Hi are you working today if so please proof this document for me. I am having trouble with questions four through six.

Week 2 - Chapters 2 Test Part 2 1. Compute the missing amounts in the table below: Year 1 $85,000 Total assets Common stock A Retained earnings Year 2 B $3,600 $8,400 $18,800 Total liabilities $62,600 $36,000 Liabilities and equity $85,000 $58,400 2. Prepare an income statement for the month ended July 31, 2013for Buck's Books. Buck's account balances for the month ending July 31, 2013 are: Cash Accounts receivable Office supplies Office equipment Land Sales Cash dividends $ 1,400 18,500 3,100 29,150 70,000 55,000 2,650 Rent expense Utilities expense Salaries expense Miscellaneous expenses Retained earnings, July 1 Common stock Accounts payable $16,600 530 16,000 145 12,150 76,125 14,800 Buck's Books Income Statement For Year Ended July 31, 2013 Revenues........................... ...............$ 55,000.00 Rent expense............................................16,600.00 Salaries...................................................16,000.00 Miscellaneous expenses.............................145.00 Utilities....................................................530.00 Total expense...........................................(33,275.00) Net income ( or loss)..................................21,725.000 3. Prepare a statement of stockholders' equity for the month ended July 31, 2013 for Buck's Books. Buck's account balances for the month ending July 31, 2013are: Cash Accounts receivable Office supplies Office equipment Land Sales Cash dividends $ 1,400 18,500 3,100 29,150 70,000 55,000 2,650 Rent expense Utilities expense Salaries expense Misc. expenses Retained earnings, July 1 Common stock Accounts payable $16,600 530 16,000 145 12,150 76,125 14,800 Buck's Books Statement of Stockholder's Equity Income Statement For Year Ended July 31, 2013. Contributed Retained Other Stockholders Total Capital Earnings Equity Retained Earnings July 31, 2013 Equity 12,150 12,150 Net Income 21,725 21,725 Stock issuance Cash dividends (2,650) (2,650) Retained Earnings July 31, 2013 31, 225 4. Record the effects of each transaction or event in the table below: Balance Sheet Cash Asset Transaction (1) Purchase $8,000 of inventory on credit + Noncas h Assets = + 8000 Liabilit ies + Income Statement Contri b. Capita l + Earned Capital Revenues - Expenses = +6000 -6000 +6000 = (3) Paid $4,000 cash for rent expense -4000 (4) Collected $48,000 cash from accounts receivable +4800 0 (5) Paid $14,000 cash toward accounts payable -14000 (6) Received $22,000 from cash sales +2200 0 Net Income -8000 = (2) Employees earn $6,000 in wages that are not paid in cash = -6000 = -4000 = = -48000 = = -14000 -14000 +14000 = -14000 = +22000 +22000 = +22000 = 5. The following items and amounts are taken from the 2013 financial records of Digital Co.: Security deposit...............$ 3,200 Equipment.......................29,000 Salaries expense............42,000 Utilities expense................1,100 Dividends......................... 7,600 Accounts payable...............10,200 Cash.............................. 7,700 Salaries payable........ Common stock......... Supplies expense Retained earnings, Jan. 1, 2012 Insurance expense......... Service revenue......... Repair expense......... 2 $ 6,000 10,500 4,700 12,000 4,400 75,000 4,500 Accounts receivable...........9,500 Prepare a balance sheet for Digital Co. for the year ending December 31, 2013. Digital Co. Balance Sheet For Year Ended December 31, 2013 Assets Cash........................................................................................................................................$7,700 Accounts receivable..............................................................................................................9,500 Equipment............................................................................................................................29,000 Security Deposit....................................................................................................................3,200 Total assets.............................................................................................................................49,400 Liabilities and Equity Accounts Payable..................................................................................................................10,200 Salaries Payable.....................................................................................................................6,000 Total liabilities........................................................................................................................16,200 Equity Common Stock..........................................................................................................................10,500 Retained Earnings, Jan 2, 2012............................................................................................12,000 Total Equity...............................................................................................................................22,500 Total liabilities and stockholder's equity..............................................................................38,700 6. At the end of 2013, Sando Company reported the following amounts on its balance sheet: Cash Accounts receivable Equipment Land Accounts payable Common stock Retained earnings $ 28,100 52,400 46,000 120,000 31,500 95,000 120,000 Answer each of the following independent questions: A. Assume that Sando's stockholders' equity on January 1, 2013 was $132,000. Sando did not issue common stock during the year, but it paid $18,000 cash in dividends. How much is Sando's net income or loss for 2013? Income = Revenues - Expenses B. Assume that Sando's stockholders' equity on January 1, 2013 was $118,000, and that Sando issued additional common stock of $35,000 and paid $22,000 in cash dividends before the end of 2013. What was Sando's net income or net loss for 2013? 7. In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. 1. Cash 2. Inventory 3. Land 4. Machine 5. Building 6. Income taxes payable in 30 days 7. Utilities payable 8. Note receivable due in 30 days 9. Common Stock 10. Goodwill 11. Value of company logo 12. Wages expense 13. Value of land in excess of cost 14. Mortgage payable 15. Accounts receivable A. Current assets B. Long-term investments C. Long-term assets D. Intangible assets E. Current liabilities F. Long-term liabilities G. Equity 4