rory kalur established computers 4 less on february 1 2012 the effect of each transa 551156 | Homework Solutions

PR 1-3B Financial statements

Rory Kalur established Computers 4 Less on February 1, 2012. The effect of each transaction and the balances after each transaction for February are shown below.

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Assets

= Liabilities +

Owner’s Equity

Accounts

Accounts

Rory Kalur,

Rory Kalur,

Fees

Salaries

Rent

Auto

Supplies

Cash

+ Receivable

+ Supplies

Payable

+ Capital

– Drawing

+ Earned

– Expense

– Expense

– Expense

– Expense

– Expense

a.

+ 120,000

+ 120,000

b.

+ 10,400

+ 10,400

Bal.

120,000

10,400

10,400

120,000

c.

+ 118,000

+ 118,000

Bal.

238,000

10,400

10,400

120,000

118,000

d.

–32,000

–32,000

Bal.

206,000

10,400

10,400

120,000

118,000

–32,000

e.

–5,000

–5000

Bal.

$201,000

10,400

5,400

120,000

118,000

–32,000

f.

+ 83,000

+ 83,000

Bal.

201,000

83,000

10,400

5,400

120,000

201,000

–32,000

g.

–23,000

–15,500

–7,500

Bal.

178,000

83,000

10,400

5,400

120,000

201,000

–32,000

–15,500

–7,500

h.

–48,000

–48,000

Bal.

130,000

83,000

10,400

5,400

120,000

201,000

–48,000

–32,000

–15,500

–7,500

i.

–6,100

–6,100

Bal.

130,000

83,000

4,300

5,400

120,000

201,000

–48,000

–32,000

–15,500

–6,100

–7,500

j.

–30,000

–30,000

Bal.

100,000

83,000

$4,300

$5,400

120,000

–30,000

201,000

–48,000

–32,000

–15,500

–6,100

–7,500

Instructions

1. Prepare an income statement for the month ended February 29, 2012.

2. Prepare a statement of owner’s equity for the month ended February 29, 2012.

3. Prepare a balance sheet as of February 29, 2012.

4. (Optional). Prepare a statement of cash flows for the month ending February 29, 2012.

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