solbridge accounting 1 homework.docx
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solbridgeaccounting1homework
Name:
JiakangZong
ID:
201000110
Date:
03/10/2012
Homework---FinancialAccounting1
Chapter1andChapter2
E1-4
CompletingaBalanceSheetandInferringNetIncome
Required:
1.CompletethefollowingbalancesheetatDecember31,2009
__________Assets___________________
Cash$47,500
AccountsReceivable26,900_
PropertyandEquipment48,000_
TotalAssets$_122,400_
___LiabilitiesandStockholders’Equity____
Liabilities
AccountsPayable$8,000_
NotePayable2,850
Totalliabilities10,850
Stockholders’Equity
ContributedCapital98,00_
RetainedEarnings13,550
TotalStockholders’Equity111,550
TotalLiabilitiesandStockholders’Equity$122,400
2.Usingtheretainedearningsequationandanopeningbalanceof$0,workbackwardstocomputetheamountofnetincomefortheyearendedDecember31,2009.
RetainedEarnings（2008）$0
Add:
NetIncome?
Subtract:
Dividends0
RetainedEarnings（2009）$13,550
Theamountofnetincomefortheyearended2009is$13,550
3.AsofDecember31,2009,didmostofthefinancingforassetscomefromcreditorsorstockholders?
Stockholders
4.AssumingthatReaderDirectgeneratesnetincomeof$3,000andpaysdividendsof$2,000in2010,whatwouldbetheendingRetainedEarningsbalanceatDecember31,2010?
RetainedEarnings（2009）$13,550
Add:
NetIncome3,000
Subtract:
Dividends-2,000
RetainedEarnings（2010）$14,550
TheendingRetainedEarningsare$14,550
E1-6PreparinganIncomeStatementandInferringMissingValues
1.SolveforthemissingamountsandprepareanincomestatementforthequarterendedJune26,2008.Tip:
Firstputtheitemsintheordertheywouldappearontheincomestatementandthensolveforthemissingvalues.
Netincomeis$13,800.Totalexpensesis$662,000
IncomeStatement
June26,2008
（inthousands）
Revenues
AdmissionsRevenues$455,700
ConcessionsRevenues188,900
OtherRevenues31,200
TotalRevenues$675,800
Expenses
ConcessionsExpenses25,500
FilmRentalExpenses247,000
GeneralandAdministrativeExpenses65,700
RentExpenses90,000
OtherExpenses233,800
TotalExpenses662,000
NetIncome$13,800
2.WhatisRegal’smainsourceofrevenueandbiggestexpense?
RevenueisAdmissionsRevenues$455,700
BiggestisFilmRentalExpenses$247,000
PA1-1
PreparinganIncomeStatement,StatementofRetainedEarnings,andBalanceSheet
Required:
1.PrepareanincomestatementfortheyearendedDec.31.
IncomeStatement
Fortheyearended（2010）
Revenues
SalesRevenues$_91,000
TotalRevenues91,000
Expenses
OperatingExpenses58,700
OtherExpenses8,850
TotalExpenses67,550
NetIncome$23,450
2.PrepareastatementofretainedearningsfortheyearendedDec.31,2010.
StatementofRetainedEarnings
Fortheyearended（2010）
RetainedEarnings,Beginning$0
Add:
NetIncome23,450
Subtract:
Dividends1,950
RetainedEarnings,December31,2010$21,500
3.PrepareabalancesheetatDec.31,2010.
BalanceSheet
Assets
Cash$13,300
AccountsReceivable9,550
Supplies5,000
Equipment86,000
TotalAssets$113,850
E2-3
ClassifyingAccountsandTheirUsualBalance
Required:
ForeachofthefollowingaccountsfromDDI’srecentbalancesheet,completethefollowingtable.Indicatewhethertheaccountisclassifiedasacurrentasset（CA）,noncurrentasset（NCA）,currentliability（CL）,noncurrentliability（NCL）,orstockholders’equity（SE）,andwhethertheaccountusuallyhasacredit（cr）ordebit（dr）balance.
Account
BalanceSheetClassification
DebitorCreditBalance
1.Land
2.RetainedEarnings
3.NotesPayable（duein3years）
4.AccountsReceivable
5.Supplies
6.ContributedCapital
7.Equipment
8.AccountsPayable
9.Cash
10.TaxesPayable
NCA
SE
NCL
CA
CA
SE
NCA
CL
CA
CL
Dr
Cr
Cr
Cr
Dr
Cr
Dr
Cr
Cr
Cr
E2-8
AnalyzingtheEffectsofTransactioninT-accounts
Required:
1.CreateT-accountsforthefollowingaccounts:
Cash,Equipment,NotePayable,andContributedCapital.Beginningbalancesarezero.Foreachoftheabovetransactions,recorditseffectsintheappropriateT-accounts.IncludereferencingandtotalsforeachT-account.
T-accounts
Dr+Cash（A）Cr-
Beg.bal0
（a）60,000
3,000（b）
End.bal.57,000
Dr+Equipment（A）Cr-
Beg.bal.0
（b）12,000
End.bal.12,000
Dr-ContributedCapital（SE）Cr+
1Beg.bal.
60,000（a）
60,000End.bal.
Dr-NotePayable（L）Cr+
0Beg.bal
9,000（b）
9,000End.bal.
2.UsingthebalancesintheT-accounts,fillinthefollowingamountsfortheaccountingequation:
Assets$_69,000_=Liabilities$_9,000_+Stockholders’Equity$_60,000_
3.Explainyourresponsetoevents（c）and（d）.
（C）
Thisisapromiseontheblob,itcan’trecordonthecompanyaccounts.
（D）
Conorborrowed$10,000forpersonaluse,itnotthecompanyuseitnotconnectwiththecompany,soitdoesn’trecordontheaccounts.
E2-11
RecordingJournalEntries
Required:
Preparejournalentriesforeachtransaction.（Rememberthatdebitsgoontopandcreditsgoonthebottom,indented.）Besuretousereferencingandcategorizeeachaccountasanasset（A）,liability（L）,orstockholders’equity（SE）.Ifatransactiondoesnotrequireajournalentry,explainthereason.
Journalentriesforeachtransaction
a.DrCash（+A）60,000
CrContributedCapital（+SE）60,000
b.DrCash（+A）20,000
CrNotePayable（+L）20,000
c.It’sapromiseontheblobitdon’tarealagreementsoitdoesn’tneedtorecordonthecompanyaccounts.
d.DrEquipment（+A）10,000
CrCash（-A）1,000
CrNotePayable（+L）9,000
e.DrEquipment（+A）16,000
CrCash（-A）16,000
PA2-2
RecordingTransactions（inaJournalandT-Accounts）;PreparingandInterpretingtheBalanceSheet
Required:
1.Analyzetransactions（a）-（e）todeterminetheireffectsontheaccountingequation.
a.Cash（A）andContributedCapital（SE）areincreased.
b.Cash（A）andAccountsPayable（L）areincreased.
c.FactoryBuilding（A）andNotePayable（L）areincreased;Cash（A）isdecreased.
d.Equipment（A）isincreasedandCash（A）isdecreased.
e.Supplies（A）andAccountsPayable（L）areincreased.
2.Recordthetransactioneffectsdeterminedinrequirement1usingajournalentryformat.
a.DrCash（+A）400,000
CrContributedCapital（+SE）400,000
b.DrCash（+A）90,000
CrAccountsPayable（+L）90,000
c.DrFactoryBuilding（+A）182,000
CrCash（-A）82,000
CrNotePayable（+L）100,000
d.DrEquipment（+A）200,000
CrCash（-A）200,000
e.DrSupplies（+A）30,000
CrAccountsPayable（+L）30,000
3.Summarizethejournalentryeffectsfromrequirement2usingT-accounts.
D+Cash（A）Cr-
Beg.bal.26,000
（a）400,000
（b）90,000
82,000（c）
200,000（d）
End.bal.234,000
Dr+Equipment（A）Cr-
Beg.bal.118,000
（d）200,000
End.bal.318,000
Dr+FactoryBuilding（A）Cr-
Beg.bal.100,000
（c）182,000
End.bal.282,000
Dr+Supplies（A）Cr-
Beg.bal.7,000
（e）30,000
End.bal.37,000
Dr-AccountsPayable（L）Cr+
10,000Beg.bal.
90,000（b）
30,000（e）
130,000End.bal.
Dr-NotePayable（L）Cr+
2,000Beg.bal.
100,000（c）
102,000End.bal.
Dr-ContributedCapital（SE）Cr+
180,000Beg.bal.
400,000（a）
580,000End.bal.
4.PrepareaclassifiedbalancesheetatJuly31,2010.
ClassifiedBalanceSheet
AtJuly31,2010
Assets
Cash$234,000
FactoryBuilding282,000
Equipment318,000
Supplies37,000
Land200,000
TotalAssets$1071,000
Liabilities
AccountsPayable$130,000
NotePayable102,000
TotalLiabilities$232,000
Stockholders’Equity
ContributedCapital$580,000
RetainedEarnings259,000
TotalStockholders’Equity$839,000
TotalLiabilitiesandStockholders’Equity$1071,000
5.AsofJulyof31,2010,hasthefinancingforDSC’sinvestmentinassetsprimarilycomefromliabilitiesorstockholders’equity?
FromStockholders’equity
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