Part A: Financial Statements Based on Generally Accepted Accounting Principle 1.

Elis Electronic Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $400,000 in electronic repair revenues, $300,000 in expenses, and Eli withdrew $50,000. Eli's Owners Capital balance at the end of the year was? (2 Marks)

2. Elis Electronic Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $400,000 in electronic repair revenues, $300,000 in expenses, and Eli withdrew $50,000. The net income reported by Eli's Electronic Repair Shop for the year was? (2 Marks)

3. Elis Electronic Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $400,000 in electronic repair revenues, $300,000 in expenses, and Eli withdrew $50,000. Eli's Owners Capital balance changed by what amount from the beginning of the year to the end of the year. (2 Marks)

4. Balance sheet amounts as of December 31, 2018 for Abdullah Insurance is listed below. Prepare a balance sheet in good form. (4 Marks) Accounts Payable $ 300 Accounts Receivable 1,000 Cash 500 Owners Capital 1200