ACC 101 Chapter 1 and 2 Practice Questions: 1. Presented below is selected financial information for Stanley's Bike Shop. Using the appropriate information, prepare the income statement for 2004. Total Assets at December 31, 2004 $91,00 2004 Expenses 38,000 Total Equity at December 31,2003 48,000 Total Liabilities at December 31, 2004 35,000 2004 Revenues 46,000 0 > 2. Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts: Commissions earned $40,000 Accounts payable 3,500 Accounts receivable 5,000 M. Bruno, Capital 103,500 Office equipment 10,000 Advertising expense 3.200 Cash 7,500 35,000 Note payable 50,000 Office supplies 500 Salaries expense 12,000 Salaries payable 1,000 Building 100,000 Land a. 3.Ann Maslow's consulting practice had equity of $172,500 at December 31, 2003. Net income for 2004 amounted to $56,400. Ann's withdrawals during 2004 were $48,000, and Ann made no investments in the business during 2004. Prepare the statement of owner's equity for 2004. 4.FastForward has the following beginning cash balance and cash transactions for the month of January. Using this information prepare a statement of cash flows. Beginning cash balance $3,200 b. Cash investment by owner 15,000 Cash payment toward long-term loan 1,000 Cash payment of rent 1.800 Purchased equipment for cash 7.500 f. Purchased store supplies for cash 1,500 Cash collected from customers 7,750 h. Cash withdrawal by owner 2.000 i. Cash payment of wages 4,000 c. d