Acc 561 Wiley Plus Week 1
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Wiley Plus Week 1
Susan J. Schunke
ACC 561
Dale Stoeber
May 02, 2013
BE1-7 | |
Indicate which statement you would examine to find each of the following items: income statement (I), balance sheet (B), retained earnings statement (R), or statement of cash flows (C). | (a) | Revenue during the period.- Income statement |
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(b) | Supplies on hand at the end of the year.- Balance sheet |
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(c) | Cash received from issuing new bonds during the period.- Statement of cash flows |
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(d) | Total debts outstanding at the end of the period.- Balance sheet |
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| (a) | The liabilities of Cummings Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Cummings Company's total assets?$90,000 +230,000= $320,000 (total Assets) |
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(b) | The total assets of Haldeman Company are $170,000 and its stockholders' equity is $90,000. What is the amount of its total liabilities?$170,000 - $90,000 = $80,000 (total Liabilities) |
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(c) | The total assets of Dain Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Dain Co.'s stockholders' equity?$800,000 – 0.25 ($800,000) = $600,000 (stockholders’ equity) |
BE1-8 Use the basic accounting equation to answer these questions. |
BE1-9 | At the beginning of the year, Fuqua Company had total assets of $800,000 and total liabilities of $500,000. | (a) | If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year? $800,000+$150,000 = $950,00 total assets $500,000-$80,000= $420,000 total liabilities $950,000-$420,000= $530,000 stockholders’ equity |
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(b) | During the year, total liabilities increased $100,000 and stockholders' equity decreased $70,000. What is the amount of total assets at the end of the year?$500,000 +$100,000 = $600,000 total liabilities $800,000-$500,000-$70,000=...
Susan J. Schunke
ACC 561
Dale Stoeber
May 02, 2013
BE1-7 | |
Indicate which statement you would examine to find each of the following items: income statement (I), balance sheet (B), retained earnings statement (R), or statement of cash flows (C). | (a) | Revenue during the period.- Income statement |
|
(b) | Supplies on hand at the end of the year.- Balance sheet |
|
(c) | Cash received from issuing new bonds during the period.- Statement of cash flows |
|
(d) | Total debts outstanding at the end of the period.- Balance sheet |
|
|
| (a) | The liabilities of Cummings Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Cummings Company's total assets?$90,000 +230,000= $320,000 (total Assets) |
|
(b) | The total assets of Haldeman Company are $170,000 and its stockholders' equity is $90,000. What is the amount of its total liabilities?$170,000 - $90,000 = $80,000 (total Liabilities) |
|
(c) | The total assets of Dain Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Dain Co.'s stockholders' equity?$800,000 – 0.25 ($800,000) = $600,000 (stockholders’ equity) |
BE1-8 Use the basic accounting equation to answer these questions. |
BE1-9 | At the beginning of the year, Fuqua Company had total assets of $800,000 and total liabilities of $500,000. | (a) | If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year? $800,000+$150,000 = $950,00 total assets $500,000-$80,000= $420,000 total liabilities $950,000-$420,000= $530,000 stockholders’ equity |
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(b) | During the year, total liabilities increased $100,000 and stockholders' equity decreased $70,000. What is the amount of total assets at the end of the year?$500,000 +$100,000 = $600,000 total liabilities $800,000-$500,000-$70,000=...