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Chapter 4

The document contains accounting records and financial statements for PTL for the month of July 2018. It includes a statement of cash flows recording cash transactions, an income statement showing revenues of $870,000 from transport and cargo fares and expenses of $555,000 resulting in net income of $315,000. It also includes a capital statement showing Brown's initial capital of $1,000,000, an addition of net income, and a drawing of $50,000 leaving a final capital of $1,265,000. A statement of financial position lists total assets of $3,489,800 equal to total liabilities and owner's equity.

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199 views5 pages

Chapter 4

The document contains accounting records and financial statements for PTL for the month of July 2018. It includes a statement of cash flows recording cash transactions, an income statement showing revenues of $870,000 from transport and cargo fares and expenses of $555,000 resulting in net income of $315,000. It also includes a capital statement showing Brown's initial capital of $1,000,000, an addition of net income, and a drawing of $50,000 leaving a final capital of $1,265,000. A statement of financial position lists total assets of $3,489,800 equal to total liabilities and owner's equity.

Uploaded by

sammcruz451
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 PDF, TXT or read online on Scribd
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Problem 5

Accounts Furniture &


Cash
Receivable Fixtures
07-Jan 1,000,000
2 - 150,000 300,000
8
11 - 100,000
12 240,000
15 - 125,000
20 40,000 40,000
21 70,000
25 - 50,000
27 - 40,000
28
29 480,000

30 - 125,000
31 - 90,000
1,150,000 40,000 300,000

Income Statement
For the month ended July. 3
Revenues: Transport Fares
Cargo Fares
Less Expenses:
Advertising
Utilities
Salaries
Rent
Gas & Oil
Net Income

Capital Statement
For the month ended July 3
Brown, Capital, June 1
Add Net Income
Total
Less Drawings
Brown, Capital, June 30

Cash
Accts Receivable
Furniture & Fixtures
Buses
Totals
Accounts Brown,
Buses Notes Payable Rent Payable
Payable Capital
1,000,000
150,000
1,999,800 1,999,800
- 100,000
240,000
- 125,000
80,000
70,000
- 50,000
- 40,000
75,000 - 75,000
360,000
120,000
- 125,000
- 90,000
1,999,800 150,000 1,999,800 75,000 1,265,000

3,489,800 3,489,800

PTL
Income Statement
For the month ended July. 31, 2018
nues: Transport Fares 680,000
Cargo Fares 190,000 870,000

100,000
40,000
250,000
75,000
90,000 555,000
315,000

PTL
Capital Statement
For the month ended July 31, 2018
wn, Capital, June 1 1,000,000
315,000
1,315,000
50,000
wn, Capital, June 30 1,265,000

PTL
Statement of Financial Position
July 31, 2018

Assets Liabilities & Owner's Equity


1,150,000 Notes Payable 1,999,800
40,000 Accounts Payable 150,000
300,000 Rent Payable 75,000
1,999,800 Advincula, Capital 1,265,000
3,489,800 Totals 3,489,800
Explanation
Investment

Advertising
Transport Fares
Salaries
Transport Fares
Cargo Fare
Drawings
Utilities
Rent
Transport Fare
Cargo Fare
Salaries
Gas & Oil

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