BUS 591 homework week 1 Answers 1 3B and 1 4B from Chapter 1 and problem 2 7B from Chapter 2 of your text
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Week One
Asssignment #1
Week One Homework Problems
Req. 1
Complete Problem 1-3B on page 36
PROBLEM 1-3B
(a)SPECIAL DELIVERY
Income Statement
For the Month Ended May 31, 2012
Revenues
Service revenue10,400
Expenses
Maintenance and repairs expense2,900
Salaries and wages expense 2,000
Advertising expense 800
Insurance expense 400
Total expenses 6,100
Net income 4,300
SPECIAL DELIVERY
Retained Earnings Statement
For the Month Ended May 31, 2012
Retained earnings, May 1 0
Add: Net income 4,300
4,300
Less: Dividends 1,700
Retained earnings, May 312,600
PROBLEM 1-3B (Continued)
SPECIAL DELIVERY
Balance Sheet
May 31, 2012
Assets
Cash15,800
Accounts receivable 6,200
Equipment 56,000
Total assets78,000
...
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Published On:
10/25/2014
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