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The document provides financial statements for Colfax Dry Cleaners for the month of November 2010, including: 1) An income statement showing revenue of $50,000 and expenses of $36,050, resulting in net income of $13,950. 2) A statement of owner's equity showing owner Maria Acosta invested $35,000, and withdrew $10,000, increasing her capital from $112,800 to $151,750. 3) A balance sheet with total assets of $176,750, including $62,750 cash, and total owner's equity of $151,750.

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Eisha-Nea Gumbahali
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4K views13 pages

Assignment Answer

The document provides financial statements for Colfax Dry Cleaners for the month of November 2010, including: 1) An income statement showing revenue of $50,000 and expenses of $36,050, resulting in net income of $13,950. 2) A statement of owner's equity showing owner Maria Acosta invested $35,000, and withdrew $10,000, increasing her capital from $112,800 to $151,750. 3) A balance sheet with total assets of $176,750, including $62,750 cash, and total owner's equity of $151,750.

Uploaded by

Eisha-Nea Gumbahali
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 13

1

Colfax dry cleaners


Prob. 15A
1.
Assets

Cash

Accounts
+ Receivable

34,200 +

40,000

+ Supplies

+ Land

5,000

Liabilities

Owners Equity

Accounts
Payable + Maria Acosta, Capital

50,000 =

16,400

+ Maria Acosta, Capital

129,200

16,400

+ Maria Acosta, Capital

112,800

Maria Acosta, Capital

Prob. 15A Continued


2.
Assets

Cash
Bal.
a.
Bal.
b.
Bal.
c.
Bal.
d.
Bal.
e.

34,200
+ 35,000
69,200
30,000
39,200
4,500
34,700
34,700
9,000

Accounts
+ Receivable

Supplies

Land

Owners
Equity

Liabilities +

Maria
Maria
Accounts
Acosta,
Acosta,
Payable + Capital Drawing

40,000

5,000

50,000

16,400

40,000

5,000

16,400

40,000

5,000

50,000
+ 30,000
80,000

112,800
+ 35,000
147,800

16,400

147,800

40,000
+ 18,250
58,250

5,000

80,000

16,400

147,800

5,000

80,000

16,400
9,000

147,800

2
Bal.
f.
Bal.
g.
Bal.
h.
Bal.
i.
Bal.
j.
Bal.
k.
Bal.
l.
Bal.

25,700

58,250

5,000
+ 2,800
7,800

80,000

147,800

80,000

7,400
+ 2,800
10,200

25,700
+ 31,750
57,450
+ 27,800
85,250

58,250
58,250
27,800
30,450

7,800

80,000

10,200

147,800

7,800

80,000

147,800

30,450

7,800

80,000

10,200
+ 14,800
25,000

85,250
12,500
72,750

30,450

80,000

25,000

147,800

30,450

7,800
4,250
3,550

72,750
10,000
62,750

80,000

25,000

147,800

30,450

3,550

80,000

25,000

10,000
147,800 10,000

147,800

147,800

3
Prob. 15A Continued
Owners Equity (Continued)
Dry
Dry
Cleaning Cleaning
Wages
+ Revenue Exp. Exp.
Bal.
a.
Bal.
b.
Bal.
c.
Bal.
d.
Bal.
e.
Bal.
f.
Bal.
g.
Bal.
h.
Bal.
i.
Bal.
j.
Bal.
k.
Bal.
l.
Bal.

Rent
Exp.

4,500
4,500

+ 18,250
18,250

4,500

18,250

4,500

18,250
+ 31,750
50,000

4,500

4,500

50,000

4,500

4,500

50,000

14,800
14,800

50,000

14,800

8,200
8,200

4,500

50,000

14,800

8,200

4,500

50,000

14,800

8,200

4,500

Supplies
Exp.

Truck
Exp.

Utilities
Exp.

Misc.
Exp.

1,875
1,875

1,575
1,575

850
850

4,250
4,250

1,875

1,575

850

4,250

1,875

1,575

850

4
Prob. 15A

Continued

3.
COLFAX DRY CLEANERS
Income Statement
For the Month Ended November 30, 2010
Dry cleaning revenue............................................................................
Expenses:
Dry cleaning expense...................................................................
Wages expense.............................................................................
Rent expense................................................................................
Supplies expense.........................................................................
Truck expense...............................................................................
Utilities expense...........................................................................
Miscellaneous expense................................................................
Total expenses.........................................................................
Net income.............................................................................................

$50,000
$ 14,800
8,200
4,500
4,250
1,875
1,575
850
36,050
$ 13,950

COLFAX DRY CLEANERS


Statement of Owners Equity
For the Month Ended November 30, 2010
Maria Acosta, capital, November 1, 2010......................
Additional investment by Maria Acosta........................
Net income for November..............................................
Less withdrawals............................................................
Increase in owners equity.............................................
Maria Acosta, capital, November 30, 2010....................

$ 112,800
$35,000
13,950

$ 48,950
10,000
38,950
$151,750

5
COLFAX DRY CLEANERS
Balance Sheet
November 30, 2010
Assets
Cash..........................................
Accounts receivable................
Supplies....................................
Land..........................................
Total assets..............................

62,750
30,450
3,550
80,000
$176,750

Liabilities
Accounts payable...................
Owners Equity
Maria Acosta, capital..............
Total liabilities and
owners equity....................

25,000

151,750
$176,750

4. (Optional)
COLFAX DRY CLEANERS
Statement of Cash Flows
For the Month Ended November 30, 2010

Cash flows from operating activities:


Cash received from customers...................................................
Deduct cash payments for expenses
and payments to creditors.......................................................
Net cash flow from operating activities......................................

$ 59,550*
26,000**
$ 33,550

Cash flows from investing activities:


Purchase of land...........................................................................
Cash flows from financing activities:
Cash received as owners investment........................................
Deduct cash withdrawal by owner..............................................
Net cash flow from financing activities......................................
Increase in cash....................................................................................
Cash balance, November 1, 2010.........................................................
Cash balance, November 30, 2010.......................................................
*$31,750 + $27,800
**$4,500 + $9,000 + $12,500

(30,000)
$ 35,000
10,000
25,000
$ 28,550
34,200
$ 62,750

6
Rhea Quade
Prob. 11B
1.
Owners

Cash
a.

Assets

= Liabilities +

Accts.

Accts.

Rec.

c.

e.

2.

Exp.

1,750

1,750

30,000

3,600

1,750

1,750

30,000

3,600

1,300

Exp.

Supp.
Exp.

3,600

1,300

Exp.

Misc.

Exp.

500

1,750

1,250

30,000

4,800

1,750

1,250

30,000

8,400

1,300

4,800

1,750

1,250

30,000

8,400

1,300

30,100

4,800

1,750

1,250

30,000

8,400

1,300

1,000

30,100

4,800

800

1,250

30,000

8,400

1,300

1,000

4,800

800

1,250

30,000

8,400

1,300

1,000

+ 4,800

700
1,000

500

200

500

200

500

200

950

500

200

950

500

200

1,000
950

950

2,000
28,100

Auto

1,300

Sal.

+ 3,600

i.
Bal.

Earned

30,000

500

31,100

1,750

+ 4,800

Bal.

Bal.

Drawing

1,300

31,800

Bal.

j.

Rent

+ 1,750

31,800

Bal.

h.

Capital

3,600

f.
g.

Fees

1,750

32,300

Bal.

Payable

Rhea
Quade,

+ 1,750

33,600

Bal.

Rhea
Quade,
+ 30,000

30,000

Bal.
d.

Supplies

30,000

b.
Bal.

Equity

2,000
2,000

Owners equity is the right of owners to the assets of the business. These rights are increased by owners investments and
revenues and decreased by owners withdrawals and expenses.

Ashley Rhymer
Prob. 13B
1.
FAIR PLAY FINANCIAL SERVICES
Income Statement
For the Month Ended January 31, 2010
Fees earned...........................................................................................
Expenses:
Salaries expense...........................................................................
Rent expense................................................................................
Auto expense................................................................................
Supplies expense.........................................................................
Miscellaneous expense................................................................
Total expenses.........................................................................
Net income.............................................................................................

$39,500
$ 16,000
7,500
4,500
1,500
1,200
30,700
$ 8,800

2.
FAIR PLAY FINANCIAL SERVICES
Statement of Owners Equity
For the Month Ended January 31, 2010
Ashley Rhymer, January 1, 2010.........................................................
Investment on January 1, 2010............................................................
Net income for January........................................................................
Less withdrawals..................................................................................
Increase in owners equity...................................................................
Ashley Rhymer, capital, January 31, 2010..........................................

$15,000
8,800
$23,800
5,000
18,800
$18,800

3.
FAIR PLAY FINANCIAL SERVICES
Balance Sheet
January 31, 2010
Assets
Cash..........................................
Accounts receivable................
Supplies....................................

Total assets..............................

8,200
11,500
680

$ 20,380

Liabilities
Accounts payable...................
Owners Equity
Ashley Rhymer, capital..........
Total liabilities and
owners equity....................

1,580

18,800
$ 20,380

4. (Optional)
FAIR PLAY FINANCIAL SERVICES
Statement of Cash Flows
For the Month Ended January 31, 2010
Cash flows from operating activities:
Cash received from customers...................................................
Deduct cash payments for expenses
and payments to creditors.......................................................
Net cash flow used for operating activities ...............................

$ 28,000
29,800*
$ (1,800)

Cash flows from investing activities...................................................


Cash flows from financing activities:
Cash received as owners investment........................................
Deduct cash withdrawal by owner..............................................
Net cash flow from financing activities......................................
Net cash flow and January 31, 2010, cash balance............................
*$600 + $7,500 + $5,700 + $16,000

0
$ 15,000
5,000
10,000
$ 8,200

Swan Dry Cleaners


Prob. 15B
1.
Assets

Cash

Accounts
+ Receivable

17,000 +

31,000

Prob. 15B

= Liabilities

Accounts
Payable

Owners Equity

+ Supplies

+ Land

+ 36,000

10,400

+ Peyton Keyes, Capital

87,200

10,400

+ Peyton Keyes, Capital

76,800

3,200

+ Peyton Keyes, Capital

Peyton Keyes, Capital

Continued

2.
Assets

Cash
Bal.
a.
Bal.
b.
Bal.
c.
Bal.

17,000
+ 25,000
42,000
24,000
18,000
+ 19,500
37,500

Accounts
+ Receivable

Supplies

Land

Owners
Equity

Liabilities +

Peyton
Peyton
Accounts
Keyes,
Keyes,
Payable + Capital Drawing

31,000

3,200

36,000

10,400

31,000

3,200

10,400

31,000

3,200

36,000
+ 24,000
60,000

76,800
+ 25,000
101,800

10,400

101,800

31,000

3,200

60,000

10,400

101,800

10
d.
Bal.
e.
Bal.
f.
Bal.
g.
Bal.
h.
Bal.
i.
Bal.
j.
Bal.
k.
Bal.
l.
Bal.

3,000
34,500
34,500
5,100
29,400
29,400

29,400
8,050
21,350
+ 26,750
48,100

31,000

3,200
+ 1,550
4,750

60,000

31,000
+ 24,750
55,750

4,750

60,000

4,750

60,000

55,750

4,750

55,750
26,750
29,000

31,000

10,400
+ 1,550
11,950
5,100
6,850

101,800

101,800

60,000

6,850
+ 8,200
15,050

4,750

60,000

15,050

101,800

4,750
2,950
1,800

60,000

15,050

101,800

60,000

15,050

101,800

15,050

18,000
101,800 18,000

60,000

101,800
101,800

101,800

48,100
18,000
30,100

Prob. 15B

29,000
29,000

1,800

60,000

Continued

Owners Equity (Continued)


Dry
Dry
Cleaning Cleaning
Wages
+ Revenue Exp. Exp.
Bal.
a.
Bal.
b.

Rent
Exp.

Supplies
Exp.

Truck
Exp.

Utilities
Exp.

Misc.
Exp.

11
Bal.
c.
Bal.
d.
Bal.
e.
Bal.
f.
Bal.
g.
Bal.
h.
Bal.
i.
Bal.
j.
Bal.
k.
Bal.
l.
Bal.

+ 19,500
19,500
19,500

3,000
3,000

19,500

3,000

19,500
+ 24,750
44,250

3,000

3,000

44,250

8,200
8,200

3,000

44,250

5,100
8,200 5,100

3,000

1,200
1,200

800
800

950
950

44,250

8,200 5,100

3,000

1,200

800

950

44,250

8,200 5,100

3,000

2,950
2,950

1,200

800

950

44,250

8,200 5,100

3,000

2,950

1,200

800

950

12
Prob. 15B Continued
3.
SWAN DRY CLEANERS
Income Statement
For the Month Ended July 31, 2010
Dry cleaning revenue............................................................................
Expenses:
Dry cleaning expense...................................................................
Wages expense.............................................................................
Rent expense................................................................................
Supplies expense.........................................................................
Truck expense...............................................................................
Utilities expense...........................................................................
Miscellaneous expense................................................................
Total expenses.........................................................................
Net income.............................................................................................

$ 44,250
$8,200
5,100
3,000
2,950
1,200
800
950
22,200
$ 22,050

SWAN DRY CLEANERS


Statement of Owners Equity
For the Month Ended July 31, 2010
Peyton Keyes, capital, July 1, 2010...............................
Additional investment by Peyton Keyes.......................
Net income for July........................................................
Less withdrawals............................................................
Increase in owners equity.............................................
Peyton Keyes, capital, July 31, 2010.............................

$
$ 25,000
22,050

76,800

$ 47,050
18,000
29,050
$ 105,850

SWAN DRY CLEANERS

13
Balance Sheet
July 31, 2010
Assets
Cash..........................................
Accounts receivable................
Supplies....................................
Land..........................................

$ 30,100
29,000
1,800
60,000

Total assets..............................

$120,900

Liabilities
Accounts payable...................

Owners Equity
Peyton Keyes, capital.............
Total liabilities and
owners equity....................

15,050

105,850
$120,900

4. (Optional)
SWAN DRY CLEANERS
Statement of Cash Flows
For the Month Ended July 31, 2010
Cash flows from operating activities:
Cash received from customers...................................................
Deduct cash payments for expenses
and payments to creditors.......................................................
Net cash flow from operating activities......................................

$46,250*
16,150**
$

Cash flows from investing activities:


Purchase of land...........................................................................
Cash flows from financing activities:
Cash received as owners investment........................................
Deduct cash withdrawal by owner..............................................
Net cash flow from financing activities......................................
Increase in cash....................................................................................
Cash balance, July 1, 2010...................................................................
Cash balance, July 31, 2010.................................................................
*$19,500 + $26,750
**$3,000 + $5,100 + $8,050

30,100
(24,000)

$25,000
18,000
$
$

7,000
13,100
17,000
30,100

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