Homework Answers
Answer
- Requirement [a]
|
Event |
Cash |
Accounts receivables |
Inventory |
Accounts Payable |
Common Stock |
Retained earnings |
Revenues |
Expenses |
Net Income |
Statement of Cash Flows |
|
|
Beg bal |
$23,500 |
$23,500 |
|||||||||
|
1 |
$17,000 |
$17,000 |
$0 |
||||||||
|
2a |
$19,100 |
$19,100 |
$19,100 |
$19,100 |
$0 |
||||||
|
2b |
($12,800) |
($12,800) |
$12,800 |
($12,800) |
$0 |
||||||
|
3 |
($10,600) |
($10,600) |
($10,600) |
OA |
|||||||
|
4 |
$17,000 |
($17,000) |
$17,000 |
OA |
|||||||
|
5 |
($3,700) |
($3,700) |
$3,700 |
($3,700) |
($3,700) |
OA |
|||||
|
End bal |
$26,200 |
$2,100 |
$4,200 |
$6,400 |
$23,500 |
$2,600 |
$19,100 |
$16,500 |
$2,600 |
$2,700 |
NC |
- [b] = $ 2100
- [c] = $ 6400
- [d] =
Gross margin = 19100 – 12800 = $ 6300
Net Income = 6300 – 3700 = $ 2600 - [e] = $ 2700
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