Accounting Principles 10th Edition Pdf

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Realized Gross Profit: Mason Branch Sales 22,500 Income: Mason Branch 10,500 Income Summary 12,000 Home Office Accounting Records Adjusting and Closing Entries (continued) Chapter 4 Accounting for Branches; Combined Financial Statements 135After these closing entries have been posted by the branch, the following Home Office ledger account in. Acces PDF Accounting Principles 10th Edition Weygandt Accounting Principles 10th Edition Weygandt Yeah, reviewing a books accounting principles 10th edition weygandt could grow your close contacts listings. This is just one of the solutions for you to be successful. As understood, triumph does not recommend that you have extraordinary points.Accounting Principles 12 Edition PdfChapter 1, Transaction Analysis & Financial Statements, pages 15 - 23 Assets = Liabilities + Owner’s EquityAssets Accounts 1) $ 2) 3) 4)Cash Receivable 15,000 (7,000)=Liabilities AccountsSupplies EquipmentPayable7,000 1,6001,6001,2005) 6) 7)250 1,500 (1,700)5, 8) 6, 9) 10)(250) 600 (1,300) $8,050 $ $2,000(250) (600)1,400 $ 1,600 $ 18,050summation of assets $18,0507,000$summation of liabilities & owner’s equity $ 18,050 $ 18,050Chapter 1, Transaction Analysis & Financial Statements, pages 15 - 23 Income Statement month ending September 30, 2012Revenues Service Revenues Expenses Salaries & Wages Expense$(900)4,7001,600+Rent Expense Advertising Expense Utilities Expense Total Expenses(600) (250) (200) (1,950)Net Income$2,750Owner’s Equity Statement month ending September 30, 2012Owner’s Capital, September 1 Add: Investments Add: Net Income Less: Drawings Owner’s Capital, September 300 $ 15,000 $ 2,750 17,750 $ (1,300) 16,450Investment by Owner Drawings by Ownersnet change in cashcash at beginning of pe cash at end of periodChapter 1, Transaction Analysis & Financial Statements, pages 15 - 23Owner’s Capital $ 15,000Owner’s Equity -Owner’s DrawingsRevenues-Expenses Initial Investment Equipment on cash Supplies on Credit Service Revenue1,200 3,500(250) Advertising Expense Service Revenue (900) Salaries & Wage Expense (600) Rent Expense (200) Utilities Expense(1,300) $ 15,000 $ (1,300) $ $ 18,050 owner’s cap/draw $ 13,7004,700 $(1,950)net income $ 2,750summation of owner’s equity $ 16,450 $ 16,450Chapter 1, Transaction Analysis & Financial Statements, pages 15 - 23 Balance Sheet month ending September 30, 2012Assets Cash Accounts Receivable Supplies Equipment$8,050 1,400 1,600 7,000Total Assets Liabilities & Owner’s Equity Liabilities Accounts Payable Owner’s Equity Owner’s Capital Total Liabilities & Owner’s Equity$18,050$1,600$16,450 18,050Statement of CashFlows month ending September 30, 2012Cash Flows from Operating Activities cash receipts from revenues cash payments for expenses$3,300 (1,950)Net Cash Provided by Operating Activities$1,350Cash Flow from Investing Activities Purchase of Equipment$(7,000) paid cash so put it here$15,000 (1,300) 13,700net change in cash$8,050cash at beginning of period cash at end of period$ $8,050Cash Flow from Financing Activities Investment by Owners Drawings by OwnersChapter 1, Transaction Analysis & Financial Statements, pages 15 - 23 Transactions 1) initial investment by owner, $15,000 cash, equal increase in assets and owner’s equity 2) purchase of equipment for $7,000 cash, equal increases and decrease 3) purchase of supplies on $1,600 credit, assets and liabilities increase 4) services provided for $1,200 cash, revenue increases owner’s equity 5) purchased advertising on $250 credit, increased liabilities and decreased owner’s equity (expense) 6) services provided for $1,500 cash and $2,000 credit equal increase in assets and owners equity 7) payment of $1,700 expenses equal decrease in assets and expenses equal decrease in assets and owner’s equity 8) payment of accounts payable (from #5) payment of $250 bill in cash equal decrease in cash and accounts payable 9) receipt of cash on account (from #6) received $600 in cash composition of assets changed 10) withdrawl of $1,300 in cash by owner equal decrease in assets and owner’s equityso put it hereChapter 1, Transaction Analysis & Financial Statements, pages 21Assets = Liabilities + Owner’s EquityCash 1) $ 2) 3) 4) 5)$Assets Accounts Receivable Supplies EquipmentLiabilities Accounts Payable25,000+Owner’s Equity Owner’s Capital $ 25,0007,0007,0007,000$ 7,0008,000 (850) (1,000)31,150 $- $summation of assets $=38,150- $summation of liabilities & owner’s equity $ 38,150$ 25,000owner’s cap/draw $ 24,000 summation of owner’s equity $ 31,150$ 38,150Chapter 1, Transaction Analysis & Financial Statements, pages 21Chapter 1, Transaction AnalysisIncome StatementBalance Sheetmonth ending August 31, 2012month ending August 31, 2012Revenues Service RevenuesAssets Cash Accounts Receivable SuppliesExpenses$ 8,000Salaries & Wages Expense Rent Expense Advertising Expense Utilities Expense Total Expenses Net Income(850) -Equipment Total AssetsLiabilities & Owner’s Equity Liabilities Accounts Payable Owner’s Equity Owner’s Capital Total Liabilities & Owner’s Equit(850) $ 7,150Owner’s Equity Statement month ending August 31, 2012Statement of CashFlows Owner’s Capital, September 1 Add: Investments Add: Net Income Less: Drawings Owner’s Capital, September 300 25,000 7,150 32,150 (1,000) $ 31,150month ending August 31, 2012Cash Flows from Operating Acti cash receipts from revenues cash payments for expenses Net Cash Provided by OperatingCash Flow from Investing Activi Purchase of EquipmentCash Flow from Financing Activi Investment by Owners Drawings by Ownersnet change in cash cash at beginning of period cash at end of periodOwner’s Equity -Owner’s Drawings Revenues -Expenses8,000 (1,000)$ (1,000) $ 8,000 $owner’s cap/drawcash equpment on credit service provided (850) rent expense cash withdrawal(850)net income $ 7,150ummation of owner’s equity $ 31,150Chapter 1, Transaction Analysis & Financial Statements, pages 21Balance Sheetmonth ending August 31, 2012Accounts Receivable$31,150 -Total Assets$7,000 38,150$7,000$31,150 38,150iabilities & Owner’s EquityAccounts Payable Owner’s Equity Owner’s Capital Total Liabilities & Owner’s EquityStatement of CashFlowsmonth ending August 31, 2012Cash Flows from Operating Activities cash receipts from revenues cash payments for expenses Net Cash Provided by Operating ActivitiesCash Flow from Investing Activities Purchase of Equipment$ $8,000 (850) 7,150$-$25,000 (1,000) 24,000$31,150$ $31,150Cash Flow from Financing Activities Investment by Owners Drawings by Ownersnet change in cashash at beginning of period ash at end of periodChapter 1, - pages 21Transactions1) Initial Investment by Owner, $25,000 Cash Equal Increase in Assets and Owner’s Equity 2) Purchase of Equipment for $7,000 Credit Equal Increase in Total Assets and Total Liabilities 3) Services provided for $8,000 Cash Total Assets, Cash increased Revenue Increases Owner’s Equity 4) Payment of $850 Rent Expenses, Cash Equal Decrease in Assets and Expenses Equal Decrease in Assets and Owner’s Equity 5) WithDrawl of $1,000 in cash by Owner Equal Decrease in Assets and Owner’s EquityEquipment paid on credit so it is zerowe start with zeroChapter 1, Transaction Analysis & Financial Statements, pages 25 Income StatementFlannagan Companymonth ending December 31, 2012Revenues Service Revenues$ 36,000Expenses Rent Expense Salaries & Wages Expense Utilities Expense Total Expenses(11,000) (7,000) (4,000) (22,000)Net IncomeBalance Sheet$ 14,000Flannagan Companymonth ending December 31, 2012Assets Cash Accounts Receivable Supplies Equipment Total Assets Liabilities & Owner’s Equity Liabilities Accounts Payable Note Payble Owner’s Equity Owner’s Capital Total Liabilities & Owner’s Equity$8,000 9,000 10,000 $ 27,000 -$ 2,000 16,500 $ 18,500 8,500 $ 27,000Presented below is selected information related to Flanagan Company at December 31, 2012. Flanagan reports fi nancial information monthly. Equipment $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Salaries and Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500Accounts Payable 2,000 Owner’s Drawings 5,000 (a) Determine the total assets of Flanagan Company at December 31, 2012. (b) Determine the net income that Flanagan Company reported for December 2012 (c) Determine the owner’s equity of Flanagan Company at December 31, 2012Chapter 1, Transaction Analysis & Financial Statements, pages 26-27 Assets = Liabilities + Owner’s EquityCash 1) $ 11,000 2) (800) 3) 4) 1,500 5) 700 6) 7) (500) (300) (100) 8 (1,000)Assets Accounts Receivable Supplies Equipment=Liabilities Notes Accounts Payable Payable3,0003,000 7002,000$ 10,500 $ 2,000 $ - $ 3,000 Total Assets $ 15,500 summation of assets $ 15,500$ 700 $ Total liability$summation of liabilities & owner’s equity $ 15,500 $ 15,500Chapter 1, Transaction Analysis & Financial Statements, pages 26-27 Income Statement month ending July 31, 2012Revenues Service Revenues Expenses Rent Expense Salaries & Wages Expense Utilities Expense Supplies Expense Total Expenses$ 3,500(800) (500) (300) (100) (1,700)3,000 3,700+Net Income$ 1,800Owner’s Equity Statement Owner’s Capital July 1st, 2012Owner’s Capital, September 1 Add: Investments Add: Net Income Less: Drawings Owner’s Capital, July 31$0 11,000 1,800 12,800 (1,000) $ 11,800Chapter 1, Transaction Analysis & Financial Statements, pages 26-27Owner’s CapitalOwner’s Equity -Owner’s Drawings Revenues -Expenses$ 11,0001,500 2,000(800) Rent Expense Equipment on credit Service Revenue borrowed cash Service Revenue (500) expense (300) expense (100) expense(1,000) $ 11,000 $ (1,000) $ 3,500 $ $ 11,800 owner’s cap/draw $ 10,000(1,700)net income $ 1,800summation of owner’s equity $ 11,800 $ 11,800Chapter 1, Transaction Analysis & Financial Statements, pages 26-27 Balance Sheet month ending July 31, 2012Assets Cash Accounts Receivable Supplies Equipment Total Assets Liabilities & Owner’s Equity Liabilities Notes Payable Accounts Payable$$10,500 2,000 3,000 15,500$ $700 3,000Total Liabilities Owner’s Equity Owner’s Capital Total Liabilities & Owner’s Equity3,700$11,800 15,500Statement of CashFlows month ending July 31, 2012Cash Flows from Operating Activities cash receipts from revenues cash payments for expenses Net Cash Provided by Operating Activities Cash Flow from Investing Activities Purchase of Equipment Cash Flow from Financing Activities Investment by Owners Proceeds from debt Drawings by Owners$ $1,500 (1,700) (200)$-$11,000 700 (1,000) 10,700net change in cash$10,500cash at beginning of period cash at end of period$ $10,500$Chapter 1, - pages 26 - 27 Transactions (July 2012)1) Initial Investment by Owner, $11,000 Cash Equal Increase in Assets and Owner’s Equity 2) Payment of $800 Rent Expense (July 2012) Equal Decrease in Assets and Expenses Equal Decrease in Assets and Owner’s Equity 3) Purchase of Equipment on $3,000 Credit Assets and Liabilities Increase 4) Legal Services provided for $1,500 Cash Revenue Increases Owner’s Equity 5) Borrowed $700 Cash from Bank on Note Payable 6) Legal Services provided for $2,000 Credit Accounts Receivable Increases Revenue Increases Owner’s Equity 7) Payment of $900 Expense (July 2012) Equal Decrease in Assets and Expenses Equal Decrease in Assets and Owner’s Equity 8) WithDrawl of $1,000 in cash by Owner Equal Decrease in Assets and Owner’s EquityChapter 1, Transaction Analysis & Financial Statements, pages 37 Assets = Liabilities + Owner’s Equity Assets Accounts Cash 1) $ 2) 3) 4) 5)15,000 (2,000) (750) 4,600 (1,500)6)(2,000)7) 8 9 10(650) 450 (4,800) $Receivable8,350 $Supplies EquipmentPayable$3,000750 3,900 (1,500)(450)3,450 $17,550750 $5,000$summation of liabilities & owner’s equity $ 17,550 $ 17,550Chapter 1, Transaction Analysis & Financial Statements, pages 37 Income Statement month ending August 31, 2012Revenues Service Revenues Expenses rent Expense salary Expense utilities Expense$8,500(650) (4,800) (500)Total Expenses Net IncomeLiabilities Accounts5,000summation of assets $=(5,950) $2,550500 2,000+Owner’s Equity Statement month ending August 31, 2012Owner’s Capital, September 1 Add: Investments Add: Net Income Less: Drawings Owner’s Capital, September 300 15,000 2,550$17,550 (2,000) 15,550Chapter 1, Transaction Analysis & Financial Statements, pages 37Owner’s CapitalOwner’s Equity -Owner’s DrawingsRevenues-Expenses$ 15,0008,500 (2,000)Ownerss drawing$ 15,000 $ (2,000) $owner’s cap/draw $ 13,000supplies Service Revenue8,500 $(650) rent Expense accounts receivable (4,800) salaries expense (500) Utilities expense (5,950) $ 15,550net income $ 2,550summation of owner’s equity $ 15,550 $ 15,550Chapter 1, Transaction Analysis & Financial Statements, pages 37 Balance Sheet month ending August 31, 2012Assets Cash Accounts Receivable Supplies Equipment Total Assets Liabilities & Owner’s Equity Liabilities Accounts Payable Owner’s Equity Owner’s Capital$$8,350 3,450 750 5,000 17,550$2,000 15,550Total Liabilities & Owner’s Equity$17,550$ $5,050 (7,700) (2,650)$(2,000)$15,000 (2,000) 13,000net change in cash$8,350cash at beginning of period cash at end of period$ $8,350Statement of CashFlows month ending August 31, 2012Cash Flows from Operating Activities cash receipts from revenues cash payments for expenses Net Cash Provided by Operating Activities Cash Flow from Investing Activities Purchase of Equipment Cash Flow from Financing Activities Investment by Owners Drawings by OwnersChapter 1, Transaction Analysis & Financial Statements, pages 37 Transactions (August 2012)1) Initial Investment by Owner, $15,000 Cash Equal Increase in Assets and Owner’s Equity 2) Purchase of Equipment on $5,000 ($2,000 Cash, $3,000 Credit) Assets and Liabilities Increase 3) Purchase of supplies on $750 Cash Assets increased and decreased 4) Revenues of $8,500 earned $4,600 Cash ans $3,900 Credit Revenue Increases Owner’s Equity Cash and Accounts Receivable Increases 5) Paid $1,500 Cash on Accounts Payable Equal Decrease in Assets and Owner’s Equity 7) Payment of $650 Rent Expense (August 2012) Equal Decrease in Assets and Expenses Equal Decrease in Assets and Owner’s Equity 8) Received / Collected $450 Cash on Account Assets increased and decreased 9) Payment of $4,800 Expenses (August 2012) Equal Decrease in Assets and Expenses Equal Decrease in Assets and Owner’s Equity 10) Incurred $500 of Utilities Expenses on Account Liabilities Increased, Equity / Expenses DecreasedProblem Set P1 - A1 Chapter 1, Transaction Analysis & Financial Statements, page 39Chapter 1, Transaction AnAssets = Liabilities + Owner’s Equity a)Assets Accounts Cash 1) $ 2) 3) 4)5) 6)Receivable= Supplies Equipment10,000 (5,000) (400) (500)Payable+Owner’s Owner’s Capital $ 10,0005,000 500 2507) 8)6,100 (1,000) (2,000)9)(170)10) 10,11)120 $7,150 $750 (120) 630 $summation of assets $13,280500 $=5,000$summation of liabilities & owner’s equity $ 13,280250$ 10,000owner’s cap/draw $ 9,000summation of owner’s equ $ 13,030$ 13,280 b)Liabilities AccountsNet Income is $4,030 Chapter 1, Transaction Analysis & Financial Statements, page 39Chapter 1, Transaction AnIncome StatementBalance Sheetmonth ending May 31, 2012month ending May 31, 2012Revenues Service RevenuesAssets Cash Accounts Receivable Supplies Equipment Total AssetsExpenses Salaries & Wages Expense Rent Expense Advertising Expense$(2,000) (400) (250)6,850Utilities Expense Total Expenses(170) (2,820)Net Income$4,030Liabilities & Owner’s Equit Liabilities Accounts Payable Owner’s Equity Owner’s Capital Total Liabilities & Owner’sOwner’s Equity Statement month ending May 31, 2012Statement of CashFlows Owner’s Capital, May 1 Add: Investments Add: Net Income Less: Drawings Owner’s Capital, May 310 $ 10,000 $ 4,030 $ 14,030 $ (1,000) $ 13,030month ending May 31, 2012Cash Flows from Operating cash receipts from revenu cash payments for expens Net Cash Provided by OperCash Flow from Investing A Purchase of EquipmentCash Flow from Financing A Investment by Owners Drawings by Ownersnet change in cashcash at beginning of period cash at end of periodChapter 1, Transaction Analysis & Financial Statements, page 39Owner’s Equity -Owner’s DrawingsRevenues-Expenses Initial Investment Equipment cash (400) Rent Expense cash Supplies cash6,100 (1,000)750$ (1,000) $owner’s cap/draw6,850(250) Advertising Expense on account Service Revenue cash Owners Drawing (2,000) Salaries & Wage Expense cash (170) Utilities Expense cash Service Revenue received cash $120 from $750 $ (2,820)net income $ 4,030summation of owner’s equity $ 13,030Chapter 1, Transaction Analysis & Financial Statements, page 39Balance Sheetmonth ending May 31, 2012$ Accounts ReceivableTotal Assets$7,150 630 500 5,000 13,280Liabilities & Owner’s EquityAccounts Payable Owner’s Equity Owner’s Capital Total Liabilities & Owner’s Equity$250$13,030 13,280Statement of CashFlowsmonth ending May 31, 2012Cash Flows from Operating Activities cash receipts from revenues cash payments for expenses Net Cash Provided by Operating Activities$6,220 (3,070) 3,150$(5,000)$10,000 (1,000) 9,000net change in cash$7,150cash at beginning of period cash at end of period$0 7,150Cash Flow from Investing Activities Purchase of Equipment$Cash Flow from Financing Activities Investment by Owners Drawings by OwnersProblems: Set A – assignments Transactions P1-1A Threet’s Repair Shop was started on May 1 by Erica Threet. A summary of May transactions is presented below. 1. Invested $10,000 cash to start the repair shop. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $250 of advertising costs in the Beacon News on account. 6. Received $6,100 in cash from customers for repair service. 7. Withdrew $1,000 cash for personal use. 8. Paid part-time employee salaries $2,000. 9. Paid utility bills $170. 10. Provided repair service on account to customers $750. 11. Collected cash of $120 for services billed in transaction (10).Instructions (a) Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable,Supplies, Equipment, Accounts Payable, Owner’s Capital, Owner’s Drawings, Revenues, and Expenses (b) From an analysis of the owner’s equity columns, compute the net income or net loss for May. Ans - Net income = $4030Problem Set P1 - 1B Chapter 1, Transaction Analysis & Financial Statements, page 41Chapter 1, Transaction AnAssets = Liabilities + Owner’s Equity a)Assets Accounts Cash 1) $ 2) 3)Receivable=Liabilities AccountsSupplies Equipment15,000 (600) (3,000)Payable+Owner’s Owner’s Capital $ 15,0003,000 7004)5) 6)(800) 3,000 (500) (500)7) 4, 8) 9)6, 10) $(2,500) 4,000 14,100 $800 7,000 (500) (4,000) 3,000 $summation of assets $20,900800 $=3,000$summation of liabilities & owner’s equity $ 20,900200$ 15

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