ACC120 Study Guide - Final Guide: Income Statement, Trial Balance, George Trenholm

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greenmuskrat329

21 Jan 2019

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Month ended february 28, 2017: scoffin, capital, february 1, 2017 Less: drawings : scoffin, capital, february 28, 2017 Solutions manual 2-92 chapter 2 2016 john wiley & sons canada, ltd. There is a difference between cash collected from customers and revenue in any specific month. Although the school has earned revenue, it has not necessarily collected all of the cash from providing the services. In addition, the school has received cash in advance of providing the services so this amount is not yet included in fees earned. Solutions manual 2-93 chapter 2 2016 john wiley & sons canada, ltd. Weygandt, kieso, kimmel, trenholm, warren, novak accounting principles, sixth canadian edition (a) Cash (to balance debits = credits*) $ 6,301. Unearned revenue : rowe, capital , rowe, drawings Solutions manual 2-94 chapter 2 2016 john wiley & sons canada, ltd. Year ended august 31, 2017: rowe, capital, august 31, 2016 ,840. 25,000: rowe, capital, august 31, 2017 ,588.

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Presented here are the accounts of

Town and Country RealtyTown and Country Realty

for the year ended

DecemberDecember

Land	$10,000	Owner contribution, 2018	$36,000
Notes Payable	29,000	Accounts Payable	10,000
Property Tax Expense	2,400	Accounts Receivable	1,300
Hicks, Withdrawals	36,000	Advertising Expense	12,000
Rent Expense	8,000	Building	194,800
Salaries Expense	63,000	Cash	2,200
Salaries Payable	800	Equipment	13,000
Service Revenue	235,000	Insurance Expense	1,800
Office Supplies	9,000	Interest Expense	7,300
Hicks, Capital, Dec. 31, 2017	50,000

PrintDone

3131â,

20182018.

â(Click the icon to view theâ accounts.)

Requirements

1.	Prepare Town and Country Realty'sTown and Country Realty's income statement.
2.	Prepare the statement ofâ owner's equity.
3.	Prepare the balance sheet.

Requirement 1. Prepare

Town and Country Realty'sTown and Country Realty's

income statement.

		Town and Country Realty
		Income Statement
		Year Ended December 31, 2018
Revenues:
	Service Revenue
Expenses:
	Salaries Expense
	Insurance Expense
	Advertising Expense
	Rent Expense
	Interest Expense
	Property Tax Expense
		Total Expenses
Net Income

redtiger788

The following list, in alphabetical order, shows the various items that regularly appear on the financial statements of Maple Park Theatres Corp. The amounts shown for balance sheet items are balances as of September 30, 2017 (with the exception of retained earnings, which is the balance on September 1, 2017), and the amounts shown for income statement items are balances for the month ended September 30, 2017.

Accounts payable	$17,600	Furniture and fixtures	$34,000
Accounts receivable	6,410	Land	26,000
Advertising expense	14,500	Notes payable	20,000
Buildings	60,000	Projection equipment	25,000
Capital stock	50,000	Rent expenseâmovies	50,600
Cash	15,230	Retained earnings	73,780
Concessions revenue	60,300	Salaries and wages expense	46,490
Cost of concessions sold	23,450	Ticket sales	95,100
Dividends paid during the month	8,400	Water, gas, and electricity	6,700

1. Using the data given, prepare an income statement for the month ended September 30, 2017.

Maple Park Theatres Corp.
Income Statement
For The Month Ended September 30, 2017
Revenues:
Ticket sales	$

Total revenues		$
Expenses:
	$




Total expenses
		$

2. Using the data given, prepare a statement of retained earnings for the month ended September 30, 2017.

Maple Park Theatres Corp.
Statement Of Retained Earnings
For The Month Ended September 30, 2017
	$


	$

3. Using the data given, prepare a balance sheet at September 30, 2017.

Maple Park Theatres Corp.
Balance Sheet
September 30, 2017
Assets
	$





Total assets	$
Liabilities and stockholders' equity
	$



Total liabilities and stockholders' equity	$

4. You have $1,000 to invest. You want to use it to buy stock in Maple Park? Which of the following information would you least consider before making a final decision?

1.	Whether the company is operating at a profit?
2.	The amount of dividends paid by the company.
3.	The amount of salaries the company pays.
4.	Current market price of the stock.

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ACC120 Study Guide - Final Guide: Income Statement, Trial Balance, George Trenholm

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