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ACC 290T Wk 1 - Apply: Homework

ACC 290T Wk 1 - Apply: Homework PLDZ-13544 Free
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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 b

 

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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