CHAPTER 1 INTRODUCTION TO ACCOUNTING AND BUSINESS
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1 CHAPTER 1 INTRODUCTION TO ACCOUNTING AND BUSINESS PROBLEMS Prob. 1 1B Owner s Assets = Liabilities + Equity Accounts Accounts Pamela Larsen, Cash + Receivable + Supplies = Payable + Capital a. +15, ,000 Investment b. + 1, ,350 Bal. 15,000 1,350 1,350 15,000 c. + 6, ,500 Fees earned Bal. 21,500 1,350 1,350 21,500 d. 2,500 2,500 Rent expense Bal. 19,000 1,350 1,350 19,000 e Bal. 18,300 1, ,000 f. + 1, ,250 Fees earned Bal. 18,300 1,250 1, ,250 g. 1, Auto expense 675 Misc. expense Bal. 17,075 1,250 1, ,025 h. 1,800 1,800 Salaries exp. Bal. 15,275 1,250 1, ,225 i Supplies exp. Bal. 15,275 1, ,255 j. 1,500 1,500 Withdrawal Bal. 13,775 1, , Owner's equity is the right of owners to the assets of the business. These rights are increased by owner s investments and revenues and decreased by owner's withdrawals and expenses. 1
2 Prob. 1 2B GRECO TRAVEL AGENCY Income Statement For the Year Ended December 31, 2006 Fees earned... $ 188,000 Operating expenses: Wages expense... $56,800 Rent expense... 36,000 Utilities expense... 16,500 Supplies expense... 4,500 Miscellaneous expense... 2,800 Total operating expenses ,600 Net income... $ 71, GRECO TRAVEL AGENCY Statement of Owner s Equity For the Year Ended December 31, 2006 Petrea Kraft, capital, January 1, $16,200 Net income for the year... $71,400 Less withdrawals... 47,000 Increase in owner s equity... 24,400 Petrea Kraft, capital, December 31, $40, GRECO TRAVEL AGENCY Balance Sheet December 31, 2006 Assets Liabilities Cash... $11,520 Accounts payable... $ 5,120 Accounts receivable... 31,200 Supplies... 3,000 Owner s Equity Petrea Kraft, capital... 40,600 Total liabilities and Total assets... $45,720 owner s equity... $45,720 2
3 Prob. 1 3B JACK IN THE PULPIT FINANCIAL SERVICES Income Statement For the Month Ended January 31, 2006 Fees earned... $31,400 Operating expenses: Rent expense... $6,000 Salaries expense... 5,000 Auto expense... 3,000 Supplies expense... 2,520 Miscellaneous expense Total operating expenses... 17,320 Net income... $14, JACK IN THE PULPIT FINANCIAL SERVICES Statement of Owner s Equity For the Month Ended January 31, 2006 Lynn Rosberg, capital, January 1, $ 0 Investment on January 1, $30,000 Net income for January... 14,080 $44,080 Less withdrawals... 7,000 Increase in owner s equity... 37,080 Lynn Rosberg, capital, January 31, $37, JACK IN THE PULPIT FINANCIAL SERVICES Balance Sheet January 31, 2006 Assets Liabilities Cash... $27,200 Accounts payable... $ 1,180 Accounts receivable... 10,400 Supplies Owner s Equity Lynn Rosberg, capital... 37,080 Total liabilities and Total assets... $38,260 owner s equity... $38,260 3
4 Prob. 1 4B Owner s Assets = Liabilities + Equity Accounts Beth Nesbit, Cash + Supplies = Payable + Capital a. + 18, ,000 Investment b. + 1, ,650 Bal. 18,000 1,650 1,650 18,000 c. 1,100 1,100 Bal. 16,900 1, ,000 d. + 25, ,200 Sales commissions Bal. 42,100 1, ,200 e. 7,200 7,200 Rent expense Bal. 34,900 1, ,000 f. 10,000 10,000 Withdrawal Bal. 24,900 1, ,000 g. 2,250 1,500 Auto expense 750 Misc. expense Bal. 22,650 1, ,750 h. 8,000 8,000 Salaries expense Bal. 14,650 1, ,750 i. 1,050 1,050 Supplies expense Bal. 14, , PATRIOTIC REALTY Income Statement For the Month Ended July 31, 2006 Sales commissions... $25,200 Operating expenses: Office salaries expense... $8,000 Rent expense... 7,200 Automobile expense... 1,500 Supplies expense... 1,050 Miscellaneous expense Total operating expenses... 18,500 Net income... $ 6,700 4
5 Prob. 1 4B Concluded PATRIOTIC REALTY Statement of Owner s Equity For the Month Ended July 31, 2006 Beth Nesbit, capital, July 1, $ 0 Investment on July 1, $18,000 Net income for July... 6,700 $24,700 Less withdrawals... 10,000 Increase in owner s equity... 14,700 Beth Nesbit, capital, July 31, $14,700 PATRIOTIC REALTY Balance Sheet July 31, 2006 Assets Liabilities Cash... $14,650 Accounts payable... $ 550 Supplies Owner s Equity Beth Nesbit, capital... 14,700 Total liabilities and Total assets... $15,250 owner s equity... $15,250 5
6 Prob. 1 5B Assets = Liabilities + Owner's Equity Accounts Accounts Cash + Receivable + Supplies + Land = Payable + Gloria Carson, Capital 7, , , ,000 = 6,360 + Gloria Carson, Capital 43,430 = 6,360 + Gloria Carson, Capital 37,070 = Gloria Carson, Capital 6
7 Prob. 1 5B Continued 2. Owner s Assets = Liabilities + Equity Accounts Accounts Gloria Carson, Cash + Receivable + Supplies + Land = Payable + Capital Bal. 7,150 12,880 3,400 20,000 6,360 37,070 a. +22, ,000 Dry cleaning sales Bal. 29,150 12,880 3,400 20,000 6,360 59,070 b. 3,500 3,500 Rent expense Bal. 25,650 12,880 3,400 20,000 6,360 55,570 c. + 2, ,100 Bal. 25,650 12,880 5,500 20,000 8,460 55,570 d. 4,800 4,800 Bal. 20,850 12,880 5,500 20,000 3,660 55,570 e. +11, ,700 Dry cleaning sales Bal. 20,850 24,580 5,500 20,000 3,660 67,270 f. + 8,400 8,400 Dry cleaning expense Bal. 20,850 24,580 5,500 20,000 12,060 58,870 g. 6,570 3,400 Wages expense 1,580 Truck expense 960 Utilities expense 630 Miscellaneous expense Bal. 14,280 24,580 5,500 20,000 12,060 52,300 h. +10,100 10,100 Bal. 24,380 14,480 5,500 20,000 12,060 52,300 i. 2,900 2,900 Supplies expense Bal. 24,380 14,480 2,600 20,000 12,060 49,400 j. 6,000 6,000 Withdrawals Bal. 18,380 14,480 2,600 20,000 12,060 43,400 7
8 Prob. 1 5B Concluded 3. a. DAISY DRY CLEANERS Income Statement For the Month Ended March 31, 2006 Dry cleaning sales... $33,700 Operating expenses: Dry cleaning expense... $8,400 Rent expense... 3,500 Wages expense... 3,400 Supplies expense... 2,900 Truck expense... 1,580 Utilities expense Miscellaneous expense Total operating expenses... 21,370 Net income... $12,330 b. DAISY DRY CLEANERS Statement of Owner s Equity For the Month Ended March 31, 2006 Gloria Carson, capital, March 1, $37,070 Net income for March... $12,330 Less withdrawals... 6,000 Increase in owner s equity... 6,330 Gloria Carson, capital, March 31, $43,400 c. DAISY DRY CLEANERS Balance Sheet March 31, 2006 Assets Liabilities Cash... $18,380 Accounts payable... $12,060 Accounts receivable... 14,480 Supplies... 2,600 Owner s Equity Land... 20,000 Gloria Carson, capital... 43,400 Total liabilities and Total assets... $55,460 owner s equity... $55,460
9 Prob. 1 6B a. Fees earned, $30,000 ($12,400 + $17,600) b. Supplies expense, $3,000 ($17,600 $8,500 $3,200 $1,800 $1,100) c. Craig Haas, capital, November 1, 2006, $0 d. Net income for November, $12,400 e. $52,400 ($40,000 + $12,400) f. Increase in owner s equity, $46,400 ($52,400 $6,000) g. Craig Haas, capital, November 30, 2006, $46,400 h. Total assets, $48,000 ($5,800 + $2,200 + $40,000) i. Craig Haas, capital, $46,400 ($48,000 $1,600) j. Total liabilities and owner s equity, $48,000 k. Cash received from customers, $30,000 ($18,200 + $11,800) l. Net cash flow from operating activities, $11,800 ($5,800 $34,000 + $40,000) m. Cash payments for acquisition of land, $(40,000) n. Cash received as owner s investment, $40,000 o. Cash withdrawal by owner, $(6,000) p. Net cash flow from financing activities, $34,000 ($40,000 $6,000) q. Net cash flow and November 30, 2006 cash balance, $5,800
2014 Mar. 31 Balance 30, Adjusting 26 22,500 7, Mar. 31 Balance 3, Adjusting 26 1,800 1,800
Prob. 4 4A 1., 3., and 6. Cash Account No. 11 Mar. 31 12,000 Supplies Account No. 13 Mar. 31 30,000 31 Adjusting 26 22,500 7,500 Prepaid Insurance Account No. 14 Mar. 31 3,600 31 Adjusting 26 1,800 1,800
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