A1
barone,s repair Ltd. wasstarted on may 1. A summary of
maytransactionsispresentedbelow.
1. shareholdersinvested 10.000 cashinthebusinessinexchange for
ordinaryshares.
2. purchasedequipment for 5.000 cash.
3. paid 400 cash for mayofficerent.
4. paid 500 cash for supplies
5. incurred 250 of advertisingcostsinthebeaconnews on account.
6. received 5.100 incashfromcustomers for repairservice.
7. declaredandpaid a 1.000 cashdividend
8. paidpart-timeemployeesalaries 2.000.
9. paidutilitybills 240.
10. providedrepairservice on accounttocustomers 750.
11. collectedcash of 120 for servicesbilledintransaction (10).
intructions
a. prepare a tabularanalysis of thetransaction,
usingthefollowingcolumnheadings : cash, accountsreceivable,
supplies, equipment, accountspayable, sharecapital,
andretainedearnings (withseparatecolumns for revenues, expenses,
anddividends). include margin explanations for
anychangesinretainedearnings. revenueiscalledservicerevenue.
b. fromananalysis of theretainedearningscolumns, computethe net
incomeor net loss for may.
P1.A2
on august 31 , thestatement of financialposition of
nashvilleveterinaryclinicshowedcash 9.000 , accountsreceiable
1700 supplies 600, officeequipment 6000, accountspayable 3600,
sharecapital 13000 andretainedearnings 700.
duringseptemberthefollowingtransactionoccurred.
1. paid 2900 cash for accountspayabledue.
2. collected 1300 of accountsreceivable.
3. purchasedadditionalofficeequipment for 2100, paying 800
incashandthebalance on account.
4. earnedrevenue of 8000, of which 2500
ispaidincashandthebalanceisdueinoctober.
5. declaredandpaid a 1000 cashdividend
6. paidsalaries 1700 rent for september 900, andadvertising
expense300.
7. incurredutilitiesexpense for month on account 170.
8. received 10000 fromcapital bank on a 6-month notepayable.
intruction
(a) prepare a tabularanalysis of
theseptembertransactionsbeginingwithaugust 31 balances.
thecolumnheadingsshouldbe as follows: cash + accountsreceivable
+ supplies + officeequipment = notepayable + accountspayable +
sharecapital_ordinary + retainedearnings + revenues - expenses -
dividends
(B) prepareanincomestatement for september, a retainedearning s
statement for september, and a statement of
financialpositionatseptember 30.
P1.A4
markmillerstarted a deliveryservice, millerdeliveries, on june 1,
2022. thefolowingtransactionsoccurredduringthemonth of june..
june
1. shareholdersinvested 10000 cashinthebusinessinexchange for
ordinaryshares.
2. purchased a usedvan for deliveries for 12000. markpaid 2000
cashandsigned a notepayable for theremainingbalance.
3. paid 500 for officerent for themonth.
5. perfomed 4400 of service on account.
9. declaredandpaid 200 incashdividends
12. purchasedsupplies for 150 on account
15. received a cashpayment of 1250 for servicesprovided on june 5.
17. purchasedgasoline for 100 on account.