Question

MATTHEWS LANES Work Sheet For Year Ended June 30 Account Income Statement Balance Sheet Dr Cr...

MATTHEWS LANES

Work Sheet

For Year Ended June 30

Account

Income Statement

Balance Sheet

Dr

Cr

Dr

Cr

Cash

11,275

Accounts receivable

1,750

Office supplies

800

Prepaid insurance

3,400

Scoring equipment

140,000

Accumulated depreciation –

     scoring equipment

21,700

Salaries payable

800

Common stock

20,000

Retained earnings (unadjusted)

40,000

Dividends

46,425

Bowling revenue

138,075

Depreciation expense –

     scoring equipment

10,825

Salaries expense

1,800

Insurance expense

1,200

Rent expense

1,600

Office supplies expense

400

Repairs expense

350

Telephone expense

750

Totals

16,925

138,075

203,650

82,500

Net income

121,150

121,150

Totals

138,075

138,075

203,650

203,650

1.    Net Income:

2.    Ending Balance Retained Earnings:

3.    Total Assets or Total Liabilities and Owners’ Equity:

Homework Answers

Answer #1

Solution 1:

Net Income = $121,150

Solution 2:

Ending balance retained earnings = Unadjusted balance of retained earnings + Net Income - Dividends

= $40,000 + $121,150 - $46,425 = $114,725

Solution 3:

Total Assets = Cash + Accounts receivables + Office supplies + Prepaid insurance + Scoring equipment - Accumulated depreciation - Scoring equipment

= $11,275 + $1,750 + $800 + $3,400 + $140,000 - $21,700 = $135,525

Total liabilities and owner's equity = Salaries payable + common stock + retained earnings

= $800 + $20,000 + $114,725 = $135,525

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