西方财务会计课后习题答案(4)

The correct balance of Accounts Receivable is $3,900 ($7,200 – $3,300). After this correction, total debits will be $47,200 ($50,500 – $3,300), the same as total credits. (continued) E 2-16

Req. 2

Road Runner, Inc. Trial Balance December 31, 20X5

Cash ($4,200 – $400)…………………… Accounts receivable

($7,200 – $3,300 + $7,000)………….. Supplies………………………………….. Land ($34,000 + $80,000)……………… Accounts payable ($5,800 + $2,000)… Note payable ($5,000 + $80,000)……... Common stock………………………….. Retained earnings……………………… Service revenue ($9,100 + $7,000)…… Salary expense ($3,400 + $400)……… Advertising expense ($900 + $2,000). Totals……………………………………...

Req. 3

a. Total assets = $129,500 ($3,800 + $10,900 + $800 + $114,000).

b. Road Runner is profitable, as indicated by the excess of revenue ($16,100) over total

expenses ($6,700 = $3,800 + $2,900).

(10-15 min.) E 2-17

San Francisco:

Income statement

Medical expense…………..

Balance sheet

Cash………………………… Accounts payable…………

Bay Area:

Income statement

Service revenue…………..

Balance sheet

Cash………………………… Accounts receivable……..

72 Financial Accounting 6/e Solutions Manual

$ 3,800

10,900 800 114,000

$ 7,800 85,000 20,000 7,300 16,100 3,800 2,900 $136,200 $136,200

June

$40,000

June 30 $55,000 40,000

June $40,000

June 30 $ -0-

40,000

July

$ -0-

July 31 $23,000* 8,000**

July

$ -0-

July 31 $32,000 8,000**

Explanation:

San Francisco’s expense is Bay Area’s revenue.

San Francisco’s cash payment is Bay Area’s cash receipt.

San Francisco’s account payable is Bay Area’s account receivable. __________

*$55,000 – $32,000 = $23,000 **$40,000 – $32,000 = $ 8,000

Chapter 2 Transaction Analysis 73

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