Be1-7, Be1-8, Be1-9

BE1-7 |
|

|
| Correct. |
| |
Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows.
| (a) Revenue during the period. |
| (b) Supplies on hand at the end of the year. |
| (c) Cash received from issuing new bonds during the period. |
| (d) Total debts outstanding at the end of the period. |
BE1-8 |
|

|
| Correct. |
| |
Use the basic accounting equation to answer these questions.
(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? |
(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? |
(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? |

| -------------------------------------------------
Assets | = | -------------------------------------------------
Liabilities | + | -------------------------------------------------
Stockholders' Equity |
(a) | $ | | $ | | $ |
(b) | $ | | $ | | $ |
(c) | $ | | $ | | $ |
BE1-9 |
|

|
| Correct. |
| |
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? |
(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. |
(c) | If total assets decreased $90,000 and stockholders' equity increased $110,000 during the year, what is the amount of total liabilities at the end of the year? |

|...