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Math Problem, Finance and Accounting

Exercise 1- 8
The increase in owner’s equity for the month = Total Assets at end of August less Owner’s equity at beginning of August (Marriot et al., 2002).
=17,550 – 15,000
= 2,550

The increase in owner’s equity is $
2,550

The amount of net income for the month = Revenues + Net accounts receivable –Expenses
=8,500 + 3,450 – 2,750 -5,950 = 3,250

Net Income for the month is $
3,250

Exercise 1- 9
LIAM AGLER AND CO
Income Statement
For the Month ended August 31, 2014

Revenue                          8,500

Accounts Receivable      3,450
11,950

Less;

Stock
(2,750)

Gross Income
  9,200

Less;

Rent                                  650

Salaries and Wages        4,800

Utilities                             500
(5,950)

Net Income
 3,250

LIAM AGLER AND CO
Owner’s Equity Statement
For the Month ended August 31, 2014

Opening Balance (01/08/2014)
15,000

Add;

Profit
                      3,250

Less;

Owner’s Drawings
  (2,000)

Closing Balance (31/08/2014)
16,250

LIAM AGLER AND CO
Balance Sheet
As at August 31, 2014

                     Assets

Equipment
  5,000

Accounts Receivable
  3,450

Supplies/ Stock
     750

Cash
  8,350

17,550

      Liabilities and Owner’s Equity

Owner’s Capital
13,000

Accounts Payable
  2,000

Increase in Owner’s Equity
  2,550

17,550

Problem1 -1A
RENATO’S TRAVEL AGENCY

Assets
=
Liabilities
+
 

Cash
+
Accounts Receivable
+
Supplies
+
Equipment
=
Accounts Payable
+
Owner’s Capital

1
$
+15,000
$

$

$

$

$
+15,000

2

-600

-600

3

-3,000

+3,000

4

+700

5

-800

+800

6

+3,000

+7,000

7

-500

-500

-500

8

-500

9

-2,500

-2,500

10

+4,000

-4,000

$
14,100
$
3,000
$
800
$
3,000
$
–2900
$
14,500

RENATO’S TRAVEL AGENCY
Income Statement
For the Month ended August 31, 2014

Revenue
10,000

Less;

Advertising Costs          700

Office Rent                    600

Employee’s Salaries   2,500
3,800

Net Income
 6,200

Problem 1-2A
SUE KOJIMA ATTORNEY AT LAW

Assets
=
Liabilities

Cash
+
Accounts Receivable
+
Supplies
+
Equipment
=
Notes  Payable
+
Accounts Payable

Bal
$
 5,000
$
  1,500
$
500
$
6,000
$

$
4,000

1

+1,200

-1,200

2

-2,800

-2,800

3

+3,000

+4,500

4

-400

2,000

+1,600

5

-3,800

-3,800

6

-700

7

+2,000

+2,000

8

+270

$
3,500
$
4,800
$
500
$
8,000
$
2,000
$
-630

SUE KOJIMA ATTORNEY AT LAW
Income Statement
For the Month ended August 31, 2014

Revenue
 9,000

Less;

Salaries                          2,500

Rent                                  900

Advertising                      400

Utilities                            270
(4,070)

Net Income
  4,930

SUE KOJIMA ATTORNEY AT LAW
Owner’s Equity Statement
For the Month ended August 31, 2014

Opening Balance (01/07/2014)
13,000

Add;

Profit
                      4,930

Less;

Owner’s Drawings
  (700)

Closing Balance (31/08/2014)
17,230

SUE KOJIMA ATTORNEY AT LAW
Balance Sheet
As at August 31, 2014

                     Assets

Equipment
  8,000

Accounts Receivable
  4,800

Supplies/ Stock
     500

Cash
  8,430

22,830

      Liabilities and Owner’s Equity

Notes payable
  2,000

Accounts Payable
    (630)

Owner’s Capital
17,230

Profit
 4,930

Withdrawals
   (700)

22,830

…………………………………………………….
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