Accounting for managers MBA courses
shadi@2020
Q9.pdf
11/21/2020 Problem 3-3
https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/2
MARIN INC. Income Statement
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$
Print by: SHADI SHADMAN Acct 621 Fall 2020 S21 / Assignment 1 for Acct621 Fall 2020
*Problem 3-3 Nona Curry started her own consulting firm, Marin Inc., on May 1, 2017. The following transactions occurred during the month of May.
May 1 Stockholders invested $15,075 cash in the business in exchange for common stock.
2 Paid $603 for office rent for the month.
3 Purchased $503 of supplies on account.
5 Paid $151 to advertise for the month in the County News.
9 Received $1,407 cash for services performed.
12 Paid $201 cash dividend.
15 Performed $4,221 of services on account.
17 Paid $2,513 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of $1,206 for services performed on account on May 15.
26 Borrowed $5,025 from the bank on a note payable.
29 Purchased office equipment for $2,010 paying $201 in cash and the balance on account.
30 Paid $181 for utilities.
Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. ( Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item t
MARIN INC.
Assets = Liabilities + Stock
Date Cash + Accounts
Receivable + Supplies + Equipment =
Notes Payable +
Accounts Payable +
Common Stock +
Revenue
May 1 $ $ $
May 2
May 3
May 5
May 9
May 12
May 15
May 17
May 20
May 23
May 26
May 29
May 30
$ $ $ $ = $ $ $ $
Prepare an income statement for the month of May 2017.
11/21/2020 Problem 3-3
https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 2/2
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MARIN INC. Retained Earnings Statement
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Question Attempts: 0 of 2 used
Prepare a retained earnings statement for the month of May 2017.
Prepare a classified balance sheet at May 31, 2017. (List current assets in order of liquidity)
MARIN INC. Balance Sheet
Assets
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Liabilities and Stockholders' Equity
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