Accounting Exam 1
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Katelyn Becker Accounting 1 10/10/14 Exam 1 1. Assets= Liabilities + Owners Equity Assets Liabilities Owner’s Equity a. $400,000 $250,000 $150,000 b. $350,000 $145,000 $205,000 c. $635,000 $235,000 $400,000 Answers: A) $250,000 B.) $205,000 C.) $635,000 2. Accounts and Explanation Debit Credit Cash 3,000 Capital 3,000 Rent Expense 800 Cash 800 Equipment 4,500 Cash 1,000 Note Payable 3,500 Supplies 350 Cash 350 Account Receivable 2,300 Service Revenue 2,300 Cash 2,300 Accounts receivable 2,300 4. Turtle Photography Income Statement Year Ended Dec. 31, 2007 Revenues: Service Revenue $289,000 Expenses: Salaries Expense $61,000 Depreciation Expense $6,150 Supplies Expense $14,040 Insurance Expense $14,000 Utilities Expense $20,900 Total: $116,090
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accounting 101 test 1
Transcript of Accounting Exam 1
Katelyn BeckerAccounting 110/10/14Exam 1
1. Assets= Liabilities + Owners Equity AssetsLiabilitiesOwners Equitya. $400,000$250,000$150,000b. $350,000$145,000$205,000c. $635,000$235,000$400,000
Answers: A) $250,000 B.) $205,000 C.) $635,000
2. Accounts and ExplanationDebit Credit Cash3,000 Capital3,000Rent Expense800 Cash800Equipment4,500 Cash1,000 Note Payable3,500Supplies350 Cash350Account Receivable 2,300 Service Revenue 2,300Cash2,300 Accounts receivable 2,300
4. Turtle PhotographyIncome StatementYear Ended Dec. 31, 2007 Revenues: Service Revenue$289,000Expenses:Salaries Expense$61,000Depreciation Expense$6,150Supplies Expense$14,040Insurance Expense$14,000Utilities Expense$20,900Total: $116,090Net Income$172,910
5. Thermo Company Trial BalanceDecember 31, 2007 BalanceAccount Title Debit CreditCash$84,800Accounts receivable 4,100Supplies 2,900Equipment 1,800Land 67,000Building 17,000Accounts Payable 22,000Note Payable 58,000Jake Harrison, Capital 45,000Jake Harrison, Withdrawals 1,800Service Revenue 62,000Advertising Expense 1,600Salaries Expense 1,800Utilities Expense 4,200Total 187,000 187,000
6. Deavours PhotographyBalance SheetDecember 31, 2009Assets LiabilitiesCurrent AssetsCurrent LiabilitiesCash$2,000Accounts Payable $ 5,000Prepaid Insurance2,000Salaries Payable 900Office Supplies 600Unearned Service Revenue 2,500Office Equipment 16,000Total Current Liabilities 8,400Accumulated Depreciation3,000Total Current assets 17,600 Owners EquityBob Deavours Capital$9,200Total Liabilities and Owners Equity17,600
7. A.)Brown Construction CompanyIncome StatementMonth Ended on August 31, 2005 Revenues Construction Revenues$80,000ExpensesMiscellaneous Expense $1,400Insurance Expense $2,000Rent Expense $7,000Salary Expense$46,000Supplies Expense $300Utilities Expense $3,000Total Expense$59,700Net Income$20,300
B.)Brown Construction CompanyStatement of Owners EquityYear Ended on August 31, 2005Brown, Capital, August 1st, 2005$0Owner contribution $90,000Net income for the month$20,300=$110,300Owners withdrawal$(10,000)Brown, Capital, August 31st, 2005$100,300
C.)Brown Construction CompanyBalance SheetAugust 31, 2005Assets LiabilitiesCurrent AssetsCurrent LiabilitiesCash$5,400Accounts Payable $ 9,000Prepaid Insurance2,000Total Current Liabilities 9,000Supplies 900Account Receivable 26,000Total Current assets 34,300 Owners EquityLand Assets Brown Capital$ 100,300Land75,000 Total Liabilities and Owners Equity 109,300 Total Land Assets75,000 Total Assets109,300
