# Acc 561 Wiley Plus Week 1

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=...