Given P02-05

Document Sample
Given P02-05 Powered By Docstoc
					                                                     Student Name:
                                                             Class:
                                                                      Problem 02-05


                              HERE COME THE CLOWNS!
                                    Balance Sheet
                                    June 30, 2007

                  Assets                              Liabilities & Stockholders' Equity
Cash                                         Liabilities:
Notes receivable                              Notes payable
Accounts receivable                           Accounts payable
Animals                                       Salaries payable
Cages                                           Total liabilities
Costumes                                     Owners' equity:
Props and equipment                           Capital stock
Tents                                         Retained earnings
Trucks & wagons
Total                                        Total


b. Explain what changes would be required in your June 30 balance sheet to reflect
   the loss of an uninsured tent that cost $14,300.
Given Data P02-05:

                 HERE COME THE CLOWNS!

Accounts Payable      $ 26,100   Notes Payable         $ 180,000
Accounts Receivable      7,450   Note Receivable           9,500
Animals               189,060    Props and Equipment      89,580
Cages                   24,630   Retained Earnings        27,230
Capital Stock         310,000    Salaries Payable          9,750
Cash                      ?      Tents                    63,000
Costumes                31,500   Trucks & Wagons         105,840
                            Student Name:
                                    Class:
                                             Problem 02-08

                          THE SWEET SODA SHOP
                               Balance Sheet
                            September 30, 2007

              Assets                             Liabilities & Owners' Equity
Cash                                         Liabilities:
Accounts receivable                           Notes payable
Supplies                                      Accounts payable
Land                                            Total liabilities
Building                                     Owners' equity:
Furniture & fixtures                          Capital stock
                                              Retained earnings
Total                                        Total


                          THE SWEET SODA SHOP
                               Balance Sheet
                              October 6, 2007

                 Assets                          Liabilities & Owners' Equity
Cash                                         Liabilities:
Accounts receivable                           Notes payable
Supplies                                      Accounts payable
Land                                            Total liabilities
Building                                     Owners' equity:
Furniture & fixtures                          Capital stock
                                              Retained earnings
Total                                        Total


                         THE SWEET SODA SHOP
                              Income Statement
                       For the Period October 1-6, 2007

Revenues
Expenses
Net income
                            Student Name:
                                    Class:
                                             Problem 02-08

                        THE SWEET SODA SHOP
                          Statement of Cash Flows
                      For the Period October 1-6, 2007

Cash flows from operating activities:
 Cash received from revenues
 Cash paid for expenses
 Cash paid for accounts payable
 Cash paid for supplies
  Cash used in operating activities

Cash flows from investing activities:
 None

Cash flows from financing activities:
 Cash received from sale of capital stock

Increase in cash
Cash balance, October 1, 2007
Cash balance, October 6, 2007


c. Assume the note payable does not come due for several years. Is The Sweet Soda
   Shop in a stronger financial position on Sept. 30 or October 6? Explain briefly.
Given Data P02-08:

                      THE SWEET SODA SHOP

Accounts Payable         $ 8,500    Furniture & Fixtures   $   20,000
Accounts Receivable        1,250   Land                        55,000
Building                 45,500    Notes Payable               ?
Cash                       7,400   Retained Earnings            4,090
Capital Stock            50,000    Supplies                     3,440

Cash received for stock                                    $   30,000
Purchase price of furniture                                    18,000
Cash paid for supplies                                          1,000
Cost of supplies under normal circumstances                     1,875
Revenues earned and paid in cash                                5,500
Expenses incurred and paid in cash                              4,000
                               Student Name:
                                       Class:
                                                Problem 02-09

                             BERKELEY PLAYHOUSE
                                 Balance Sheet
                               September 30, 2007

                    Assets                            Liabilities & Owners' Equity
Cash                                            Liabilities:
Accounts receivable                              Notes payable
Props and costumes                               Accounts payable
Lighting equipment                               Salaries payable
                                                   Total liabilities
                                                Owner's equity:
                                                 Helen Berkeley, capital
Total                                           Total


b. For each of the nine numbered items above, explain your reasoning in deciding
   whether or not to include the items in the balance sheet and in determining
   the proper dollar value.
Student Name:
        Class:
                 Problem 02-09
Given Data P02-09:

                                BERKELEY PLAYHOUSE
                                    Balance Sheet
                                  September 30, 2007

                      Assets                                Liabilities & Owners' Equity
Cash                           $ 21,900               Liabilities:
Accounts Receivable              132,200               Accounts Payable            $ 6,000
Props and Costumes                 3,000               Salaries Payable              29,200
Theater Building                  27,000                 Total Liabilities         $ 35,200
Lighting Equipment                 9,400              Owner's equity
Automobile                        15,000               Helen Berkeley, Capital       50,000
Total                          $ 208,500              Total                        $ 85,200

(1) Cash in company bank account           $ 15,000
    Cash in company safe                      1,900
    Cash in personal savings account          5,000
(2) Dell, Inc. receivable                     7,200
    Estimate of future ticket sales        125,000
(3) Cost of props and costumes               18,000
    Cash paid for props and costumes          3,000
    Note to Actors' Supply Co.               15,000
(4) Monthly rent on theater building          3,000
    Purchase price of theater building     135,000
(5) Purchase price of lighting equipment      9,400
    Current value of lighting equipment           0
(6) Purchase price of Jaguar                  9,000
    Listed sales price of similar Jaguar     15,000
(7) Business debts                            3,900
    Balance on personal VISA                  2,100
(8) Salary offered to Mario Dane             25,000
    Salary owed to stage hands                4,200
(9) Original investment in business          20,000
    Recent offer to purchase                 50,000

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:37
posted:7/24/2011
language:English
pages:8