Part A:
Enter the April 2011 transactions and adjustments for Tim's Tams in the accounting equation.
1.April 1 Collected $3,000 of accounts receivable from March sales.
2.April 2 Purchased 1,200 caps @ $6 each on account.
3.April 6 Paid $700 cash for office supplies.
4.April 20 Tim's Tams sold 800 baseball caps @ $10 each on account.Cost of goods sold was $4,800.
5.April 30 Tim's Tams declared and paid a $400 cash dividend to its shareholder.
6.April 30 Adjusted for insurance used during the month.On February 1,Tim's Tams paid $600 for 3 months of insurance coverage that began February 1.
7.April 30 Adjusted for rent used during the month.Last month Tim's Tams paid $1,000 for two months' rent.
8.April 30 Recorded one month's straight-line depreciation on the $18,000 truck that has a 6-year useful life and no salvage value.
9.April 30 Counted the office supplies and found that $200 of supplies have not been used.
10.April 30 Recorded interest on the $16,000,4-month,6% note payable for the month.

Parts B,C,D and E: Complete the financial statements.

Part D:

Part E:

Part F: Using the financial statements above,answer the following questions:

XYZ Company Owns an Asset with Historical Cost of $75,000,estimated

Multiple Choice

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