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Accounting with tables and multiple choice questions.pdf
Accounting_with_tables_and_multiple_choice_questions.pdf
Showing 42-43 out of 53
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SU...
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
Test Bank for Accounting Principles, Eighth Edition
1 - 42
Ex. 194
(cont.)
TED TERNER, DDS
Balance Sheet
September 30, 2008
——————————————————————————————————————————
Assets
$
Total assets
$
Liabilities and Owner's Equity
Liabilities
$
Owner's Equity
$
Total liabilities and owner's equity
$
Solution 194
(15 min.)
TED TERNER, DDS
Income Statement
For the Month Ended September 30, 2008
——————————————————————————————————————————
Revenues
Service revenue
..............................................................................
$25,000
Expenses
Salaries expense
.............................................................................
$9,000
Dental supplies expense
.................................................................
3,500
Rent expense
..................................................................................
2,000
Utilities expense
..............................................................................
700
Total expenses
..........................................................................
15,200
Net income
................................................................................
$
9,800
TED TERNER, DDS
Owner's Equity Statement
For the Month Ended September 30, 2008
Ted Terner, Capital, September 1
.........................................................
$42,000
Add: Net income
....................................................................................
9,800
51,800
Less: Drawings
......................................................................................
6,000
Ted Terner, Capital, September 30
.......................................................
$45,800
Accounting in Action
1 - 43
Solution 194
(cont.)
TED TERNER, DDS
Balance Sheet
September 30, 2008
——————————————————————————————————————————
Assets
Cash
.......................................................................................................
$
6,000
Accounts receivable
...............................................................................
14,000
Dental supplies
......................................................................................
2,800
Equipment
..............................................................................................
30,000
Total assets
......................................................................................
$52,800
Liabilities and Owner's Equity
Liabilities
Accounts payable
.............................................................................
$
7,000
Owner's Equity
Ted Terner, Capital
..........................................................................
45,800
Total liabilities and owner's equity
....................................................
$52,800
Ex. 195
Indicate whether the following items would appear on the balance sheet (BS), income statement
(IS), or owner's equity statement (OE).
1. Advertising expense
2. Accounts receivable
3. Jones, drawing
4. Rent revenue
5.
Salaries payable
6. Supplies
Solution 195
(5 min.)
1. Income statement (IS)
4. Income statement (IS)
2. Balance sheet (BS)
5. Balance sheet (BS)
3. Owner's equity statement (OE)
6. Balance sheet (BS)
Ex. 196
Listed below in alphabetical order are the balance sheet items of Hoyle Company at December
31, 2008. Prepare a balance sheet and include a complete heading.
Accounts Payable
$
14,000
Accounts Receivable
15,000
Building
46,000
Cash
17,000
Joe Hoyle, Capital
120,000
Land
52,000
Office Equipment
4,000
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