In
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In part 2, place
a plus sign or minus sign in the small box beside the amount. Row (a) has been completed as an example.
An asterisk (*) will appear to the right of incorrect entries in outlined answer cells.
For correct grading, enter a zero where you would otherwise leave an amount cell blank."
1.
+ Supplies
+
Land
= Liabilities +
Accounts
= Payable +
+
+
50,000
=
18,000
Owner's
Equity
Anny Brum,
Capital
Anny Brum,
Capital
=
18,000
Anny Brum,
Capital
Assets
Cash
25,000
Accounts
Receivable
+
+
30,000
5,000
110,000
92,000
2.
= Anny Brum, Capital
Assets
Cash
Bal.
a.
Bal.
b.
Bal.
c.
Bal.
d.
Bal.
e.
Bal.
f.
Bal.
g.
Bal.
h.
Bal.
i.
Bal.
j.
Bal.
k.
Bal.
l.
Dry cleaning revenue
Expenses:
Dry Cleaning Expense
Wages Expense
Rent Expense
Supplies Expense
Truck Expense
Utilities Expense
Misc. Expense
Total expenses
Net income
b.
*
$
50,000
$
46,300
3,700
$ 21,500
14,000
3,000
2,600
2,100
1,800
1,300
ANNY'S DRY CLEANERS
Statement of Owner's Equity
Anny Brum, capital, June 1, 2012
Investments
Net Income for June
Less withdrawals
Increse owner's equity
Anny Brum, capital, June 30, 2012
*
$
92,000
$
17,700
109,700
15,000
3,700
$
18,700
1,000
*
c.
ANNY'S DRY CLEANERS
Balance Sheet
Assets
Cash
Accounts Recievable
Supplies
Land
Total assets
*
$ 38,800
25,000
3,400
70,000
$ 137,200
Liabilities
Accounts payable
Owner's Equity
Amy Brum, capital
Total liabilities and
owner's equity
4.
ANNY'S DRY CLEANERS
Statement of Cash Flows
Cash flows from operating activities:
Cash received from customers
Deduct cash payments for expenses
Net cash flow from operating activities
Cash flows from investing activities:
Cash payments for purchase of land
Cash flows from financing activities:
Cash received as owner investment
Deduct cash withdrawals by owner