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Grantham University BA220 Week 1 Assignment

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Exercise 1-6A pg. 33;Assets =Liabilities Common Stock Retained Earnings $10,000 = $4,000 $6,000 $0 Assets = Liabilities Common Stock Retained Earnings $9,000 land $1,000 cash= $4,000 $6,000 $0;B.40%;C.60%;No, The only cash the company has is $1,000 unless the land is sold.;Exercise 1-9a;Total assets mentioned = $156,000;Total liabilities and equity = $85,000 + $52,000 = $137,000;Either a liability or an equity of $19000 is missing.;a) Retained earning = $36000 ? $20000 ? $3000 = $13000;b) Cash = Notes Payable + Common Stock + missing liability or equity.;c) Revenue?Cr = $36,000;Cash?Dr = $36,000;Expense ? Dr = $20,000;Cash? Cr = $20,000;Dividends? Dr =$3,000;Cash.. Cr = $3,000;e) Cash = $156,000 + $13,000 = $169,000;Notes =$85,000;Common Stock = $52,000;Retained Earnings = $13,000;Missing liability or earning = $19,000;Total = $169,000;f) Common stock was not issued or bought back. So its value remained same;Exercise 1-11a;Land = $30,000;Cash =

 

Paper#20976 | Written in 18-Jul-2015

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