Posted: July 19th, 2016
EXPERT CONSULTING SERVICES INC.
TRANSACTIONS FOR THE MONTH OF MARCH 2012
Assets = Liabilities +
Accounts Accounts Notes
Cash Receivable Computer Supplies Payable Payable
Date
F
3/2
F F
3/7
Bal. C C
3/12 F F
C C
Bal. C C
3/19 F
C C
Bal. C C C
3/20 F
C
Bal. C C C C
3/22 F F
C
Bal. C C C C
3/26 F
C
Bal. C C C C
3/29 F F
C
Bal. C C C C C
3/30 F
C
Bal. C C C C C
3/31 F
Bal. C C C C C C
TOTAL ASSETS: C TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY:
2. Prepare an income statement for the month ended March 31, 2012.
EXPERT CONSULTING SERVICES INC.
INCOME STATEMENT
FOR THE MONTH ENDED MARCH 31, 2012
Revenues:
T F
T F C
Expenses:
T F
T F
T F C
Net income C
3. Prepare a classified balance sheet at March 31, 2012.
Note: Classify Assets and Liabilities in the order of Liquidity
EXPERT CONSULTING SERVICES INC.
BALANCE SHEET
MARCH 31, 2012
Assets
Current assets:
T F
T F
T F
Total current assets C
Property, plant, and equipment:
T F
Total assets C
Liabilities and Stockholders’ Equity
Current liabilities:
T F
Long-term debt:
T F
Total liabilities C
Capital stock F
Retained earnings F
Total stockholders’ equity C
Total liabilities and stockholders’ equity C
4. From reading the balance sheet you prepared in (3), what events would you expect to take place in April?
Explain your answer.
T
roommates. The
transactions occurred
business in exchange
rest, along with the
to pay for the supplies.
puter system.
ware for its computer.
g equation.
Stockholders’ Equity
Capital Retained
Stock Earnings
F
C
C
Place an order in 3 easy steps. Takes less than 5 mins.