Accounting

CopyofHP_22e_P03-15A.xlsx

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P 3-15A

Problem 3-15A	Name:
Enter the appropriate answers in the shaded (gray) cells, or select from the drop-down list.
An asterisk (*) will appear in the column to the right of an incorrect answer.
Input all amounts as positive value.
1.
Kohl's Home Repair
Income Statement
For the Month Ended May 31, 20--
Revenue:
Service fees		$ 15,500
Expenses:
Rent expense		$ 850
Wages expense		800
Telephone expense		230
Gas and oil expense		155
Total expenses		Mark Sears: Enter as a formula that totals the amounts you entered in column J		2,035 Mark Sears: Enter as a formula that totals the amounts you entered in column J
Net income	Mark Sears: Enter as a formula		$ 13,465 Mark Sears: Enter as a formula
2.
Kohl's Home Repair
Statement of Owner's Equity
For the Month Ended May 31, 20--
Wilhelm Kohl, capital,			May 1 20--	0
		Add: Investments during May	25000
Total investment	Mark Sears: Enter as a formula		$ 25,000 Mark Sears: Enter as a formula
		Add: Net income for May	13465
	Mark Sears: Enter as a positive number		Less: Withdrawals for May	2900
in capital		Mark Sears: Enter as a formula		Increase	$ 10,565 Mark Sears: Enter as a formula
Wilhelm Kohl, capital,			Mark Sears: Enter as a formula		May 31 20--	$ 35,565 Mark Sears: Enter as a formula
3.
Kohl's Home Repair
Balance Sheet
May 31, 20--
Assets	Liabilities
Cash		Accounts payable		$ 21,805	$ 4,400
Accounts receivable		2,700
Office supplies		Owner's Equity	160
Prepaid insurance		Wilhelm Kohl, capital		1,100	35,565
Equipment		8,200
Van		6,000
Total liab. & owner's
Total assets	$ - Mark Sears: Enter as a formula		equity	$ - Mark Sears: Enter as a formula		$ 39,965 Mark Sears: Enter as a formula	$ 39,965 Mark Sears: Enter as a formula