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:

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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