Accounting for managers -ACC 1003 Topic 5- Financial Statements Class Exercises E1-15B Presented below is financial information related to the 2017 operations of Williamson Company Maintenance and repairs expense $ 89,000 Property tax expense (on dock facilities) 11,000 Salaries and wages expense 150,000 Advertising expense 5,500 Ticket revenue 370,000 Instructions: Prepare the 2017 income statement for Williamson Company E1-14 Linda Pedigo is the sole owner of Wilderness Park, a trailer park near the Lake Tahoe National Recreation Area, Linda has compiled the following financial information as of December 31, 2017. Revenues during 2017-camping fees $120,000 Fair value of equipment $140,000 Revenues during 2017 general store 60,000 Notes payable 50,000 Accounts payable 12,000 Expenses during 2017 145,000 Cash on hand 11,000 Supplies on hand 3,500 Original cost of equipment 119,000 Instructions: (a) Determine Linda Pedigo's net income from Wilderness Park for 2017 b) Prepare a balance sheet for Wilderness Park as of December 31, 2017 E1-168 Presented below is information related to the sole proprietorship of Jeff Tabor, attorney. Legal service revenue-2017 $340,000 Total expenses - 2017 221,000 Assets, January 1, 2017 105,000 Liabilities, January 1, 2017 63,000 Assets, December 31, 2017 165.000 abilities, December 31, 2017 103,000 Drawings-2017? Instructions Prepare the 2017 owner's equity statement for Jeff Tabor's legal practice P1-3C On June 1, Laurie Shaw started Fancy Cosmetics Co., a company that provides individual skin care treatment, by investing $26,200 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June. Cash $11,000 Notes Payable $13,000 Accounts Receivable 4,000 Accounts Payable 1,200 Service Revenue 6,000 Supplies Expense 1,500 Supplies 2,000 Gasoline Expense 800 Advertising Expense 500 Utilities Expense 300 Equipment 25,000 Laurie Shaw made no additional investment in June, but withdrew $1,200 in cash for personal use during the month Instructions (a) Prepare an income statement and owner's equity statement for the month of June and a balance sheet at June 30, 2017 (b) Prepare an income statement and owner's equity statement for June assuming the following data are not included above: 1) 5800 of revenue was earned and billed but not colected at lune 30, and (2) 5100 of gasoline expense was incurred but not paid. P1-38 on May 1, R.C.Twining started RC Flying School, a company that provides flying lessons, by Investing $40,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2017, and the revenues and expenses for the month of May. Cash $ 3,400 Advertising Expense $ 600 Accounts Receivable 4,900 Rent Expense 1,200 Equipment 64,000 Maintenance and Repairs Expense 400 Notes Payable 30,000 Gasoline Expense 2,500 Accounts Payable 800 Utilities Expense 400 Service Revenue 8,100 R.C. Twining made no additional investment in May, but he withdrew $1,500 in cash for personal use. Instructions (a) Prepare an income statement and owner's equity statement for the month of May and a balance sheet at May 31. [b] Prepare an income statement and owner's equity statement for May assuming the following data are not included above: (1) $900 worth of services were performed and billed but not collected at May 31, and (2) $1.500 of gasoline expense was incurred but not paid