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1. P1-2A
31 August 2017, report of financial position of Donahue Veterinary Clinic Ltd. represents Cash £9,000 , Accounts Receivable £1,700, Supplies £600, Equipment £6,000, Accounts Payable £3,600, Share Capital - Ordinary £13,000, and Retained Earnings £700. During September, the following transactions took place: 1. 2. 3. 4. 5. 6. 7. 8.
Paid £ 2,900 cash for accounts payable. Collected $ 1,300 from accounts receivable. Purchased additional equipment for £ 2,100, paid £ 800 in cash and remaining owed Revenue recognized is £ 7,300, of which £ 2,500 is collected in cash Declare and pay a cash dividend of £ 400. Paid £ 1,700 salary, £ 900 September rent, and £ 200 advertising costs. The utility expenses incurred during the month on the account £ 170. Received £ 10,000 from Capital Bank on 6 month notes payable.
Instructions a) Prepare a table analysis of September transactions beginning with August 31 balances. Column headings should be as follows: Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Share Capital + Retained Profit + Income - Expenses – Dividends ASET LIABILITAS PIUTANG PERLENG PERALAT HUTANG HUTANG KAS USAHA KAPAN AN WESEL USAHA £ 9.000 £ 1.700 £ 600 £ 6.000 £ 3.600 -£ 2.900 -£ 2.900 £ 6.100 £ 1.700 £ 600 £ 6.000 £ 700 £ 1.300 -£ 1.300 £ 7.400 £ 400 £ 600 £ 6.000 £ 700 -£ 800 £ 2.100 £ 1.300 £ 6.600 £ 400 £ 600 £ 8.100 £ 2.000 £ 2.500 £ 4.800 £ 9.100 £ 5.200 £ 600 £ 8.100 £ 2.000 -£ 400 £ 8.700 £ 5.200 £ 600 £ 8.100 £ 2.000 -£ 1.700 -£ 900 -£ 200 £ 5.900 £ 5.200 £ 600 £ 8.100 £ 2.000 £ 170 £ 5.900 £ 5.200 £ 600 £ 8.100 £ 2.170 £ 10.000 £ 10.000 £ 15.900 £ 5.200 £ 600 £ 8.100 £ 10.000 £ 2.170
EKUITAS MODAL LABA PENDAP BEBAN DEVIDEN SAHAM DITAHAN ATAN £ 13.000 £ 700 £ 13.000
£
700
£ 13.000
£
700
£ 13.000
£
700
£ 13.000
£
700
£ 7.300 £ 7.300
£ 13.000
£
700
£ 7.300
-£ -£
£ 13.000
£
700
£ 13.000
£
700
-£ 1.700 -£ 900 -£ 200 £ 7.300 -£ 2.800 -£ -£ 170 £ 7.300 -£ 2.970 -£
£ 13.000
£
700
£ 7.300 -£ 2.970 -£
b) Prepare an income statement for September, a statement of retained income for September, and statement of financial position as of September 30, 2017
400 400
400 400 400
DONAHUE VETERINARY CLINIC INCOME STATEMENT 30-Sep-17 INCOME
7300
RENTAL EXPENSES
900
SALARY EXPENSE
1700
ADVERTISING EXPENSES
200
UTILITY EXPENSES
170
TOTAL LOAD
2970
NET PROFIT
4330
DONAHUE VETERINARY CLINIC STATEMENT OF INCOME HOLD 30-Sep-17 PROFIT HELD 1 SEP
700
NET PROFIT
4330 5030
DIVIDEND
400
PROFIT HELD 30 SEP
4630
DONAHUE VETERINARY CLINIC BALANCE 30-Sep-17 ASSETS
PASIVA
CURRENT ASSET
ACCOUNT PAYABLE
2170
CASH
15900
DEBT NOTES
10000
RECEIVABLES
5200
TOTAL AMOUN OF DEBT
12170
EQUIPMENT
8100
CAPITAL
13000
PROFIT HANDLED
4630
FIXED ASSETS EQUIPMENT
600
TOTAL CAPITAL
17630
TOTAL ASSETS
29800
TOTAL DEBT & CAPITAL
29800
2. P1-3A 1 May 2017, Park Flying School Ltd., h company providing flying lessons, started with a cash investment of W45,000 in business revenue and expenses for May Cash W 4,500 Notes Payable W28,000 Accounts Receivable 7,420 Rent Expense 1,000 Equipment 64,000 Maintenance and Service Revenue 6,800 Repair Expense 400 Advertising Expense 500 Gasoline Expense 2,500 Accounts Payable 1,400 Utility Expense 400 dividends of W 480,000 for a month. Instructions a) Prepare a statement of income and retained earnings and financial position as of May 31. PARK FLYING SCHOOL INCOME STATEMENT 30-May-17 APPROACHES
6800
LOAD REPAIR
400
GASOLINE LOAD
2500
UTILITY EXPENSES
400
RENTAL EXPENSES
1000
ADVERTISING EXPENSES
500
TOTAL LOAD
4800
NET PROFIT
2000
PARK FLYING SCHOOL STATEMENT OF INCOME HOLD 30-May-17 PROFIT HELPED MAY 1 NET PROFIT
2000
DIVIDEND
480
PROFIT HELPED MAY 30
1520
PARK FLYING SCHOOL BALANCE 30-May-17 ASSETS
PASIVA
CURRENT ASSET
ACCOUNT PAYABLE
1400
CASH
4500
DEBT NOTES
28000
RECEIVABLES
7420
TOTAL AMOUN OF DEBT
29400
EQUIPMENT
64000
CAPITAL
45000
PROFIT HANDLED
1520
FIXED ASSETS EQUIPMENT
0
TOTAL CAPITAL
46520
TOTAL ASSETS
75920
TOTAL DEBT & CAPITAL
75920
b) Prepare a statement of income and retained earnings for the month of May with assumptions the following data is not included in the above: (1) W services worth 900,000 have been performed and were invoiced but not collected on May 31, and (2) W1,500,000 petrol costs happens but is not paid for. PARK FLYING SCHOOL
INCOME STATEMENT 30-May-17 REVENUE (6800 + 900)
7700
LOAD REPAIR
400
GASOLINE LOAD ( 2500 + 1500)
4000
UTILITY EXPENSES
400
RENTAL EXPENSES
1000
ADVERTISING EXPENSES
500
TOTAL LOAD
6300
NET PROFIT
1400
PARK FLYING SCHOOL STATEMENT OF INCOME HOLD 30-May-17 PROFIT HELPED MAY 1 NET PROFIT
1400
DIVIDEND
480
PROFIT HELPED MAY 30
920
3. P1-4A Matt Stiner began delivery service, Stiner Deliveries Ltd., on June 1, 2017. The following transactions occurred during the month of June. June 1 Shareholders invest £ 10,000 cash in the business in exchange for common stock. 2 Purchased a used van for delivery for £ 14,000. Matt paid £ 2,000 cash and signed a note payable for the remaining balance. 3 Paid £ 500 for office rent that month. 5 Performed £ 4,800 worth of services on account. 9 Declare and pay £ 300 as cash dividend. 12 Purchased equipment for £ 150 on account.
15 Received cash payment of £ 1,250 for services on 5 June. 17 Purchased petrol for £ 100 on account. 20 Received cash payment of £ 1,500 for services performed. 23 Made cash payment of £ 500 on note payable. 26 Paid £ 250 for utilities. 29 Paid gasoline purchased on account on June 17. 30 Paid £ 1,000 in employee salaries. Instructions a) Show the effect of previous transactions on the accounting using equation the following format Include a margin description for any changes in the Withheld Income account your analysis.
piutang dagang
kas
perlengkapan peralatan
10000 -2000 8000 -500 7500 7500 -300 7200
utang dagang
utang wesel
modal pendapat awal an 10000
beban
deviden
14000 14000
12000 12000
10000
14000
12000
10000
4800 4800
14000
12000
10000
4800 4800
-500
4800
14000
12000
10000
4800
-500
-300 -300
12000
10000
4800
-500
-300
12000
10000
4800
-300
12000
10000
12000 -500 11500
10000
4800 1500 6300
-500 -100 -600 -600
-300
10000
6300
-600 -250 -850
-300
-850 -1000 -1850
-300
150 150
14000
150
14000
3550
150
14000
150 100 250
3550
150
14000
250
3550
150
14000
250
3550
150
14000
11500
10000
6300
3550
150
14000
250 -100 150
11500
10000
6300
3550
150
14000
150
11500
10000
6300
7200 1250 8450
4800 -1250 3550
8450 1500 9950 -500 9450 -250 9200 -100 9100 -1000 8100
150 150
-500 -500
b) Prepare an income statement for the month of June. STINER DELIVERIES LTD
-300
-300
-300
INCOME STATEMENT JUNE 2017 APPROACHES
6300
GASOLINE LOAD
100
UTILITY EXPENSES
250
RENTAL EXPENSES
500
SALARY EXPENSE
1000
TOTAL LOAD
1850
NET PROFIT
4450
DIVIDEND
300
RETAINED EARNING
4150
c) Prepare a statement of financial position as of June 30, 2017 STINER DELIVERIES LTD BALANCE JUNE 2017 ASSETS
PASIVA
CURRENT ASSET
ACCOUNT PAYABLE
150
CASH
8100
DEBT NOTES
11500
RECEIVABLES
3550
TOTAL AMOUN OF DEBT
11650
EQUIPMENT
14000
CAPITAL
10000
PROFIT HANDLED
4150
FIXED ASSETS EQUIPMENT
150
TOTAL CAPITAL
14150
TOTAL ASSETS
25 800
TOTAL DEBT & CAPITAL
25 800
4. P1-2B
Mandy Arnold opens law office, Mandy Arnold, Attorney at Law Ltd., on July 1, 2017. As of July 31, statement of financial position shows Cash £ 4,000, Accounts Receivable £ 1,500, Supplies £ 500, Equipment £ 5,000, Accounts Payable £ 4,200, Shares Capital - Ordinary £ 6,000, and Retained Profit £ 800. During August, the following transactions took place. 1) Collected £ 1,400 of accounts receivable from clients. 2) Paid £ 2,700 cash for debts to be paid. 3) Revenue recognized is £ 7,900 of which £ 3,000 was collected in cash and the balance will be due in September. 4) Purchased additional office equipment for £ 1,000, paying £ 400 on a basis 5) Paid £ 3,000 salary, rent for August £ 900, and £ 350 advertising fee. 6) Declare and pay a cash dividend of £ 450. 7) Received £ 2,000 from Standard Federal Bank; the money was borrowed for 4 months notes payable. 8) Utility costs incurred during the month on an account £ 210. Instructions a) Prepare a tabular analysis of the August transactions beginning with the July 31 balance. Column headings should be as follows: Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Payable + Share Capital + Retained Profits + Income - Expenses - Dividends.
ASET LIABILITAS EKUITAS PIUTANG PERLENG PERALAT HUTANG HUTANG MODAL LABA PENDAP KAS BEBAN DEVIDEN USAHA KAPAN AN WESEL USAHA SAHAM DITAHAN ATAN 4000 1500 500 5000 4200 6000 800 1400 -1400 5400 100 500 5000 4200 6000 800 -2700 -2700 2700 100 500 5000 1500 6000 800 3000 4900 7900 5700 5000 500 5000 1500 6000 800 7900 -400 1000 600 5300 5000 500 6000 2100 6000 800 7900 -3000 -3000 -900 -900 -350 -350 1050 5000 500 6000 2100 6000 800 7900 -4250 -450 -450 600 5000 500 6000 2100 6000 800 7900 -4250 -450 2000 2000 2600 5000 500 6000 2000 2100 6000 800 7900 -4250 -450 210 -210 2600 5000 500 6000 2000 2310 6000 800 7900 -4460 -450
b)
Prepare an income statement for August, a statement of retained earnings for August, and statement of financial position as of August 31, 2017.
ATTORNEY AT LAW INCOME STATEMENT AUGUST 2017 APPROACHES
7900
SALARY EXPENSE
3000
UTILITY EXPENSES
210
RENTAL EXPENSES
900
ADVERTISING EXPENSES
350
TOTAL LOAD
4460
NET PROFIT
3440
ATTORNEY AT LAW STATEMENT OF INCOME HOLD AUGUST 2017 PROFIT HELD ON AUGUST 1
800
NET PROFIT
3440 4240
DIVIDEND
450
PROFIT ARRESTED 31 AUGUST
3790
ATTORNEY AT LAW BALANCE AUGUST 2017 ASSETS CURRENT ASSET
PASIVA ACCOUNT PAYABLE
2000
CASH
2600
DEBT NOTES
RECEIVABLES
5000
TOTAL DEBT
EQUIPMENT
500
CAPITAL
6000
PROFIT HANDLED
3790
FIXED ASSETS
2310
AMOUN
OF 4310
EQUIPMENT
6000
TOTAL CAPITAL
9790
TOTAL ASSETS
14100
TOTAL DEBT & CAPITAL
14100
5. P1-3B Angelic Cosmetics Co. Ltd., on June 1, 2017, with a cash investment of ¥ 25,000,000. the company's assets and liabilities as of June 30 and revenues and expenses for the month of Juni Cash ¥ 10,000 Notes Payable ¥ 13,000 Accounts Receivable 4,000 Accounts Payable 1,700 Service Revenues 5,500 Rental Expenses 1,800 Inventory 2,000 Gasoline costs 600 Advertising Expense 500 Utilities Expense 400 Supplies 25,000 Dividends 900,000 yen for a month. a) Prepare an income statement , a statement of retained earnings and a statement of financial position by 30 June ANGELIC COSMETICS INCOME STATEMENT JUNE 2017 APPROACHES
5500
GASOLINE LOAD
600
UTILITY EXPENSES
400
RENTAL EXPENSES
1800
ADVERTISING EXPENSES
500
TOTAL LOAD
3300
NET PROFIT
2200
ANGELIC COSMETICS
STATEMENT OF INCOME HOLD JUNE 2017 PROFIT HELD ON JUNE 1
0
NET PROFIT
2200 2200
DIVIDEND
900
PROFIT ARRESTED 30 JUNE
1300
ANGELIC COSMETICS BALANCE JUNE 2017 ASSETS
PASIVA
CURRENT ASSET
ACCOUNT PAYABLE
1700
CASH
10000
DEBT NOTES
13000
RECEIVABLES
4000
TOTAL AMOUN OF DEBT
14700
EQUIPMENT
25000
CAPITAL
25000
PROFIT HANDLED
1300
FIXED ASSETS EQUIPMENT
2000
TOTAL CAPITAL
26300
TOTAL ASSETS
41000
TOTAL DEBT & CAPITAL
41000
b) Prepare an income statement and a statement of retained earnings for the month of June with assumptions the following data is not included in the above: (1) 800,000 yen worth of services have been carried out and billed but not collected by June 30, and (2) 100,000 yen of petrol costs happens but is not paid for. ANGELIC COSMETICS INCOME STATEMENT JUNE 2017 APPROACHES
(5500 + 800)
GASOLINE LOAD
(600 + 100)
6300 700
UTILITY EXPENSES
400
RENTAL EXPENSES
1800
ADVERTISING EXPENSES
500
TOTAL LOAD
3400
NET PROFIT
2900 ANGELIC COSMETICS STATEMENT OF INCOME HOLD JUNE 2017
PROFIT HELD ON JUNE 1
0
NET PROFIT
2900 2900
DIVIDEND
900
PROFIT ARRESTED 30 JUNE
2000
6. P1-4B Jessi Paulis started a consulting company, Paulis Consulting Ltd., on 1 May 2017. The following transactions took place during the month of May. May 1 Paulis invests £ 8,000 cash in the business in exchange for shares. 2 Paid £ 800 for office rent that month. 3 Purchased £ 500 worth of supplies on account. 5 Paid £ 50 to advertise on County News. 9 Received £ 3,000 in cash for services performed. 12 Declare and pay cash dividends of £ 700. 15 May Performed £ 3,300 worth of services on account. 17 Paid £ 2,100 in employee wages. 20 Paid for supplies purchased on account on May 3. 23 Received cash payment of £ 2,000 for services performed on 15 May 26 Borrowed £ 5,000 from bank on note payable. 29 Purchased office equipment for £ 2,300 on account. 30 Paid £ 150 for utilities.
a) Show the effect of previous transactions on the accounting using equation include a description of the margin for each change in your analyzed Withheld Income account.
kas 8000 -800 7200 7200 -50 7150 3000 10150 -700 9450 9450 -2100 7350 -500 6850 2000 8850 5000 13850 13850 13850
asset liabilitas ekuitas piutangperlengkapan peralatanutang dagang utang wesel modal awal pendapatan beban deviden 8000 -800 8000 -800 500 500 500 500 8000 -800 -50 500 500 8000 -850 3000 500 500 8000 3000 -850 -700 500 500 8000 3000 -700 3300 3300 3300 500 500 8000 6300 -700 -2100 3300 500 500 8000 6300 -2950 -700 -500 3300 500 0 8000 6300 -2950 -700 -2000 1300 500 0 8000 6300 -2950 -700 5000 1300 500 5000 8000 6300 -2950 -700 2300 2300 1300 500 2300 2300 5000 8000 6300 -2950 -700 150 -150 1300 500 2300 2450 5000 8000 6300 -3100 -700
b) Prepare an income statement for the month of May. PAULIS CINSULTING INCOME STATEMENT MAY 2017 APPROACHES
6300
SALARY EXPENSE
2100
UTILITY EXPENSES
150
RENTAL EXPENSES
800
ADVERTISING EXPENSES
50
TOTAL LOAD
3100
NET PROFIT
3200
DIVIDEND
700
RETAINED EARNING
2500
c) Prepare a statement of financial position for 31 May 2017. PAULIS CINSULTING BALANCE MAY 2017 ASSETS
PASIVA
CURRENT ASSET
ACCOUNT PAYABLE
2450
CASH
13850
DEBT NOTES
5000
RECEIVABLES
1300
TOTAL AMOUN OF DEBT
7450
EQUIPMENT
500
CAPITAL
8000
PROFIT HANDLED
2500
FIXED ASSETS EQUIPMENT
2300
TOTAL CAPITAL
10500
TOTAL ASSETS
17950
TOTAL DEBT & CAPITAL
17950