Accounting Cycle Exercises I

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Accounting Cycle Exercises I 
Larry M. Walther; Christopher J. Skousen 

Download free books at 

Larry M. Walther & Christopher J. Skousen

Accounting Cycle Exercises I

Download free ebooks at bookboon.com
2

Accounting Cycle Exercises I
© 2010 Larry M. Walther, Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted, and the exclusive property of Larry M. Walther or his licensors (all rights reserved).

ISBN 978-87-7681-554-7

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Accounting Cycle Exercises I

Contents

Contents

Problem 1
Worksheet 1
Solution 1

6
6
8

Problem 2
Worksheet 2
Solution 2

9
10
12

Problem 3
Worksheet 3
Solution 3

14
14
16

Problem 4
Worksheet 4
Solution 4

17
17
18

Problem 5
Worksheet 5
Solution 5

19
20
32

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Contents

Problem 6
Worksheet 6
Solution 6

44
44
45

Problem 7
Worksheet 7
Solution 7

46
47
49

Problem 8
Worksheet 8
Solution 8

52
53
54

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Accounting Cycle Exercises I

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Accounting Cycle Exercises I

Problem 1: Worksheet

Problem 1
Juniper Corporation provided the following summary balance sheet information:
Total Assets

Dec. 31, 20X8

Dec. 31, 20X9

$2,500,000

$3,800,000

900,000

1,300,000

Total Liabilities

Compute net income for the year ending December 31, 20X9, under each of the following independent scenarios:
a) Juniper paid no dividends, and no additional capital was raised via share issuances. b) Juniper paid $300,000 in dividends, and no additional capital was raised via share issuances. c) Juniper paid no dividends, but raised $1,500,000 via issuances of additional shares of stock. d) Juniper paid $300,000 in dividends, and raised $1,150,000 via issuances of additional shares of stock. Worksheet 1

Total Assets

Dec. 31, 20X8

Dec. 31, 20X9

$2,500,000

$3,800,000

900,000

1,300,000

Total Liabilities
Total Equity

Ending Equity
Total Liabilities
Total Equity

a) Juniper paid no dividends, and no additional capital was raised via share issuances.

b) Juniper paid $300,000 in dividends, and no additional capital was raised via share issuances.

c) Juniper paid no dividends, but raised $1,500,000 via issuances of additional shares of stock.

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