,000 40,000 95,000 120,000 - - - - - - - - -
c. + 32,125 - - - - - - - 32,125 - - - - - - -
Bal. 62,125 93,000 7,000 125,000 40,000 95,000 120,000 - 32,125 - - - - - - - Retained earnings, July 1, 2016 120,000$
d. - 6,000 - - - - - - - - - - - 6,000 - - - - Net income for July 63,775$
+
+
Stockholders' Equity
Problem 1-5A
Solution
ON
Name:
Section:
Answers are entered in the cells with gray backgrounds.
Assets
Instructions
Cells with non-gray backgrounds are protected and cannot be edited.
=
=
+
+
−
−
+
−
−
Stockholders' Equity
D'LITE DRY CLEANERS
+
+
+
+
=
=
+
Assets
=
−
−
−
−
D'LITE DRY CLEANERS
Retained Earnings Statement
For the Month Ended July 31, 2016
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.
Enter a zero where you would otherwise leave an amount cell blank.
1.
=Liabilities +
Accounts Accounts Common Retained
Cash +
Receivable
+ Supplies + Land = Payable + Stock Earnings 3. a.
Retained
+ + + = + + Earnings
= + Retained Earnings Dry cleaning sales
Expenses:
= Retained Earnings
2. Liabilities
Dry Dry
Accounts Accounts Common Retained Cleaning Cleaning Wages Supplies Rent Truck Utilities Misc. Total expenses
Cash
Receivable
Supplies Land Payable Stock Dividends Earnings + Revenue Expense Expense Expense Expense Expense Expense Expense Net income
Bal. 39,000 80,000 11,000 50,000 31,500 50,000 98,500 - - - - - - - - -
a. + 21,000 - - - -
+
21,000 - - - - - - - - - -
Bal. 60,000 80,000 11,000 50,000 31,500 71,000 98,500 - - - - - - - - - b.
b.
Bal.
c.
Bal. Retained earnings, November 1, 2016
d.
Bal.
e.
Bal. Retained earnings, November 30, 2016
f.
Bal.
g.
Bal. c.
h.
Bal.
i.
Bal. Assets
j.
Bal.
k.
Bal.
l. Total stockholders' equity
Bal. Total assets Total liabilities and stockholders' equity
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
+
Assets
=
+
Problem 1-5B
0%
Name:
Section:
BEV'S DRY CLEANERS
Statement of Cash Flows
Stockholders' Equity
+
+
−
−
−
−
BEV'S DRY CLEANERS
Liabilities
Retained Earnings Statement
BEV'S DRY CLEANERS
Balance Sheet
−
−
−
Cells with non-gray backgrounds are protected and cannot be edited.
[Key code here]
Stockholders' Equity
+
+
Instructions
Assets
Answers are entered in the cells with gray backgrounds.
Stockholders' Equity
+
=
=
−
BEV'S DRY CLEANERS
Income Statement
Score:
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.
Enter a zero where you would otherwise leave an amount cell blank.
1.
Supplies expense 7,200
Rent expense 4,000
Truck expense 2,100
2. Liabilities Utilities expense 1,800
Dry Dry Miscellaneous expense 1,300
Accounts Accounts Common Retained Cleaning Cleaning Wages Supplies Rent Truck Utilities Misc. Total expenses 69,850
Cash
Receivable
Supplies Land Payable Stock Earnings Dividends + Revenue Expense Expense Expense Expense Expense Expense Expense Net income 40,150$
Bal. 39,000 80,000 11,000 50,000 31,500 50,000 98,500 - - - - - - - - -
a. + 21,000 - - - -
+
21,000 - - - - - - - - - -
Bal. 60,000 80,000 11,000 50,000 31,500 71,000 98,500 - - - - - - - - - b.
b. - 35,000 - - + 35,000 - - - - - - - - - - - -
Bal. 25,000 80,000 11,000 85,000 31,500 71,000 98,500 - - - - - - - - -
c. - 4,000 - - - - - - - - - - - - 4,000 - - -
Bal. 21,000 80,000 11,000 85,000 31,500 71,000 98,500 - - - - - (4,000) - - - Retained earnings, November 1, 2016 98,500$
d. - + 72,000 - - - - - - + 72,000 - - - - - - - Net income for November 40,150$
Bal. 21,000 152,000 11,000 85,000 31,500 71,000 98,500 - 72,000 - - - (4,000) - - - Less dividends 5,000
e. - 20,000 - - - - 20,000 - - - - - - - - - - - Increase in retained earnings 35,150
Bal. 1,000 152,000 11,000 85,000 11,500 71,000 98,500 - 72,000 - - - (4,000) - - - Retained earnings, November 30, 2016 133,650$
f. - - + 8,000 - + 8,000 - - - - - - - - - - -
Cells with non-gray backgrounds are protected and cannot be edited.
Name:
Section:
Answers are entered in the cells with gray backgrounds.
Problem 1-5B
Solution
ON
Instructions
−
−
+
Assets
Stockholders' Equity
=
−
BEV'S DRY CLEANERS
−
+
+
−
=
Retained Earnings Statement
For the Month Ended November 30, 2016
+
+
+
=
−
−
−
