Course Material: Introduction to Accounting Financial Statements, Income Statements Your company has the following balance sheet (3 full-time, 4 part-time workers) Construct a NEW balance sheet and income statement Balance Sheet should show totals for current, long-term and total assets and liabilities & equity Current Month Balance Sheet: Assets: Cash Supplies Inventory Total Current Assets Fixed Assets Total Long-Term Assets Total Assets Liabilities and Owner Equity Accounts Payable Wages Payable Owner's Equity Total liabilities and equity NOW, these transactions occur over the next month: Cash Revenue Tips given to employees by customers Ending Supplies Inventory Purchased Supplies Paid out in cash for wages Wages Payable Quarterly rental fee (3 months) Depreciation of fixed asset $ 550.00 $ 320.00 $ 870.00 $ 3,200.00 $ 3,200.00 $ 4,070.00 $ 215.00 $ 750.00 $ 3,105.00 $ 4,070.00 Notes: $ 2,350.00 $ 500.00 Income $ $ $ 300.00 Used Cash 275.00 Can be used within a year 1,500.00 Expense $ 950.00 Within a Year $ 900.00 $ 315.00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Course Material: Introduction to Accounting Financial Statements, Income Statements
Your company has the following balance sheet (3 full-time, 4 part-time workers)
Construct a NEW balance sheet and income statement
Balance Sheet should show totals for current, long-term and total assets and liabilities & equity
Current Month Balance Sheet:
Assets:
Cash
Supplies Inventory
Total Current Assets
Fixed Assets
Total Long-Term Assets
Total Assets
Liabilities and Owner Equity
Accounts Payable
Wages Payable
Owner's Equity
Total liabilities and equity
NOW, these transactions occur over the next month:
Cash Revenue
Tips given to employees by customers
Ending Supplies Inventory
Purchased Supplies
Paid out in cash for wages
Wages Payable
Quarterly rental fee (3 months)
Depreciation of fixed asset
$
550.00
$
320.00
$
870.00
$
3,200.00
$
3,200.00
$
4,070.00
$
215.00
$
750.00
$
3,105.00
$
4,070.00
Notes:
$
2,350.00
$
500.00 Income
$
$
$
300.00 Used Cash
275.00 Can be used within a year
1,500.00 Expense
$
950.00 Within a Year
$
900.00
$
315.00
Transcribed Image Text:Course Material: Introduction to Accounting Financial Statements, Income Statements Your company has the following balance sheet (3 full-time, 4 part-time workers) Construct a NEW balance sheet and income statement Balance Sheet should show totals for current, long-term and total assets and liabilities & equity Current Month Balance Sheet: Assets: Cash Supplies Inventory Total Current Assets Fixed Assets Total Long-Term Assets Total Assets Liabilities and Owner Equity Accounts Payable Wages Payable Owner's Equity Total liabilities and equity NOW, these transactions occur over the next month: Cash Revenue Tips given to employees by customers Ending Supplies Inventory Purchased Supplies Paid out in cash for wages Wages Payable Quarterly rental fee (3 months) Depreciation of fixed asset $ 550.00 $ 320.00 $ 870.00 $ 3,200.00 $ 3,200.00 $ 4,070.00 $ 215.00 $ 750.00 $ 3,105.00 $ 4,070.00 Notes: $ 2,350.00 $ 500.00 Income $ $ $ 300.00 Used Cash 275.00 Can be used within a year 1,500.00 Expense $ 950.00 Within a Year $ 900.00 $ 315.00
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