Can you help me fill out the chart?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Can you help me fill out the chart?
Transcribed Image Text:Assets
Shareholders' Equity
4
Liabilities
Amounts in US $
Cash
Other Assets
Retained Earnings
Stock
5 During April, its first month of business, Karry no Key, Inc.
Per Unit
Total
Account Title
Amount
Account Title
Amount
Amount
Account Title
Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash
Issued a 3-month, 6% promissory note to the bank due on June 30
3 Purchased 200 karaoke machines it plans to sell paying cash
4 Purchaseda display stand on April 1 with a 10-year useful life paying cash
5 Sold 150 karaoke machines for cash:
Record the sale
Record the cost of the sale
6 Paid its employee cash for services performed in April
7 Declared and paid a cash dividend to its shareholders
A1 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value
A2 Adjusted for interest owed on loan with 6% interest and principal due on June 30
6.
111,000
7
106,000
8
3.
22,000
9
132,000
10
11
154.00
12
13
1,484
14
7.
1.080
15
1,100
16
530
17
Column Totals
18
19
Chart of Accounts:
20
21
Accumulated Depreciation
Cash
22
Cost of Goods Sold
23
Depreciation Expense
24
25
26
Dividends
Equipment
Inventory
Interest Expense
27
28
Interest Payable
Notes Payable
29
30
Sales Revenue
31
Stock
32
33
Wages Expense
Instructions Journal Statements
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Transcribed Image Text:G33
C
A
32
33
Karry no Key, Inc.
34
35
36 Cash from Operating Activities:
37 Cash Collected from Customers
38 Cash Paid for Inventory
39 Cash Paid for Wages
40 Total Cash from Operating Activities
41 Cash from Investing Activities
n/a
n/a
n/a
n/a
42 Purchase of Equipment
n/a
43 Cash from Financing Activities
44 Issuance of Stock
45 Proceeds from Loans
46 Cash Paid for Dividends
47 Net Cash from Financing Activities
n/a
n/a
n/a
n/a
n/a
48 Net Change in Cash
49 Plus Beginning Cash Balance
50 Ending Cash Balance
n/a
51
52
53
54
Karry no Key, Inc.
55
56
57
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
58 Inventory
59 Total Current Assets
60 Equipment, Net of Accumulated Depreciation
61 Total Assets
62 Notes Payable
63
64 Total Current Liabilities
Instructions Journal Statements
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