Jun 2nd, 2015
Studypool Tutor
Price: $10 USD

Tutor description


Word Count: 636
Showing Page: 1/13
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

Review from student

Studypool Student
" Good stuff. Will use again. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1831 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors