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Ex.1 Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint. a. The inventory of boating supplies owned by the company b. Monthly rental charges paid for store space c. A loan owed to Citizens Bank d. New computer equipment purchased to handle daily record keeping e. Daily sales made to customers f. Amounts due from customers g. Land owned by the company to be used as a future store site h. Weekly salaries paid to salespeople Ex.2 Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3: Accounts Payable Accounts Receivable Auto Expense Building 30,000 Cash 7,400 Fee Revenue 56,900 Interest Expense $ 2,500 Land 18,000 $ 3,200 14,800 1,900 Loan Payable Tax Expense Utilities Expense Wage Expense 40,000 3,300 4,100 37,500 a. Determine Rossi's total assets as of December 31. b. Determine the company's total liabilities as of December 31. c. Compute 20X3 net income or loss. EX.8 Financial statement relationships. The following information appeared on the financial statements of the Altoona Repair Company: Income statement Total expenses Net income Statement of owner's equity Beginning owner's equity balance Owner withdrawals Ending owner's equity balance Balance sheet Total liabilities $ 64,900 7,200 $ 113,200 61,300 70,800 By picturing the content of and the interrelationships among the financial statements, determine the following: a. Total revenues for the year b. Total owner investments c. Total assets a. 70,800 - 7,200 = $ 63,600 b. 113,200 - 64,900 = $48,300 c. 113,200 -61,300 = $51,900 Problem2 Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month: 1: Received $19,000 from Parker as an investment in the business. 2: Paid $9,000 to acquire a used minivan.3: Purchased $1,800 of office furniture on account. 4: Rendered $2,100 of consulting services on account. 5: Paid $300 of repair expenses. 6: Received $800 from clients who were previously billed in item 4. 7: Paid $500 on account to the supplier of office furniture in item 3. 8: Received a $150 electric bill, to be paid next month. 9: Processed a $600 withdrawal for Parker. 10: Received $250 from clients for consulting services rendered. 11: Returned a $450 office desk to the supplier. The supplier agreed to reduce the balance due. Instructions a. Arrange the following asset, liability, and owner's equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Investments/Withdrawals, and Revenues/Expenses. b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items. c. Answer the following questions for Parker. (1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? (2) Did the company have a \"good\" month from an accounting viewpoint? Briefly explain. Ex.1Recognition of normal balances. The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each item as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers b. A long-term loan owed to Citizens' Bank c. Promotional costs to publicize a concert d. Daily receipts for merchandise sold e. Amounts due from customers f. Land held as an investment g. A new fax machine purchased for office use h. Amounts to be paid in 10 days to suppliers i. Amounts paid to a mall for rent Ex.2. General journal and general ledger content. St. James Services uses a general jour- nal and general ledger to process transactions. Assume that the volume of trans- actions has grown in recent months and that all posting procedures have already been performed. A manager has requested that you provide the following data: a. The total amounts that clients owe the firm as of May 31 b. The accounts that were increased or decreased by a particular transaction on a specific date c. The total cash received during May d. The reason for a cash disbursement on May 14 e. A dated listing of all decreases to the Accounts Payable account during the month Evaluate the data requests of the manager independently and determine whether the requests can be answered most efficiently by a review of the company's general journal or the general ledger. Problem3 Journal entry preparation. On January 1 of the current year, MuniServ began operations with $100,000 cash. The cash was obtained from an owner (Peter Houston) investment of $70,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($15,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $20,000 (an account payable) by February 15. During January, the company had additional cash outlays for the following items: Purchases of store equipment $4,600 Loan payment, including $100 interest 500 Salaries expense 2,300 Advertising expense 700 The January utilities bill of $200 was received on January 31 and will be paid on February 10. MuniServ rendered services to clients on account, amounting to $9,400. All customers have been billed; by month-end, $3,700 had been received in settlement of account balances. Instructions a. Present journal entries that reflect MuniServ's January transactions, including the $100,000 raised from the owner investment and loan. b. Compute the total debits, total credits, and ending balance that would be found in the company's Cash account. c. Determine the amount that would be shown on the January 31 trial balance for Accounts Payable. Is the balance a debit or a credit