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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

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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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