standard accounting , accounting homework help

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Question 1: Identify the financial statement (Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash Flow) in which decision makers can find the following information. Hint: In some cases, more than one statement will report the needed data. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Common shares Income tax payable Dividends Income tax expense Ending balance of retained earnings Revenue Cash spent to acquire equipment Selling, general and administrative expenses Adjustments to reconcile net income to net cash provided by operations Ending cash balance Current liabilities Net income Question 2: Requirement 1: Fill in the missing amounts which correspond with a letter, for each company. Alpha Beta Delta Assets $78 $30 F Liabilities 47 19 $2 Common shares 6 1 2 Retained earnings A 10 3 B $48 $9 $48 30 G Common shares 6 1 2 Retained earnings 27 D 4 Dividends 3 2 0 Beginning Ending Assets Liabilities Income Statement Revenues $216 E $20 Expenses 211 $144 19 C 9 1 Net Income Missing Amount Solution A B C D E F G Requirement 2: At the end of the year, which company has the highest net income? Which company has the highest percentage of net income to revenue? Hint: A statement of retained earnings will help you with your calculations. Question 3: Prepare journal entries for the following transactions which occurred at Stark Corporation: The owner, Tony Stark, invested cash of $12,000 and office equipment valued at $7,500 into the business, receiving common shares in exchange. Purchased supplies for cash, $1,000. Paid $750 for one month’s rent on the store. Billed a client, Ultron, $1,500 for services rendered. Tony Stark received a dividend of $300. Question 4: Dr. Li’s Family Dental has the following trial balance: Dr. Li’s Family Dental Trial Balance December 31, 2016 Debit Credit Cash $6,000 Accounts receivable 13,000 Supplies 4,000 Equipment 22,000 Land 50,000 Accounts payable $19,000 Note payable 20,000 Share capital 10,000 Retained earnings 8,000 Service revenue 70,000 Salary expense 21,000 Rent expense 10,000 Interest expense TOTAL 1,000 $127,000 $127,000 Compute the following amounts for Dr. Li’s dental practice: a. Total assets b. Total liabilities c. Net income or loss during December d. Total shareholders’ equity Question 5: During October 2016, Paws Veterinary Clinic completed the following transactions: Oct. 1 Paws received $30,000 cash and issued common shares to shareholders 4 Purchased supplies, $1,000, and equipment, $2,600 on account 5 Performed checkup services, and received cash, $1,500 7 Paid cash to acquire land for an office site, $22,000 11 Performed a surgery on a sick cat, and billed the customer $500 16 Paid for the equipment, purchased Oct 4 on account 17 Paid the telephone bill, $95 18 Received partial payment from client on account, $250 22 Paid the water and electricity bills, $400 29 Received $2,000 cash for conducting a workshop on “Healthy Cat Living” 31 Paid employee salary, $1,300 31 Declared and paid dividends of $1,500 Requirements: 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required. 2. Prepare the trial balance of Paws, at October 31, 2016. Evaluation Financial Accounting focuses heavily on finding solutions to numerical problems. With that in mind, most units will include a number of problems. For each problem, you will need to provide more than a simple numerical response. Your solutions should thoroughly address the issue and present the findings in a meaningful format similar to those developed within the chapters and as part of the review exercises solutions. Part value may be assigned for incorrect responses providing evidence of understanding of the principles exist.
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Explanation & Answer

Attached. Thanks

Question 1

Elements
Common shares
Income tax payable
Dividends
Income tax expense
Ending balance of retained earnings
Revenue
Cash spent to acquire equipment
Selling, general and administrative expenses
Adjustments to reconcile net income to net cash provided by
operations
Ending cash balance
Current liabilities
Net income

Question 2

Requirement 01
Missing Amount

Solution

A

25

B

78

C

5

D

19

E

153

F

7

G

3

Financial Statement
Balance Sheet
Balance Sheet
Statement of Retained Earnings
Income Statement
Statement of Retained Earnings
and Balance Sheet
Income Statement
Statement of Cash Flow
Income Statement
Statement of Cash Flow
Statement of Cash Flow and
Balance Sheet
Balance Sheet...


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I was having a hard time with this subject, and this was a great help.

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