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Chapter 2 Introduction to Financial Statement SAMPLE CHAPTERS PAG. 2.2 Olivia's Apple Orchard had the following transactions during the month NOT FINAL DRAFT month in business. Transaction Amount Asset Liability - Owner's Equity Amount owed for land purchase $50,000 $50,000 $50,000 $0 Apple sales: cash 3,000 ? 7 ? Apple sales: credit 6,000 ? Collections of credit sales 4,000 Cash purchase of equipment 10,000 ? Owner investments i 25,000 Wages expenses paid 6,000 ? Fuel expenses paid 400 ? 1,000 ? Amount owed for utility expense Current totals $50,000 $50,000 $0 Complete the chart to determine the ending balances. As an example, the first transaction has been completed. Note: Negative amounts should be indicated with minus signs (-) and unaffected should be noted as $0. (Hints: 1. each transaction will involve two Inancial statement elements; 2. the net impact of the transaction may be $0.) PA7. LD 2.2 Using the information in this problem, determine the amount of revenue and expenses for Olivia's Apple Orchard for the month of September. PAB. 2.3 The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business. Assets Liabilities Cash Inventory Equipment Accounts Wages Payable Owner's Equity Common Retained Stock Payable Earnings 1 $50,000 $50,000 2 $6,000 3 $22,000 $22,000 4 $ 1,250 5 (750) 6 600 (600) 7 (3,000) 3,200 3,200 175 (175) (1,000) 1,000 Ending Balance A. Calculate the ending balance for each account. B. Create the income statement. C. Create the statement of owner's equity. D. Create the balance sheet. 890 (6,000) 1,250 (750) $3,000