ACCT301 Week 1 Homework – Problem # 1-33 on page 44 – Perfect Solution – Instant Delivery

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Problem Statement

Problem # 1-33 on page 44 using Excel. Formulas are required.

Problem 1-33 Interrelationships among financial statementsCrawford Enterprises started the 2014 accounting period with $75,000 ofassets (all cash), $15,000 ofliabilities, and $25,000 ofcommon stock. During the year,Crawford earned cash revenues of$46,000, paid cash expenses of$26,000, and paid a cash dividend to stockholders of$5,000. Crawford also acquired $15,000 ofadditional cash from the sale ofcommon stock and paid $10,000 cash to reduce the liability owed to a bank.
Required
a. Prepare an income statement, statement ofchanges in stockholders’equity, period-end balancesheet, and statement ofcash flows for the 2014 accounting period. (Hint:Determine the amountofbeginning retained earnings before considering the effects ofthe current period events. It also might help to record all events under an accounting equation before preparing the statements.)
b. Determine the percentage oftotal assets thatwere provided by creditors, investors, and earnings.

c. Determine the balance in the Revenue, Expense,and Dividends accounts as ofJanuary 1, 2015

CHECK FIGURE
a.Net Income:$20,000
Total Assets:$95,000

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