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Marion boat

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Marion boat
Table 1
Marion Boats, Inc
Assets
Cash and
Cash
Equvalents

Liabilities
Cash
Receivable

Inventories and boat’s cost Property,
Plant

Building

Trad-in assets Account receivable Accounts
Payable

Owner’s Equities
Wages and
Salary

Bank Loan and other loans Accrued
Interest
Payable

Other

Share Holders’ equity $72000
$20000

$91200.00

Paid in
Capital

$800(expense)

$48000.00
$40000.00

$48000(expense)
$40000.00

-$32000.00

$32000.00
$40000.00

$40000.00
$9000.00

$40000.00

$40000.00

-$40000.00
February

$9000(expense)

$40000.00

-$40000.00

$40000.00

$112000.00

$58000.00

$54800.00

-$54800.00

-$153000.00

$13600.00

$183000(revenue)

$153000.00
-$153000.00

-$60000.00

$153000(expense)

$60000.00

-$2400.00

$2400(expense)

-$2600.00

$2600(expense)
$2000.00

-$42000.00
TOTAL

-$34000.00

$2000(interest expense) -$40000.00
$140000.00

$112800.00

$13600.00
$292600.00

$48000.00
$209000.00

$40000.00

$7000.00

$92000.00

$22000.00

Journal Entries

Date

Event

Transaction

October

Lawyer Services

$800(expense)

October 1,2005

Paid in Capital

$72000(cash) 1800 shares
(Fred)

October 1,2005

Paid in Capital

$20000(cash) 500 shares (Bill)

Hint: Actual cash received
$91200

Hint: Each year, don't know when exactly $24000 x 2 salaries November 1,2005

Property

$40000 (bank loan)
(company’s money)

$32000

November 1,2005

Property Cleaning

$9000 (payment May 31,2006)

December 1,2005

Loan

$40000 (Sports Boat, loan)

Hint: Fred deposited it to bank account, so it has been cash and loan

December 1,2005

Construction

$140000 (Holmes Brother
Cons.Company)

Hint: Payments are planned to be in Jan, Feb, Mar; as
$40,$40 and $60000.

January 1, 2006

Payments

$40000 (Building payment)

February 1, 2006

Payments

$40000 (Building

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