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Name Score Score
Identifying Accounting Concepts and Practices 20 Pts.
7 Total 40 Pts.
A
B
C
% OF
SALES
D
E F
G
H I
J K N
L M O
Across Down
6. A negative balance that remains after total 1. The calculation and interpretation of a financial
expenses are subtracted from total income. ratio.
8. The ratio of net income to total sales. 2. The area of accounting which focuses on
reporting information to external users.
9. Reporting an amount on a financial statement as
a percentage of another item on the same 3. A budgeting strategy of setting aside at least 10%
financial statement. of after-tax income for saving and investing.
10. Any persons or groups who will be affected by 4. A financial road map used by individuals and
an action. companies as a guide for spending and saving.
11. The area of accounting which focuses on 5. A comparison between two components of
reporting information to internal users. financial information.
7. A positive balance that remains after total
expenses are subtracted from total income.
5 6 7 8
INCOME STATEMENT Balance Sheet
ACCOUNT TITLE
Debit credit Debit credit
12 Sales 5 8 0 0 00 12
13 Advertising Expense 7 5 0 00 13
15 Insurance Expense 6 1 0 00 15
16 Miscellaneous Expense 1 6 7 00 16
17 Supplies Expense 5 4 0 00 17
18 Utilities Expense 3 0 0 00 18
19 2 3 7 0 00 5 8 0 0 00 7 5 5 4 00 4 1 2 4 00 19
20 Net Income 3 4 3 0 00 3 4 3 0 00 20
21 5 8 0 0 00 5 8 0 0 00 7 5 5 4 00 7 5 5 4 00 21
22 22
23 23
Revenue:
Sales 5 8 0 0 00 100.0
Expenses:
Advertising Expense 7 5 0 00
Cash Short and Over 3 00
Insurance Expense 6 1 0 00
Miscellaneous Expense 1 6 7 00
Supplies Expense 5 4 0 00
Utilities Expense 3 0 0 00
Total Expenses 2 3 7 0 00 40.9
Net Income 3 4 3 0 00 59.1
5 6 7 8
INCOME STATEMENT Balance Sheet
ACCOUNT TITLE
Debit credit Debit credit
12 Sales 3 4 0 0 00 12
13 Advertising Expense 2 2 5 00 13
15 Insurance Expense 3 4 0 00 15
16 Miscellaneous Expense 2 1 0 00 16
17 Supplies Expense 9 8 00 17
18 Utilities Expense 1 4 0 00 18
19 1 0 1 4 00 3 4 0 0 00 3 6 2 0 00 1 2 3 4 00 19
20 Net Income 2 3 8 6 00 2 3 8 6 00 20
21 3 4 0 0 00 3 4 0 0 00 3 6 2 0 00 3 6 2 0 00 21
22 22
23 23
Plumbing Solutions
Income Statement
For Month Ended February 28, 20 - -
% OF
SALES
Revenue:
Sales 3 4 0 0 00 100.0
Expenses:
Advertising Expense 2 2 5 00
Cash Short and Over 1 00
Insurance Expense 3 4 0 00
Miscellaneous Expense 2 1 0 00
Supplies Expense 9 8 00
Utilities Expense 1 4 0 00
Total Expenses 1 0 1 4 00 29.8
Net Income 2 3 8 6 00 70.2
7 8
Balance Sheet
ACCOUNT TITLE
Debit credit
1 Cash 4 7 5 0 00 1
2 Petty Cash 7 5 00 2
5 Supplies 1 1 0 00 5
6 Prepaid Insurance 3 2 0 00 6
20 7 9 9 5 00 4 2 6 5 00 20
21 Net Income 3 7 3 0 00 21
22 7 9 9 5 00 7 9 9 5 00 22
23 23
Assets Liabilities
Cash 4 7 5 0 00 Accts. Pay.—Belmont Supplies 2 7 5 00
Petty Cash 7 5 00 Accts. Pay.—Lurgert Paints 4 9 0 00
Accts. Rec.—G. Mackermann 8 2 5 00 Total Liabilities 7 6 5 00
Accts. Rec.—R. Whu 7 1 5 00 Owner’s Equity
Supplies 1 1 0 00 Dwight Sundeen, Capital 6 0 3 0 00
Prepaid Insurance 3 2 0 00
Total Assets 6 7 9 5 00 Total Liabilities and Owner’s Equity 6 7 9 5 00
7 8
Balance Sheet
ACCOUNT TITLE
Debit credit
1 Cash 2 6 5 0 00 1
2 Petty Cash 2 0 0 00 2
5 Supplies 3 5 0 00 5
6 Prepaid Insurance 2 9 0 00 6
20 5 3 7 0 00 4 4 1 0 00 20
21 Net Income 9 6 0 00 21
22 5 3 7 0 00 5 3 7 0 00 22
23 23
Assets Liabilities
Cash 2 6 5 0 00 Accts. Pay.—Computer Supplies Co. 3 4 0 00
Petty Cash 2 0 0 00 Accts. Pay.—Westside Supplies 1 2 0 00
Accts. Rec.—Sunshine Café 2 5 0 00 Total Liabilities 4 6 0 00
Accts. Rec.—Dependable Cleaners 1 3 0 00 Owner’s Equity
Supplies 3 5 0 00 Eva Nelsen, Capital 3 4 1 0 00
Prepaid Insurance 2 9 0 00
Total Assets 3 8 7 0 00 Total Liabilities and Owner’s Equity 3 8 7 0 00
1., 2.
Revenue:
Sales 4 1 1 3 00 100.0
Expenses:
Advertising Expense 2 5 0 00
Cash Short and Over 2 00
Insurance Expense 4 7 5 00
Miscellaneous Expense 5 8 00
Supplies Expense 3 1 9 00
Utilities Expense 1 6 3 00
Total Expenses 1 2 6 7 00 30.8
Net Income 2 8 4 6 00 69.2
Assets Liabilities
Cash 1 9 0 0 00 Accts. Pay.—Superior Supplies 4 0 0 00
Petty Cash 2 0 0 00 Accts. Pay.—Media Plus 3 0 0 00
Accts. Rec.—J. Greenstein 1 7 5 00 Total Liabilities 7 0 0 00
Supplies 1 6 0 00 Owner’s Equity
Prepaid Insurance 2 4 0 00 Timothy Lee, Capital 1 9 7 5 00
Total Assets 2 6 7 5 00 Total Liabilities and Owner’s Equity 2 6 7 5 00
1., 2.
Revenue:
Sales 1 6 3 5 00 100.0
Expenses:
Advertising Expense 2 2 5 00
Cash Short and Over 1 00
Insurance Expense 7 8 00
Miscellaneous Expense 4 2 00
Supplies Expense 7 0 0 00
Utilities Expense 8 2 0 00
Total Expenses 1 8 6 6 00 114.1
Net Loss (2 3 1 00) (14.1)
3.
Assets Liabilities
Cash 3 4 8 0 00 Accts. Pay.—Supplies Plus 3 0 6 00
Petty Cash 7 5 00 Owner’s Equity
Accts. Rec.—S. Romano 9 8 00 Cheryl Eiler, Capital 4 1 3 7 00
Supplies 3 9 0 00
Prepaid Insurance 4 0 0 00
Total Assets 4 4 4 3 00 Total Liabilities and Owner’s Equity 4 4 4 3 00
1., 2.
Revenue:
Sales—Lessons 2 1 0 0 00
Sales—Group Classes 3 6 0 0 00
5 7 0 0 00 100.0
Expenses:
Advertising Expense 6 8 5 00
Insurance Expense 1 5 0 00
Miscellaneous Expense 4 2 00
Rent Expense 2 5 0 0 00
Supplies Expense 3 1 5 0 00
Total Expenses 6 5 2 7 00 114.5
Net Loss (8 2 7 00) (14.5)
3.
Scow Art School
Balance Sheet
October 31, 20 - -
Assets Liabilities
Cash 2 0 6 0 00 Accts. Pay.—Tampa Supply 5 4 5 00
Accts. Rec.—J. Holben 1 9 0 00 Accts. Pay.—Supply Depot 9 3 0 00
Supplies 8 2 5 00 Total Liabilities 1 4 7 5 00
Prepaid Insurance 1 1 0 0 00 Owner’s Equity
Greg Scow, Capital 2 7 0 0 00
Total Assets 4 1 7 5 00 Total Liabilities and Owner’s Equity 4 1 7 5 00