会计专业英语考试答案.doc

2010-2011学年第一学期专业英语作业班级： 学号： 姓名： I. Analyzing transactions and preparing financial statementsHolden Graham started The Graham Co., a new business that began operations on May 1. The Graham Co. completed the following transactions during its first month of operations.TransactionsMay1Cash invested in business$43,0001Cash paid for May rent2,2003Office equipment purchased on credit1,9405Cash paid for May cleaning services7508Cash collected for services provided5,80012Provided services on credit2,80015Cash paid for assistants salary (1st half of May)85020Cash received for services provided May 122,80022Provided services on credit4,00025Cash received for services provided May 224,00026Cash paid for office equipment purchased May 31,94027Purchased May advertising, payment due June 18528Cash paid for assistants salary (2nd half of May)85030Cash paid for May telephone bill40030Cash paid for May utilities26031Owner withdrew cash for personal use2,000Required：1. Prepare an income statement for May, a May 31 balance sheet. a statement of cash flows for May.2. These statements are given as followsTHE GRAHAM CO.Income StatementFor the Month Ended May 31Revenues:Consulting services revenue12600 Expenses:Rent expense2200 Salaries expense1700Advertising expense85Cleaning expense750Telephone expense400Utilities expense260Total expenses5395Net income7205THE GRAHAM CO.Balance SheetMay 31AssetsLiabilitiesCash46350Accounts payable85Office equipment1940Owners EquityH. Graham, Capital48205Total assets48290Total liabilities and equity48290THE GRAHAM CO.Statement of Cash FlowsFor Month Ended May 31Cash flows from operating activities:Cash received from customers12600Cash paid for rent（2200）Cash paid for cleaning（750）Cash paid for telephone（400）Cash paid for utilities（260）Cash paid to employees（1700）Net cash provided by operating activities7290Cash flows from investing activities:Purchase of equipment（1940）Net cash used by investing activities（1940）Cash flows from financing activities:Investments by owner43000Withdrawals by owner（2000）Net cash