ACC 201 Week 4 Chapter 7 Problems

Apr 28th, 2015
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ACC 201 Week 4 Chapter 7 Problems

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PROBLEM 7-26a.Artesia Co.Effect of Events on the General Ledger 2012 and 2013Assets=Liabilities+Stockholders' EquityEventCash=Sales Tax Pay.Int.Pay.Notes Pay.+Com. StockRetained EarningsAcct. Title/RE20121. 40,000NANA40,000NANA2.127,2007,200NANANA120,000Svc. Rev.3. (72,000)NANANANA(72,000)Op. Exp.4. (6,000)(6,000)NANANANA5.NANA1,5001NANA(1,500)Int. Exp.Bal.89,2001,2001,50040,000-0-46,5002013B. Bal.89,2001,2001,50040,000-0-46,5001.(1,200)(1,200)NANANANA2.153,7008,700NANANA145,000Svc. Rev.3a.NANA5002NANA(500)Int. Exp.3b.(42,000)NA(2,000)(40,000)NANA4.(85,000)NANANANA(85,000)Op. Exp.5.(7,200)(7,200)NANANANABal.107,5001,500-0--0--0-106,0001$40,000 x 5% x 9/12 = $1,5002$4,000 x 5% x 3/12 = $500PROBLEM 7-26 (cont.)b.Artesia Co.Income StatementFor the Year Ended December 31, 2012Service Revenue$120,000ExpensesOperating Expenses$72,000Total Operating Expenses(72,000)Operating Income48,000Interest Expense(1,500)Net Income$46,500Artesia Co.Statement of Changes of Stockholders' EquityFor the Year Ended December 31, 2012Common Stock$ -0-Beginning Retained Earnings$ -0-Add: Net Income46,500Ending Retained Earnings46,500Total Stockholders' Equity$46,500

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