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Identify the Account Type and Financial Statement for each account of Target-Line Golf:

BalanceAccount TypeFinancial StatementAccounts payable$18,000 Cash$56,400 Beg Owner Capital$144,000 Equipment rental expense$9,600 Land$163,200 Owner's Capital Contribution$19,200 Salaries expense$16,000 Service revenue$64,000

Prepare and Analyze the financial statements (no dividends were paid this month).

Target-Line Golf Driving Range Income Statement For month ended May 31 Revenues: Expenses: Net Income Target-Line Golf Driving Range Statement of Owners Equity For month ended May 31 Owner's Capital Contribution (May 1)

Hint: Beginning balance is amount given

Target-Line Golf Driving RangeBalance SheetAs of May 31, 20xx Liabilities & Equity Assets Liabilities Equity Total Liabilities & Equity

Explain what the financial statements tell you about Target-Line Golf.

Problem B

Identify the Account Type and Financial Statement for each account of RodCast Company:

AccountBalanceAccount TypeFinancial StatementAccounts payable$43,100 Accounts receivable$85,000 Cash$55,320 Beg. Owner's Capital$125,000 Owner Withdrawals$28,000 Machinery$70,000 Rent expense$24,000 Owner's Capital Contribution$70,000 Salaries Expense$65,000 Service Revenue$165,320 Supplies$2,350 Trucks$60,000 Utilities Expense$13,750

Prepare and Analyze the financial statements using the information above.

RodCast Company Income Statement For Year Ended December 31 Revenues: Service revenue Total Revenues Expenses: Total Expenses Net Income RodCast Company Statement of Owner's Equity For Year Ended December 31 Beginning Owner's Capital Add: Subtract: Ending Owner's Equity RodCast CompanyBalance SheetDecember 31Assets Liabilities and Equity Total Assets Total Liabilities and Equity

Analysis: Answer the questions and include WHERE you found the information.

How much profit did RodCast make last year?

How much of the RodCast's earnings did the owner withdraw this year?

How much do customers owe RodCast? How much does RodCast owe next year?

Where does the Ending Owner's Equity amount on the balance sheet come from?

Analysis: Answer the questions and include WHERE you found the information. How much profit did RodCast make last year? How much of the RodCast's earnings did the owner withdraw this year? \begin{tabular}{|l|} \hline Howner withdraw this year? \\ \hline How much do customers owe RodCast? \\ \hline How much does RodCast owe next year? \\ \hline WheredoestheEndingOwnersEquityamountonthebalancesheetcomefrom? \\ \hline \end{tabular} Example 1 sheetn \begin{tabular}{|c|c|c|c|} \hline Prohlen A & & & \\ \hline \\ \hline & stan & Lthe & nomenthe \\ \hline & sin & & \\ \hline Set & sin= & & \\ \hline & sane & & \\ \hline & n= & & \\ \hline 14 & natio & & \\ \hline & ln & & \\ \hline & num & & \\ \hline & m= & & \\ \hline \end{tabular}

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