Ask Experts Questions for FREE Help!
 

Free Answers in 3 Easy Steps

Register Now
3 Steps
 


Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Finance & Accounting    Ask about another Subject  
 

KONIGIN
Nov 14, 2008, 10:08 PM
I am having some trouble with my accounting class.
I need to show effects of events on a financial statement using a horizontal statement
My figures are not adding up, something is wrong. Could you help me?

1) Purchased $1,200 of office supplies
2) Accepted $18,000 in Feb. as a retainer for services to be performed evenly over the next 12 months
3) Performed legal services for cash of $66,000
4) Paid cash for salaries expense of $20,500
5) Paid cash dividend to the stockholders of $5,000
6) Paid $900 of the amount due on accounts payable
7) Determined that at the end of the accounting period, $125 of office supplies on hand
8) On Dec. 31, 07 recognized the revenue that had been earned for services performed in accordance with transaction 2.

Assets Liability Com. Stk. Ret Ear. Rev. Exp Net Inc. Cash Inflow
1,200 1,200 NA NA NA NA NA NA
18,000 (18,000) NA NA 18,000 NA 18,000 18,000 OA
66,000 NA NA 66,000 66,000 NA NA 66,000 FA
(20,500) NA NA (20,500) NA 20,500 20,500 (20,500) OA
(5,000) NA NA (5,000) NA NA NA (5,000) FA
(900) (900) NA (900) NA NA NA (900) FA
(1,075) NA NA (1,075) NA 1,075 (1,075) NA
(1,200) (1,200) NA 1,200 1,200 NA 1,200 NA