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BMAL530 Assignment: Homework 1 FALL 2014




Question;1.;award:2.72 out of;2.72 points;a.;Office;Store has assets equal to $193,000 and liabilities equal to $158,000 at;year-end. What is the total equity for Office Store at year-end?;2.;award:0 out of;2.72 points;b.;At the;beginning of the year, Addison Company's assets are $225,000 and its equity;is $168,750. During the year, assets increase $80,000 and liabilities;increase $45,000. What is the equity at the end of the year?;3.;award:2.72 out of;2.72 points;c.;At the;beginning of the year, Quaker Company's liabilities equal $50,000. During the;year, assets increase by $60,000, and at year-end assets equal $190,000.;Liabilities decrease $7,000 during the year. What are the beginning and;ending amounts of equity?;4.;award:2.72 out of;2.72 points;Determine;the missing amount from each of the separate situations given below.;5.;award:2.53 out of;2.72 points;On;October 1, Keisha King organized Real Answers, a new consulting firm, On;October 3, the owner contributed $71,381 cash. On October 31, the company's;records show the following items and amounts.;Cash;$;10,750;Cash;withdrawals by owner;$;2,000;Accounts;receivable;20,000;Consulting;fees earned;22,000;Office;supplies;22,844;Rent;expense;3,960;Land;46,000;Salaries;expense;8,800;Office;equipment;18,000;Telephone;expense;760;Accounts;payable;40,313;Miscellaneous;expenses;580;Owner;investments;71,381;Using;the above information prepare an October income statement for the business.;6.;award:2.72 out of;2.72 points;On;October 1, Keisha King organized Real Answers, a new consulting firm, on;October 3, the owner contributed $59,610 cash. On October 31, the company?s;records show the following items and amounts.;Cash;$;10,800;Cash;withdrawals by owner;$;2,000;Accounts;receivable;17,000;Consulting;fees earned;19,000;Office;supplies;22,950;Rent;expense;3,420;Land;36,000;Salaries;expense;7,600;Office;equipment;18,000;Telephone;expense;760;Accounts;payable;40,500;Miscellaneous;expenses;580;Owner;investments;59,610;Using;the above information prepare an October statement of owner's equity for;Real Answers.;7.;award:2.45 out of;2.72 points;On;October 1, Keisha King organized Real Answers, a new consulting firm, on;October 3, the owner contributed $78,366 cash. On October 31, the company?s;records show the following items and amounts.;Cash;$;1,750;Cash;withdrawals by owner;$;3,360;Accounts;receivable;20,000;Consulting;fees earned;22,000;Office;supplies;3,719;Rent;expense;3,960;Land;36,000;Salaries;expense;8,800;Office;equipment;28,000;Telephone;expense;660;Accounts;payable;6,563;Miscellaneous;expenses;680;Owner;investments;78,366;Using;the above information prepare an October 31 balance sheet for Real;Answers.;rev: 07_19_2014_QC_51515;8.;award:0.96 out of;2.72 points;The;transactions of Spade Company;a.;Kacy;Spade, owner, invested $12,000 cash in the company.;b.;The;company purchased office supplies for $348 cash.;c.;The;company purchased $6,636 of office equipment on credit.;d.;The;company received $1,416 cash as fees for services provided to a customer.;e.;The;company paid $6,636 cash to settle the payable for the office equipment;purchased in transaction c.;f.;The;company billed a customer $2,544 as fees for services provided.;g.;The;company paid $525 cash for the monthly rent.;h.;The;company collected $1,068 cash as partial payment for the account receivable;created in transaction f.;i.;Kacy;Spade, withdrew $1,000 cash from the company for personal use.;Prepare;the Trial Balance. (The items in the Trial;Balance should be grouped as follows: Assets, Liabilities, Equity, Revenues;and Expenses.);9.;award:0 out of;2.72 points;Carmen;Camry operates a consulting firm called Help Today. On August 31, the;company?s records show the following accounts and amounts for the month of;August. Use this information to prepare an August 31 balance sheet for Help;Today.;Cash;$;8,490;C.;Camry, Withdrawals;$;3,700;Accounts;receivable;17,200;Consulting;fees earned;16,300;Office;supplies;3,380;Rent;expense;4,660;Land;47,000;Salaries;expense;8,200;Office;equipment;18,100;Telephone;expense;760;Accounts;payable;16,600;Miscellaneous;expense;410;C.;Camry, Capital, July 31;3,000;Owner;investment made on August 4;76,000;C.;Camry, Capital, August 31;$;77,570;10.;award:0 out of;2.72 points;A sole;proprietorship had the following assets and liabilities at the beginning and;end of this year.;Assets;Liabilities;Beginning;of the year;$ 90,500;$ 38,797;End;of the year;138,500;56,093;Determine;the net income earned or net loss incurred by the business during the year;for each of the following separate cases;a.;Owner;made no investments in the business and no withdrawals were made during the;year.;b.;Owner;made no investments in the business but withdrew $800 cash per month for;personal use.;c.;Owner;made no withdrawals during the year but did invest an additional $45,000;cash.;d.;Owner;withdrew $800 cash per month for personal use and invested an additional;$25,000 cash;(Decreases in equity should be indicated with a minus sign.);11;award:0 out of;2.80 points;Compute;the missing amount for each of the following separate companies a through d. (Losses and amounts to be deducted should be indicated with;a minus sign.);View Hint #1;Worksheet;Difficulty: Medium;Learning Objective: 02-P3 Prepare financial statements from business;transactions.


Paper#38105 | Written in 18-Jul-2015

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