FUND ACCT PRIN (ACCESS 180 DAY)
24th Edition
ISBN: 9781260818024
Author: Wild
Publisher: INTER MCG
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Question
Chapter 1, Problem 7BPSB
To determine
1. To prepare:
A table in required format for the given data
Expert Solution
Explanation of Solution
The required table for the given data is prepared as below:
Assets | Liabilities | + | Equity | ||||||||||||
Date | Cash | + | + | Equipment | = | Account Payable | + | N. Niko Capital | - | N. Niko withdrawals | + | Revenues | - | Expenses | |
1 | $130,000 | $130,000 | |||||||||||||
2 | -6,000 | -6,000 | |||||||||||||
4 | 2,400 | 2,400 | |||||||||||||
6 | -1,150 | -1,150 | |||||||||||||
8 | 850 | 850 | |||||||||||||
14 | 7,500 | 7,500 | |||||||||||||
16 | -800 | -800 | |||||||||||||
20 | 7,500 | -7,500 | |||||||||||||
21 | 7,900 | 7,900 | |||||||||||||
24 | 675 | 675 | |||||||||||||
25 | 7,900 | -7,900 | |||||||||||||
26 | -2,400 | -2,400 | |||||||||||||
28 | -800 | -800 | |||||||||||||
29 | -4,000 | -4,000 | |||||||||||||
30 | -150 | -150 | |||||||||||||
30 | -890 | -890 | |||||||||||||
130,060 | + | 675 | + | 2,400 | = | 0 | + | 130,000 | - | -4,000 | + | 16,925 | - | -9,790 |
To determine
2. To Prepare:
The income statement, statement of owner's equity and the balance sheet from the given data.
Expert Solution
Explanation of Solution
The income statement for Niko's Maintenance Co for June month is as below.
Niko's Maintenance Co | |||
Income Statement for the month June | |||
Details | Amount in $ | ||
Revenue | |||
Income from maintain services | $16,925 | ||
Expenses | |||
Rent expenses | 6,000 | ||
Administrative expenses | 1,150 | ||
Salary expenses | 1,600 | ||
Telephone bill | 150 | ||
Utilities expenses | 890 | 9,790 | |
Net income | $7,135 |
The statement of owner's equity for Niko's Maintenance Co for the month of June is as below
Niko's Maintenance Co | |||
Statement of owner's equity for the month of June | |||
Details | Amount in $ | ||
Opening equity | 0 | ||
Add: Equity introduced in form of cash | 130,000 | ||
Add: Net income for the year | 7,135 | ||
Less: Cash withdrawals | -4,000 | ||
Closing equity as on June 30 | $133,135 |
The balance sheet as of June 30 is as below.
Niko's Maintenance Co | |||
Balance Sheet as on June 30 | |||
Details | Amount in $ | ||
Liabilities | |||
Equity | $133,135 | ||
Account payable | 0 | ||
Total | $133,135 | ||
Assets | |||
Cash | $130,060 | ||
Account receivable | $675 | ||
Equipments | $2,400 | ||
Total | $133,135 |
To determine
3. To Prepare:
A statement of cash flows for the month of June.
Expert Solution
Explanation of Solution
The statement of cash flows for the month of June is prepared as below.
Niko's Maintenance Co | |||
Statement of Cash flow for the month of June | |||
Amount in $ | |||
Opening cash balance | 0 | ||
Cash flow from operating activities | |||
Rent paid in cash | -6,000 | ||
Advertising exp paid in cash | -1,150 | ||
Revenue received in cash | 850 | ||
Cash received from customer | 7,500 | ||
Cash received from customer | 7,900 | ||
Salary paid in cash | -1,600 | ||
Telephone bill paid in cash | -150 | ||
Utilities expenses paid in cash | -890 | 6460 | |
Cash flow from financing activities | |||
Cash paid to supplier of equipment | -2,400 | ||
Cash flow from investing activities | |||
Cash received from Owner | 130,000 | ||
Cash withdrawals by owner | -4,000 | 126,000 | |
Cash Balance as on June 30 | 130,060 |
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Chapter 1 Solutions
FUND ACCT PRIN (ACCESS 180 DAY)
Ch. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Prob. 3DQCh. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three type of services typically offered...Ch. 1 - Prob. 8DQCh. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?
Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - A business reports its own office stationary on...Ch. 1 - Why is the revenue recognition principle needed?...Ch. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - What events or transactions change equity?Ch. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - 21. Define net income and explain its...Ch. 1 - Identify the four basics financial statements of a...Ch. 1 - Prob. 23DQCh. 1 - 24. Give two examples of expenses a business might...Ch. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Prob. 28DQCh. 1 - Prob. 29DQCh. 1 - Prob. 30DQCh. 1 - B Explain why investing (assets) and financing...Ch. 1 - Prob. 32DQCh. 1 - Prob. 33DQCh. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - This icon highlights assignments that enhance...Ch. 1 - Prob. 8QSCh. 1 - Prob. 9QSCh. 1 - Prob. 10QSCh. 1 - Prob. 11QSCh. 1 - Identifying items with financial statements P2...Ch. 1 - P2
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Classify each of the following items as assets...Ch. 1 - Preparing an income statement P2...Ch. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Prob. 1ECh. 1 - Exercise 1-2 Identifying accounting users and uses...Ch. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Prob. 9ECh. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Exercise 1-14 Analyzing return on assets A2 Swiss...Ch. 1 - Prob. 15ECh. 1 - Prob. 16ECh. 1 - Exercise 117 Preparing 117 P2 Use the information...Ch. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Exercise 1-22 Preparing an income statement for a...Ch. 1 - Exercise 1-23 Using the accounting equation A1...Ch. 1 - Problem 1-1A Identifying effects of transactions...Ch. 1 - Prob. 2APSACh. 1 - Problem 1-3A Preparing an income statement P2 As...Ch. 1 - Problem 1-4A Preparing a statement of owner's...Ch. 1 - Problem 1-5A Preparing a balance sheet P2 Use the...Ch. 1 - Problem 1-6A Preparing a statement of cash flows...Ch. 1 - Prob. 7APSACh. 1 - Prob. 8APSACh. 1 - Prob. 9APSACh. 1 - Prob. 10APSACh. 1 - Prob. 11APSACh. 1 - Prob. 12APSACh. 1 - Prob. 13APSACh. 1 - Prob. 14APSACh. 1 - Problem 1-1B Identifying effects of transactions...Ch. 1 - Prob. 2BPSBCh. 1 - Prob. 3BPSBCh. 1 - Problem 1-4B Preparing a statement of owner's...Ch. 1 - Prob. 5BPSBCh. 1 - Prob. 6BPSBCh. 1 - Prob. 7BPSBCh. 1 - Prob. 8BPSBCh. 1 - Prob. 9BPSBCh. 1 - Prob. 10BPSBCh. 1 - Prob. 11BPSBCh. 1 - Problem 112BA Identifying risk and return A3 All...Ch. 1 - Prob. 13BPSBCh. 1 - Prob. 14BPSBCh. 1 - On October 1. 2019, Santana Rev launched a...Ch. 1 - Prob. 1AACh. 1 - Prob. 2AACh. 1 - Prob. 3AACh. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Visit the EDGAR database at SEC.gov. Access the...Ch. 1 - Prob. 4BTNCh. 1 - Prob. 5BTNCh. 1 - Prob. 6BTN
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