# ACC 290T Wk 1 - Apply: Homework

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# ACC 290T Wk 1 - Apply: Homework

## Study Attempt

It's highly recommended that you use your first attempt as a study attempt, if needed.

True or False

## S 1-8 Applying the accounting equation LO A1

1.  Use the accounting equation to compute the missing financial statement amounts.2. Use the expanded accounting equation to compute the missing financial statement amounts.

## Exercise 1-8 Using the accounting equation LO A1

Determine the missing amount from each of the separate situations given below.

## Required information

### Exercise 1-9 Using the accounting equation LO A1

[The following information applies to the questions displayed below.] Answer the following questions. Hint: Use the accounting equation.

## Exercise 1-9 Part a

1.  At the beginning of the year, Addison Company's assets are \$206,000 and its equity is \$154,500. During the year, assets increase \$80,000 and liabilities increase \$51,000. What is the equity at year-end?
2.  Office Store has assets equal to \$240,000 and liabilities equal to \$209,000 at year-end. What is the equity for Office Store at year-end?

## Exercise 1-9 Part c

1.  At the beginning of the year, Quaker Company's liabilities equal \$48,000. During the year, assets increase by \$60,000, and at year-end assets equal \$190,000. Liabilities decrease \$18,000 during the year. What are the beginning and ending amounts of equity?

## QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1

The following transactions were completed by the company.

1.  The company completed consulting work for a client and immediately collected \$6,200 cash earned.
2.  The company completed commission work for a client and sent a bill for \$4,700 to be received within 30 days.
3.  The company paid an assistant \$1,750 cash as wages for the period.
4.  The company collected \$2,350 cash as a partial payment for the amount owed by the client in transaction b.
5.  The company paid \$840 cash for this period's cleaning services.

Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)

## QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1

The following transactions were completed by the company.

1.  The owner (Alex Carr) invested \$18,800 cash in the company.
2.  The company purchased supplies for \$1,450 cash.
3.  The owner (Alex Carr) invested \$11,900 of equipment in the company.
4.  The company purchased \$390 of additional supplies on credit.
5.  The company purchased land for \$10,900 cash.

Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)

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