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PR 1-4B Transactions; financial statements OBJ. 4, 5
On April 1, 2014, Maria Adams established Custom Realty. Maria completed the following
transactions during the month of April:
b. Paid rent on office and equipment for the month, $3,600.
c. Paid automobile expenses (including rental charge) for month, $1,350, and miscellaneous expenses, $600.
d. Purchased office supplies on account, $1,200.
e. Earned sales commissions, receiving cash, $19,800.
f. Paid creditor on account, $750.
g. Paid office ...
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(1).docx
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PR 1-1B Transactions OBJ. 4
Amy Austin established an insurance agency on March 1 of the current year and completed
the following transactions during March:
a. Opened a business bank account with a deposit of $50,000 from personal funds.
b. Purchased supplies on account, $4,000.
c. Paid creditors on account, $2,300.
d. Received cash from fees earned on insurance commissions, $13,800.
e. Paid rent on office and equipment for the month, $5,000.
f. Paid automobile expenses for month, $1,150, and mi...
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On October 1, 2014, Kevin Bosley established Sunrise Realty. Kevin completed the following transactions during the month of October:
a. Opened a business bank account with a deposit of $18,000 from personal funds.
b. Purchased office supplies on account, $3,200.
c. Paid creditor on account, $1,800.
d. Earned sales commissions, receiving cash, $36,750.
e. Paid rent on office and equipment for the month, $4,000.
f. Withdrew cash for personal use, $3,000.
g. Paid automobile expenses (including rent...
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(25).docx
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We-Sell Realty, organized August 1, 2014, is owned and operated by Omar Farah. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations?
Income Statement
August 31, 2014
Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,000
Expenses:
Office salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $87,000
Rent expense...
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(6).docx
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PR 1-6A Missing amounts from financial statements OBJ. 5
The financial statements at the end of Wolverine Realty’s first month of operations are
as follows:
Wolverine Realty
Income Statement
For the Month Ended April 30, 2014
Fees earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (a)
Expenses:
Wages expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000
Rent expens...
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(7).docx
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A summary of cash flows for Sunset Travel Service for the year ended April 30, 2014, is
shown below.
Cash receipts:
Cash received from customers $1,500,000
Cash received from additional investment of owner 75,000
Cash payments:
Cash paid for operating expenses 1,215,000
Cash paid for land 240,000
Cash paid to owner for personal use 66,000
The cash balance as of May 1, 2013, was $220,000.
Prepare a statement of cash flows for Sunset Travel Service for the year ended April
30, 2014.
PE 1-7B Statem...
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(3).docx
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Ozark Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Ozark Sports is owned and operated by Eric Griffith, a well-known sports enthusiast and hunter. Eric’s wife, Linda, owns and operates Lake Boutique, a women’s clothing store. Eric and Linda have established a trust fund to finance their children’s college education. The trust fund is maintained by Missouri State Bank in the name of the children, Mark and Steffy.
a. For each of the following tra...
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(2).docx
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PR 1-2B Financial statements OBJ. 5
The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2014,
the end of the current year, and its revenue and expenses for the year are listed below.
The capital of Harper Borg, owner, was $180,000 at May 1, 2013, the beginning of the
current year, and the owner withdrew $40,000 during the current year.
Accounts payable $ 25,000 Supplies $ 9,000
Accounts receivable 210,000 Supplies expense 12,000
Cash 146,000 Taxes expense 10,000
F...
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(3).docx
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a. Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected
transactions were completed by Arrowhead Delivery Service during August:
1. Received cash from owner as additional investment, $25,000.
2. Paid creditors on account, $3,750.
3. Billed customers for delivery services on account, $22,400.
4. Received cash from customers on account, $11,300.
5. Paid cash to owner for personal use, $6,000. Indicate the effect of each transaction on the accounting equation el...
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The following is a list of well-known companies.
1. Alcoa Inc.
2. Boeing
3. Caterpillar
4. Citigroup Inc.
5. CVS
6. Dow Chemical Company
7. eBay Inc.
8. FedEx
9. Ford Motor Company
10. Gap Inc.
11. H&R Block
12. Hilton Hospitality, Inc.
13. Procter & Gamble
14. SunTrust
15. Walmart Stores, Inc.
a. Indicate whether each of these companies is primarily a service, merchandise, or
manufacturing business. If you are unfamiliar with the company, use the Internet to
locate the company’s home page or ...