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  • Accounting Homework: Problem 1.1 - 1.2

    Diunggah oleh

    Rahul Yadav
    30 tayangan3 halaman
    This document contains accounting problems and solutions for Bon Voyage Travel for the month of June. It provides the basic accounting equation and tracks the company's transactions through journal entries that affect assets, liabilities, and equity. An income statement is presented showing revenues of $10,500 and expenses of $4,650, resulting in net income of $4,650 for the month.

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    Its an Accounting Problem

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    Accounting Problem

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    This document contains accounting problems and solutions for Bon Voyage Travel for the month of June. It provides the basic accounting equation and tracks the company's transactions through journal entries that affect assets, liabilities, and equity. An income statement is presented showing revenues of $10,500 and expenses of $4,650, resulting in net income of $4,650 for the month.

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    Attribution Non-Commercial (BY-NC)
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    30 tayangan3 halaman

    Accounting Homework: Problem 1.1 - 1.2

    Diunggah oleh

    Rahul Yadav
    This document contains accounting problems and solutions for Bon Voyage Travel for the month of June. It provides the basic accounting equation and tracks the company's transactions through journal entries that affect assets, liabilities, and equity. An income statement is presented showing revenues of $10,500 and expenses of $4,650, resulting in net income of $4,650 for the month.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai DOCX, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 3

    ACCOUNTING HOMEWORK

    Problem 1.1 1.2

    7/7/2013
    IIM Ranchi
    Spartecus

    Problem 1-2
    The basic accounting equation is Assets = Liabilities + Owners Equity.
    Current assets
    Noncurrent assets
    Total assets
    Current liabilities
    Noncurrent liabilities
    Paid-in capital
    Retained earnings
    Total liabilities and
    owners equity

    Year 1
    $113,624
    410,976
    $524,600
    $56,142
    240,518
    214,155
    13,785
    $524,600

    Year 2
    $90,442
    198,014
    $288,456
    $40,220
    78,585
    173,295
    (3,644)
    $288,456

    Year 3
    $85,124
    162,011
    $247,135
    $15,583
    60,100
    170,000
    1,452
    $247,135

    Year 4
    $69,090
    151,021
    $220,111
    $17,539
    30,222
    170,000
    2,350
    $220,111

    Problem 1-5
    a) An analysis of the transactions made by Bon Voyage Travel for the month of
    June is shown below:
    Cash

    Accounts
    Receivable

    Supplies
    Inventory

    Equipment =

    Accounts
    Payable

    $25,000
    -$500
    $8,000
    -$500
    -$750
    -$3,000
    $2,000

    Owners
    Equity

    Description of
    Transaction

    $25,000
    -$500

    Investment
    Rent
    Equipment
    Office Supplies
    Advertisement
    Salaries
    Travel
    Commision

    $8,000

    $500
    -$750
    -$3,000
    $8,000

    $10,000

    -$5,000

    -$5,000
    -$100

    -$100
    $1,000

    -$1,000

    Equipment
    Supplier
    Office Supplies
    Miscellaneous
    Expenses

    b) Basic Accounting Equation for the company

    Cash

    Assets
    Accounts
    Supplies
    Equipment
    Receivable Inventory

    $25,000
    $24,500
    $24,500
    $24,000
    $23,250
    $20,250

    Total

    AP + OE
    Accounts Owners
    =
    Payable
    Equity

    $500
    $500
    $500

    $8,000
    $8,000
    $8,000
    $8,000

    $25,000
    $24,500
    $32,500
    $32,500
    $31,750
    $28,750

    $8,000
    $8,000
    $8,000
    $8,000

    $25,000
    $24,500
    $24,500
    $24,500
    $23,750
    $20,750

    Total
    $25,000
    $24,500
    $32,500
    $32,500
    $31,750
    $28,750

    $22,250

    $8,000

    $500

    $8,000

    $38,750

    $8,000

    $30,750 $38,750

    $17,250

    $8,000

    $500

    $8,000

    $33,750

    $3,000

    $30,750 $33,750

    $17,250

    $8,000

    $400

    $8,000

    $33,650

    $3,000

    $30,650 $33,650

    $17,250

    $8,000

    $400

    $8,000

    $33,650

    $4,000

    $29,650 $33,650

    c) Income Statement for the Month of June


    Income Statement
    Sales Revenue
    Rent
    Office Supplies
    Advertisement
    Less Cost of Sales
    Salaries
    Miscellaneous
    Expenses
    Net Income

    $10,000
    500
    100
    750
    3000
    1000
    $4,650

    Description of
    Transaction
    Investment
    Rent
    Equipment
    Office Supplies
    Advertisement
    Salaries
    Travel
    Commision
    Equipment
    Supplier
    Office Supplies
    Miscellaneous
    Expenses

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