Principles of Accounting 1 () Week 1 Homework Exercise #1 Exercise #1 Jason Bear, an Outdoor Outfitter, has compiled the following financial information as of December 31, 2016. Revenues during 2016-camping fees $140,000

    Principles of Accounting 1 () Week 1 Homework               
                   
Exercise #1                   
                   
Exercise #1                   
Jason Bear, an Outdoor Outfitter, has compiled the following financial information as of December 31, 2016.                   
Revenues during 2016-camping fees    $140,000         Notes payable    $60,000    
Revenues during 2016-general store    47,000        Expenses during 2016    150,000   
Accounts payable    11,000        Supplies on hand    2,500   
Cash on hand    20,000        Common stock    20,000   
Original cost of equipment    105,500        Retained earnings    ?   
Fair value of equipment    140,000                 
                   
                   
Instructions                   
Determine Bear Park's net income for 2016.                   
Prepare a balance sheet for Bear Park as of December 31, 2016.                   
Exercise 2                                               
                                               
Selected transactions for Lauren Rountree Company during its first month in business are presented below.                                               
                                               
Sept. 1    Invested $10,000 cash in the business in exchange for common stock.                                           
5    Purchased equipment for $12,000 paying $4,000 in cash and the balance on account.                                           
25    Paid $2,400 cash on balance owed for equipment.                                           
30    Declared and paid a $500 cash dividend.                                           
Campbell's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock; No. 332 Dividends.                                               
                                               
(a)          Journalize the transactions of the general journal. (Omit explanations.)                                       
(b)          Post the transactions using the standard t-account form.                                       
                                               
Sept. 1    Invested $10,000 cash in the business in exchange for common stock.                                           
    Date        Account Title    Post Ref     Debit      Credit                        
Exercise #3    Determine the missing amounts.  Show calculations                   
                       
Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Mark Inc and Paul Enterprises.                       
                       
    Mark Inc    Paul Enterprises               
Beginning of year:                       
Total assets    $97,000     $129,000                
Total liabilities    85,000    (c)               
Total stockholders' equity    (a)    75,000               
End of year:                       
Total assets    160,000    180,000               
Total liabilities    120,000    50,000               
Total stockholders' equity    40000    130,000               
Changes during year in stockholders' equity:                       
Additional investment    (b)    25000               
Dividends     24,000     (d)               
Total revenues     215,000     100,000               
Total expenses     175,000     55000               
                       
Beginning Stockholder Equity+Revenues+Additional Investment-Expenses-Dividends=Ending Stockholder Equity                       
Presented below is financial information related to the 2016 operations of Brian Baik Company.                       
Maintenance and repairs expense    $97,000                    
Utilities expense    10,000                   
Salaries and wages expense    142,000                   
Advertising expense    3,500                   
Ticket revenue    335,000                   
Instructions                       
Prepare the 2016 income statement for Brian Baick Company.