Acct 301 Week 1 Essay

292 WordsAug 30, 20132 Pages
Name Week 1 Homework EXERCISE 1-3 (a) (b) Accounts payable and accrued liabilities L O Accounts receivable A O Property, plant, and equipment E I Food and beverage operations revenue R O Golf course operations revenue R O Inventory A O Long-term debt L F Office and general expense E O Professional fees expense E O Wages and benefits expense E O PROBLEM 1-3A (a) ECKERSLEY SERVICE CO. Income Statement For the Month Ended June 30, 2010 Revenues Revenue $7,000 Expenses Wage expense 1,400 Supplies expense 1,000 Gas and oil expense 600 Advertising expense 400 Utilities expense 300 Total expenses 3,700 Net income $3,300 ECKERSLEY SERVICE CO. Retained Earnings Statement For the Month Ended June 30, 2010 Retained earnings, June 1 $1,300 Add: Net income 3,700 5,000 Less: Dividends 2,000 Retained earnings, June 30 $3,000 ECKERSLEY SERVICE CO. Balance Sheet 30-Jun-10 Assets Cash $4,600 Accounts receivable 4,000 Supplies 2,400 Equipment 29,000 Total assets $40,000 Liabilities and Stockholders’ Equity Liabilities Notes payable 12000 Accounts payable 500 Total liabilities $12,500 Stockholders’ equity Retained earnings 1300 Common stock 26,200 Total liabilities and stockholders’ equity $40,000 (b) (c) EXERCISE 2-1 CL Accounts payable

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