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1、CASE1PREPARETHEFINANCIALSTATEMENTSTheamountsof(a)theassetsandliabilitiesofAspenSupplyCo.asofDecember31,2004,and(b)therevenuesandexpensesofthecompanyfortheyearendedonthatdatefollow.Theitemsarelistedinalphabeticalorder.Accountspayable12000Notespayable31000Accou
2、ntsreceivable3000Propertytaxexpense2000Building56000Rentexpense14000Cash7000Salaryexpense38000Equipment21000Servicerevenue108000Interestexpense4000Supplies7000Interestpayable1000Utilitiesexpense3000Land8000Theowner’sbeginningbalance,LindaElkins,Capital,was$43
3、000,andduringtheyearElkinswithdrew$32000forpersonaluse.REQUIRED:1.PreparetheincomestatementofAspenSupplyCo.fortheyearendedDecember31,2004.2.Preparethecompany’sstatementofowner’sequityfortheyearendedDecember31,2004.3.Preparethecompany’sbalancesheetatDecember31
4、,2004.4.Answerthesequestionsaboutthecompanya.Wastheresultofoperationsfortheyearaprofitoraloss?Howmuch?b.DidElkinsdrainoffalltheearningsfortheyear,ordidshebuildthecompany’scapitalduringtheperiod?Howwouldheractinsaffectthecompany’sabilitytoborrowinthefuture?10C
5、ASE2PREPARETHECONRECTBALANCESHEETThebookkeeperofHaynesEditorialServicepreparedthebalancesheetofthecompanywhiletheaccountantwasill.Thebalancesheetcontainsnumerouserrors.Inparticular,thebookkeeperknewthatthebalancesheetshouldbalance,sohepluggedintheowner’sequit
6、yamounttoachievethisbalance.Theowner’sequityamount,however,isnotcorrect.Allotheramountsareaccurate,butsomeareoutofplace.HAYNESEDITORIALSERVESEBalanceSheetMonthEndedOctober31,2003ASSETSLIABILITIESCash5400Notesreceivable14000Insuranceexpense300Interestexpense20
7、00Land31500Officesupplies800Salaryexpense3300Accountsreceivable2600Officefurniture6700Notespayable21000Accountspayable3000Utilitiesexpense2100OWNER’SEQUITYOwner’sequity11900Totalassets52300Totalliabilities52300REQUIRED:1.Preparethecorrectbalancesheet,anddatei
8、tcorrectly.Computetotalassets,totalliabilities,andowner’sequity.2.Identifytheaccountsthatshouldnotbepresentedonthebalancesheetandstatewhyyouexcludedthemfromthecorrectbalancesheetyouprepar
