Posted: July 19th, 2016

what events would you expect to take place in April?

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