Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Textbook Question
Chapter 1, Problem 4PB
Transactions; financial statements
2. Net income: $10,850
On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:
a. Opened a business bank account with a deposit of $24,000 in exchange for common stock.
b. Paid rent on office and equipment for the month, $3,600.
c. Paid automobile expenses for month, $1,350, and miscellaneous expenses, $600.
d. Purchased supplies on account, $1,200.
e. Earned sales commissions, receiving cash, $19,800.
f. Paid creditor on account, $750.
g. Paid office salaries, $2,500.
h. Paid dividends, $3,500.
i. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $900.
Instructions
1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
2. Prepare an income statement for April, a statement of stockholders’ equity for April, and a balance sheet as of April 30.
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Chapter 1 Solutions
Financial And Managerial Accounting
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