BA220 Grantham Financial Accounting Calculation of Net Income Worksheet

BA220

Grantham University

### Question Description

Exercise 2-15A on page 110

• Exercise 2-19A on page 111
• Exercise 2-27A on page 113
• Exercise 2-29A on page 114
• Exercise 2-30A on page 114

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FINANCIAL ACCOUNTING ASSIGNMENT

Exercise 2-15A on page 110
Exercise 2-19A on page 111
Exercise 2-27A on page 113
Exercise 2-29A on page 114
Exercise 2-30A on page 114

No. 15A
a. Calculation of used rent amount.
-

Prepaid rent = \$18,000

-

Number of months completed is 11 months.

-

Used rent amount =

No.of months completed 

 Prepaid rent 

12months

11months 

 \$18000 
  \$16,500 …………. equation I
12months 

Preparation of work sheet.
“M” Industry
effect of events on
the Accounting
Equation
Event

Assets

=

Liabilities

+ Stockholders’
Equity

Cash

Prepaid
expenses

Performed services

\$36,000

Prepaid rent

(\$18,000)

Used rent (from
equation I)

=

Retained
earnings
\$36,000

\$18,000
(\$16,500)

(\$16,500)

Total

(\$18,000)

\$1,500

\$19,500

b. Calculation of net income
“L” Industry income
statement for the year
ended December 31, 2016.
Particulars

Amount Amount

Revenues recognized on

\$36,000

account
Less; expense

\$16,500

Net income

\$19,500

Preparation of “L” industry balance sheet
“L” Industry
Balance sheet
As of December 31, 2016.
Assets

Amount

cash

\$18,000

Accounts receivable

\$1,500

Total Assets

Amount

\$19,500

Liabilities
\$0
Total liabilities

\$0

Stockholders’ equity
Retained earnings

\$19,500

Total stockholders

\$19,500

Total Liability and Stockholder...

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