www.downloadslide.net44 1 Accounting in ActionInstructions(a) Show the effects of the previous transactions on the accounting equation using thefollowing format.(a) Total assets £25,800EquityRetained EaningsRev.LiabiliticsAssetsNotesAccountsShareAccountsDate Cash +Receivable+ Supplies + Equipment-PayablePayableCapitalExp.Div..Include margin explanations for any changes in the Retained Earmings account inyour analysis.(b) Prepare an income statement for the month of June.(c) Prepare a statement of financial position at June 30, 2017.(b) Net income £4,450() Cash £8,100P1-5A Financial statement information about four different companies is as follows.Delermine fonancialstatement amounts andprepare retained earningsstatement.CrosbyCompanyStillsCompanyNashCompanyYoungCompany(LO 7, 8)January 1, 2017AssetsLiabilitiesHK$ 900,000 HK$1,100,000(d)500,000HK$1,500,000650,000(a)(g)HKS 750,000450,0001,000,000EquityDecember 31, 2017AssetsLiabilities(b)550,000400,0001,370,000750,000(e)2,000,000(h)1,300,000(k)800,0001,400,000EquityEquity changes in yearAdditional investment(c)100,0003,500,0003,300,000150,000()4,200,0003,850,000150,000100,0005,000,0001)100,000140,000DividendsTotal revenuesTotal expenses(i)3,420,000Instructions(a) Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabili-ties = Equity = HK$250,000.)(b) Prepare the retained earnings statement for Stills Company. Assume beginningretained earnings was HK$200,000.(c) Write a memorandum explaining the sequence for preparing financial state-ments and the interrelationship of the retained earnings statement to the incomestatement and statement of financial position.PROBLEMS: SET BAnalye transactions andcompute net inscome.P1-1B On April 1, Holly Dahl established Holiday Travel Agency Ltd. The following trans-actions were completed during the month.1. Shareholders invested €12,000 cash in the business in exchange for ordinary shares.2. Paid €400 cash for April office rent.3. Purchased office equipment for €5,500 cash.4. Incurred €300 of advertising costs in a local newspaper, on account.5. Paid €600 cash for office supplies.6. Performed services worth €8,500: €2,000 cash is received from customers, and thebalance of €6,500 is billed to customers on account.7. Declared and paid a €200 cash dividend.8. Paid the local newspaper amount due in transaction (4).9. Paid employees' salaries €2,200.10. Received €5,700 in cash from customers billed previously in transaction (6).(LO 6, 7) www.downloadslide.net45Problems: Set B(a) Prepare a tabular analysis of the transactions using the following column headings: (a) Ending cash €10,500Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital,and Retained Earnings (with separate columns for Revenues, Expenses, and Divi-dends). Include margin explanation for any changes in Retained Earnings.(b) From an analysis of the Retained Eamings columns, compute the net income or net (b) Net income €5,600loss for April.equation wInstructionsEquityRetained EarExp

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Description: www.downloadslide.net44 1 Accounting in ActionInstructions(a) Show the effects of the previous transactions on the accounting equation using thefollowing format.(a) Total assets £25,800EquityRetained EaningsRev.LiabiliticsAssetsNotesAccountsShareAcc

(1) The table below shows the recording of accounting transactions:

Business

Accounting

P1-1B On April 1, Holly Dahl established Holiday Travel Agency Ltd. The tollowing trans- actions were completed during the month. 1. Shareholders invested €12,000 cash in the business in exchange for ordinary shares. 2. Paid €400 cash for April office rent. 3. Purchased office equipment for €5,500 cash. 4. Incurred €300 of advertising costs in a local newspaper, on account. 5. Paid €600 cash for office supplies. 6. Performed services worth €8,500: €2,000 cash is received from customers, and the balance of €6,500 is billed to customers on account. 7. Declared and paid a €200 cash dividend. 8. Paid the local newspaper amount due in transaction (4). 9. Paid employees' salaries €2,200. 10. Received €5,700 in cash from customers billed previously in transaction (6).

P1-1B On April 1, Holly Dahl established Holiday Travel Agency Ltd. The tollowing trans- actions were completed during the month. 1. Shareholders invested €12,000 cash in the business in exchange for ordinary shares. 2. Paid €400 cash for April office rent. 3. Purchased office equipment for €5,500 cash. 4. Incurred €300 of advertising costs in a local newspaper, on account. 5. Paid €600 cash for office supplies. 6. Performed services worth €8,500: €2,000 cash is received from customers, and the balance of €6,500 is billed to customers on account. 7. Declared and paid a €200 cash dividend. 8. Paid the local newspaper amount due in transaction (4). 9. Paid employees' salaries €2,200. 10. Received €5,700 in cash from customers billed previously in transaction (6).

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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