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# ch2 hw answers - CHAPTER 2 HOMEWORK Multiple Choice(Page 76...

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CHAPTER 2 HOMEWORK: Multiple Choice (Page 76): 1 . c 2. b 3. a 4. c 5. a 6. d 7. b 8. b 9. d 10. b SE2-17 For each of the following, compute the missing amount. a. 10,0000 - 3,500 - 6,000 = 500 b. 23,500 + 75,000 + 30,000 = 128,500 c. 23,600 - 10,000 - 11,000 = 2,600 d. 96,000 - 20,000 - 45,000 = 31,000 E2-1A Use the following to prepare an income statement for Crenshaw Consultants for the year ending December 31, 2010. Crenshaw Consultants, Inc. Income Statement For the year ended December 31, 2010 Service revenues \$54,000 Expenses: Rent expense \$1,000

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Salary expense 6,000 Other operating expenses 24,000 Administrative expenses 8,500 Total expenses: 39,500 Net income \$14,500 E2-6A For each item, identify the financial statement(s) on which each item would appear. Then, identify each balance sheet item as an asset, liability or shareholders' equity account. Equipment Balance Sheet - asset Accounts receivable Balance Sheet - asset Cash Balance Sheet - asset Stmt.of Cash Flows Short-term notes payable Balance Sheet - liability Cash from investing act. Statement of Cash Flows Land Balance Sheet - asset Common stock Stmt of Chgs in Shareholders' Eq. Balance Sheet - shareholders' equity item Retained earnings Stmt of Chgs in Shareholders' Eq.
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