Selected transactions for Lauren Rountree Company during its first month in business are presented below.

ason Bear, an Outdoor Outfitter, has compiled the following financial information as of December 31, 2016.

Revenues during 2016-camping fees    $140,000         Notes payable    $60,000

Revenues during 2016-general store    47,000        Expenses during 2016    150,000

Accounts payable    11,000        Supplies on hand    2,500

Cash on hand    20,000        Common stock    20,000

Original cost of equipment    105,500        Retained earnings    ?

Fair value of equipment    140,000


Determine Bear Park’s net income for 2016.

Prepare a balance sheet for Bear Park as of December 31, 2016.

Exercise 2

Selected transactions for Lauren Rountree Company during its first month in business are presented below.

Sept. 1    Invested $10,000 cash in the business in exchange for common stock.

5    Purchased equipment for $12,000 paying $4,000 in cash and the balance on account.

25    Paid $2,400 cash on balance owed for equipment.

30    Declared and paid a $500 cash dividend.

Campbell’s chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock; No. 332 Dividends.

(a)          Journalize the transactions of the general journal. (Omit explanations.)

(b)          Post the transactions using the standard t-account form.

Sept. 1    Invested $10,000 cash in the business in exchange for common stock.

Date        Account Title    Post Ref     Debit      Credit

Exercise #3    Determine the missing amounts.  Show calculations

Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Mark Inc and Paul Enterprises.

Mark Inc    Paul Enterprises

Beginning of year:

Total assets    $97,000     $129,000

Total liabilities    85,000    (c)

Total stockholders’ equity    (a)    75,000

End of year:

Total assets    160,000    180,000

Total liabilities    120,000    50,000

Total stockholders’ equity    40000    130,000

Changes during year in stockholders’ equity:

Additional investment    (b)    25000

Dividends     24,000     (d)

Total revenues     215,000     100,000

Total expenses     175,000     55000

Beginning Stockholder Equity+Revenues+Additional Investment-Expenses-Dividends=Ending Stockholder Equity

Presented below is financial information related to the 2016 operations of Brian Baik Company.

Maintenance and repairs expense    $97,000

Utilities expense    10,000

Salaries and wages expense    142,000

Advertising expense    3,500

Ticket revenue    335,000


Prepare the 2016 income statement for Brian Baick Company.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages

Order your essay today and save 10% with the discount code tCPCOVID10