Chapter 01 Saddleback College Homework

Exercise 1-14 Preparing an income statement LO P2

On October 1, Keisha King organized Real Answers, a new consulting firm; on October 3, the owner contributed $84,000 cash. On October 31, the company’s records show the following items and amounts.


Cash	$	11,360	Cash dividends	$	2,000
Accounts receivable		14,000	Consulting fees earned		14,000
Office supplies		3,250	Rent expense		3,550
Land		46,000	Salaries expense		7,000
Office equipment		18,000	Telephone expense		760
Accounts payable		8,500	Miscellaneous expenses		580
Common stock		84,000

Using the above information prepare an October income statement for the business.

Exercise 1-15 Preparing a statement of retained earnings LO P2

On October 1, Keisha King organized Real Answers, a new consulting firm; on October 3, the owner contributed $84,000 cash. On October 31, the company’s records show the following items and amounts.


Cash	$	11,360	Cash dividends	$	2,000
Accounts receivable		14,000	Consulting fees earned		14,000
Office supplies		3,250	Rent expense		3,550
Land		46,000	Salaries expense		7,000
Office equipment		18,000	Telephone expense		760
Accounts payable		8,500	Miscellaneous expenses		580
Common stock		84,000

Using the above information prepare an October statement of retained earnings for Real Answers.

Exercise 1-16 Preparing a balance sheet LO P2

On October 1, Keisha King organized Real Answers, a new consulting firm; on October 3, the owner contributed $84,000 cash. On October 31, the company’s records show the following items and amounts.


Cash	$	11,360	Cash dividends	$	2,000
Accounts receivable		14,000	Consulting fees earned		14,000
Office supplies		3,250	Rent expense		3,550
Land		46,000	Salaries expense		7,000
Office equipment		18,000	Telephone expense		760
Accounts payable		8,500	Miscellaneous expenses		580
Common stock		84,000

Using the above information prepare an October 31 balance sheet for Real Answers.

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