Assets Cash $7,000 Accounts Receivable 6,000 Supplies ...
Assets
Cash $7,000
Accounts Receivable 6,000
Supplies 2,000
Equipment 10,000
Total Assets $25,000
Liabilities & Equity
Accounts Payable $3,000
Common Stock 20,000
Retained Earnings 2,000
Total Liabilities & Equity $25,000
Instructions:
Open the balances in the general ledger (T-accounts).
Post the journal entries from the general journal to the general ledger (T-accounts).
Prepare the four financial statements: Income Statement, Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows (Direct Method or Indirect Method.)
Transaction 1: Investment by Stockholders
Description: Invest $25,000 cash in the business in exchange for $25,000 of common stock.
Journal Entry: Dr. Cr.
Cash 25,000
Common Stock 25,000
Transaction 2: Purchase of Equipment for Cash
Description: Purchases computer equipment for $9,000 cash.
Journal Entry: Dr. Cr.
Equipment 9,000
Cash 9,000
Transaction 3: Purchase of Supplies on Credit
Description: Purchases for $1,800 from Acme Supply Company computer paper and other supplies expected to last several months. Acme agrees to allow Softbyte to pay this bill at a later date.
Journal Entry: Dr. Cr.
Supplies 1,800
Accounts Payable 1,800
Transaction 4: Services Provided for Cash
Description: Receives $1,600 cash from customers for programming services it has provided.
Journal Entry: Dr. Cr.
Cash 1,600
Service Revenue 1,600
Transaction 5: Purchase of Advertising on Credit
Description: Received a bill for $350 from the Daily News for advertising but postpones payment until a later date.
Journal Entry: Dr. Cr.
Advertising Expense 350
Accounts Payable 350
Transaction 6: Services Rendered for Cash and Credit
Description: Provides $3,700 of programming services for customers. The company receives cash of $1,700 from customers, and it bills the balance of $2,000 on account.
Journal Entry: Dr. Cr.
Cash 1,700
Accounts Receivable 2,000
Service Revenue 3,700
Transaction 7: Payment of Expenses
Description: Pays the following expenses in cash: store rent $650, salaries and wages of employees $920, and utilities $230.
Journal Entry: Dr. Cr.
Rent Expense 650
Salary Expense 920
Utilities Expense 230
Cash 1,800
Transaction 8: Payment of Accounts Payable
Description: Pays $500 cash on accounts payable.
Journal Entry: Dr. Cr.
Accounts Payable 500
Cash 500
Transaction 9: Receipt of Cash on Account
Description: Receives $900 in cash from customers who had been billed for services.
Journal Entry: Dr. Cr.
Cash 900
Accounts Receivable 900
Transaction 10: Dividends
Description: The corporation pays a dividend of $1,350 in cash to the stockholders of Softbyte Inc.
Journal Entry: Dr. Cr.
Dividends 1,350
Cash 1,350
What is the ending cash balance?
A. $ 23,150
B. $ 23,250
C. $ 23,350
D. $ 23,550
What is the ending accounts receivable balance?
$ 7,100
B. $ 7,200
C. $ 7,300
D. $ 7,500
What is the ending supplies balance?
A. $ 3,200
B. $ 3,500
C. $ 3,800
D. $ 4,100
What is the ending equipment balance?
A. $ 15,000
B. $ 18,000
C. $ 19,000
D. $ 20,000
What is the ending accounts payable balance?
A. $ 4,650
B. $ 4,750
C. $ 4,950
D. $ 5,250
What is the ending retained earnings balance?
A. $ 3,800
B. $ 4,100
C. $ 3,500
D. $ 3,900
What is the net income?
A. $ 2,750
B. $ 3,150
C. $ 3,350
D. $ 2,950
What is the amount of total expenses?
A. $ 1,650
B. $ 2,350
C. $ 1,850
D. $ 2,150
What is the net increase in cash for the period?
A. $ 16,550
B. $ 14,350
C. $ 17,650
D. $ 15,150
What is the net cash provided by operating activities?
A. $ 1,500
B. $ 1,800
C. $ 1,900
D. $ 2,100
What is the net cash used by investing activities?
A. $ (19,000)
B. $ (10,000)
C. $ (8,000)
D. $ (9,000)
What is the net cash provided by financing activities?
A. $ 21,150
B. $ 25,950
C. $ 22,350
D. $ 23,650
An asset is:
only acquired with cash
something the company owns
only contributed by stockholders
a company’s obligation to pay
Net income:
decreases equity
represents the amount of assets owners put into a business
equals assets minus liabilities
is revenues minus expenses
If assets are $300,000 and liabilities are $195,000, then equity equals:
$ 95,000
$ 105,000
$ 195,000
$ 300,000
Homework Answers
![Reguirement3 Cash Supplies Beg. Ba $7,0002) 1) 4) 4i) $9,000 $1,800 $500 $1,350 $2,000 $1,800 End. Bal. $3,800>Option-(C) Beg. Bal. $25,0007) $1,600 8) $1,70010) $900 Difference between sum of debits and sum of credits] End. Bal. $23,550->Option-(D) [Difference between sum of debits and sum of credits] Requirements: Accounts Receivable Equipment $900 i) End. Bal.$7,100-> Option-(A) Beg. Ba $10,000 2) End. Bal.$19,000 Option-(C) $9,000 frbeen sumeeasumoferedis](http://img.homeworklib.com/questions/c8f67a10-b136-11eb-b548-99e77bc8e9df.png?x-oss-process=image/resize,w_560)
Softbyte Inc. Balance Sheet December 31, 2016 Assets Cash  
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