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Assignment 2

The document contains 4 problems providing financial information for different businesses: Problem 1 provides a balance sheet for Stan Howe Lawn Service as of December 31, 2002 and additional financial data to calculate supplies used, total expenses, service revenues, and Stan Howe's initial capital. Problem 2 lists financial accounts for Carl Craft DDS for September, requiring preparation of an income statement, owner's equity statement, and balance sheet. Problem 3 provides a list of 10 accounts for Shannon Management Co. and asks to identify the type and normal balance of each account. Problem 4 lists 5 transactions by Leonard Matson in December and asks to prepare general journal entries to record them.

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181 views3 pages

Assignment 2

The document contains 4 problems providing financial information for different businesses: Problem 1 provides a balance sheet for Stan Howe Lawn Service as of December 31, 2002 and additional financial data to calculate supplies used, total expenses, service revenues, and Stan Howe's initial capital. Problem 2 lists financial accounts for Carl Craft DDS for September, requiring preparation of an income statement, owner's equity statement, and balance sheet. Problem 3 provides a list of 10 accounts for Shannon Management Co. and asks to identify the type and normal balance of each account. Problem 4 lists 5 transactions by Leonard Matson in December and asks to prepare general journal entries to record them.

Uploaded by

SaidurRahaman
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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Problem-1

Presented below is a balance sheet for the Stan Howe Lawn Service at December 31, 2002.
STAN HOWE LAWN SERVICE
Balance Sheet
December 31, 2002
Assets
Cash
Accounts receivable
Supplies
Equipment
Total assets

$12,000
7,000
9,000
11,000
$39,000

Liabilities and Owner's Equity


Liabilities
Accounts payable
Notes payable
Owner's equity
Stan Howe, Capital
Total liabilities & owners equity

$ 8,000
15,000
16,000
$39,000

The following additional data are available for the year which began on January 1: All expenses
(excluding supplies expense) total $6,000. Supplies on January 1, were $10,000 and $3,000 of
supplies were purchased during the year. Net income for the year was $7,000 and drawings
were $5,000.
Instructions
Determine the following: (Show all computations.)
1. Supplies used during the year.
2. Total expenses for the year.
3. Service revenues for the year.
4. Stan Howe's capital balance on January 1.

Problem-2
Prepare an income statement, an owner's equity statement, and a balance sheet for the dental
practice of Carl Craft, DDS, from the items listed below for the month of September.
Carl Craft, Capital, September 1
Accounts payable
Equipment
Service revenue
Carl Craft, Drawings
Dental supplies expense
Cash
Utilities expense
Dental supplies
Salaries expense
Accounts receivable
Rent expense

$40,000
7,000
30,000
24,000
5,000
3,500
6,000
700
2,800
7,000
14,000
2,000

Problem-3
The following is a list of accounts and identification letters A through J for Shannon
Management Co.:

Use the form below to identify the type of account and its normal balance. The first item is filled
in as an example.

Problem 4
Leonard Matson completed these transactions during December of the current year:

Prepare general journal entries to record these transactions.

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