Answer & Explanation:Template is required
(attached)
Exercises 2-7, 2-17, 2-18 and 2-19
E2-7
Effects of transactions
on accounting equation
Obj|1,
2, 4
Describe how the
following business transactions affect the three elements of the accounting
equation.
·
a.Received cash for services performed.
·
b.Paid for utilities used in the business.
·
c.Borrowed cash at local bank.
·
d.Issued capital stock for cash.
·
e.Purchased land for cash.
E2-17
Income statement
Obj|3,
5
After
its first month of operation, the following amounts were taken from the
accounting records of Benjamin Realty Inc. as of April 30, 2013.
Prepare
an income statement for the month ending April 30, 2013.
Capital
stock
$25,000
Notes
payable
$ 35,000
Cash
53,000
Rent
expense
5,000
Dividends
10,000
Retained
earnings
0
Interest
expense
2,000
Salaries
expense
75,000
Land
42,000
Sales
commissions
145,000
Miscellaneous
expense
3,000
Utilities
expense
15,000
✓ Net income, $45,000
E2-18
Retained earnings
statement
Obj|3,
5
✓ Retained earnings, April 30, 2013, $35,000
Using the financial data
shown in Exercise 2-17 for Benjamin Realty Inc., prepare a retained earnings statement
for the month ending April 30, 2013.
E2-19
Balance sheet
Obj|3,
5
✓ Total assets, $95,000
Using the financial data
shown in Exercise 2-17 for Benjamin Realty Inc., prepare a balance sheet as of
April 30, 2013.
u2template.xlsx
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Exercise 2-7
a.
b.
c.
d.
e.
Exercise 2-17
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BENJAMIN REALTY, INC.
Income Statement
For the Month Ended April 30, 2013
Revenues:
Expenses:
Total expenses
Exercise 2-18
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BENJAMIN REALTY, INC.
Retained Earnings Statement
For the Month Ending April 30, 2013
Retained earnings, April 30, 2013
Exercise 2-19
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BENJAMIN REALTY INC.
Balance Sheet
April 30, 2013
Assets
Total assets
Liabilities
Stockholders’ Equity
Total liabilities and stockholders’ equity
…
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