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    Fa Assignment 2

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    Jane
    Problem 1 provides a table with assets, liabilities, and equity accounts for an unnamed company. Problem 2 provides a similar table for a different company. Problem 3 shows the balance sheet for Green Bay Delivery Service as of November 30th, with assets of $113,000 equal to liabilities of $63,000 and equity of $50,000. Problem 4 shows the balance sheet for Skymaster Airplane Rentals as of December 31, 2014, with total assets of $260,000 equal to total liabilities and equity.

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    Fa Assignment 2

    Uploaded by

    Jane
    64 views3 pages
    Problem 1 provides a table with assets, liabilities, and equity accounts for an unnamed company. Problem 2 provides a similar table for a different company. Problem 3 shows the balance sheet for Green Bay Delivery Service as of November 30th, with assets of $113,000 equal to liabilities of $63,000 and equity of $50,000. Problem 4 shows the balance sheet for Skymaster Airplane Rentals as of December 31, 2014, with total assets of $260,000 equal to total liabilities and equity.

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    Finacial accounting

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    Problem 1 provides a table with assets, liabilities, and equity accounts for an unnamed company. Problem 2 provides a similar table for a different company. Problem 3 shows the balance sheet for Green Bay Delivery Service as of November 30th, with assets of $113,000 equal to liabilities of $63,000 and equity of $50,000. Problem 4 shows the balance sheet for Skymaster Airplane Rentals as of December 31, 2014, with total assets of $260,000 equal to total liabilities and equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    64 views3 pages

    Fa Assignment 2

    Uploaded by

    Jane
    Problem 1 provides a table with assets, liabilities, and equity accounts for an unnamed company. Problem 2 provides a similar table for a different company. Problem 3 shows the balance sheet for Green Bay Delivery Service as of November 30th, with assets of $113,000 equal to liabilities of $63,000 and equity of $50,000. Problem 4 shows the balance sheet for Skymaster Airplane Rentals as of December 31, 2014, with total assets of $260,000 equal to total liabilities and equity.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    FA ASSIGNMENT

    Problem 1
    Assets Liabilities Equity
       
      Accounts Accounts Notes Common Retained
    Receivable Equipmen Payable Payable Stock Earnings
    Cash
    t
    a. 5,000         5,000  
    b. -1000   10000   9000    
    c.     2500 2500      
    d. 1700           1700
    e.   12000         12000
    f. -2000           -2000
    g. -2500     -2500      
    h. 8000 -8000          
    i. -3000       -3000    
    j. -2500           -2500
    Total
    3700 4000 12500 0 6000 5000 9200
    s
    20200 20200

    Problem 2
    Assets Liabilities Equity
        Accounts     Accounts Common Retained
    Cash Receivable Supplies Equipment Payable Stock Earnings
    a. 6,000         6,000  
    b. -2000           -2000
    c.       9000 9000    
    d. -1000   1000        
    e. 2800           2800
    f.   1400         1400
    g. -400           -400
    h. -4500       -4500    
    i. 1400 -1400          
    j. -200           -200
    Tota
    2100 0 1000 9000 4500 6000 1600
    l
    1210
    0 12100
    Problem 3

    GREEN BAY DELIVERY SERVICE


    BALANCE SHEET AS AT NOVEMBER 30
    ASSETS   LIABILITIES AND OWNER'S EQUITY  
    Cash 8,000 Accounts Payable 18,000
    Accounts Receivable 10,000 Notes Payable 45,000
    Building 28,000 Total Liabilities 63,000
    Trucks 55,000 EQUITY
    Office Equipment 12,000 Common Stock 30,000
        Retained Earnings 20,000
        Total Equity 50,000
    Total Assets 1,13,000 Total liabilities and owners’ equity 1,13,000

    Problem 4

    SKYMASTER AIRPLANE RENTALS


    BALANCE SHEET AS AT DECEMBER 31, 2014
    ASSETS   LIABILITIES AND OWNER'S EQUITY  
    Cash 11,000 Accounts Payable 36,000
    Accounts Receivable 24,000 Notes Payable 47,000
    Airplanes 1,50,000 Total Liabilities 83,000
    Hangar 60,000 EQUITY  
    Office Furniture 15,000 Common Stock 20,000
        Retained Earnings 1,57,000
        Total Equity 1,77,000
    Total Assets 2,60,000 Total liabilities and owners’ equity 2,60,000

    Statement of Retained Earnings:

    Retained Earnings, December 31, 2013 1,30,000


    Revenues 2,17,000
    Expenses 1,38,000
    Divided 52,000
    Retained Earnings, December 31, 2014 1,57,000

    Retained earnings = Revenue – Expense - Dividend

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