hw1 - ORIE 350 Fall 2006 Homework#1 Due September 5 2006 1...

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ORIE 350 Fall 2006 Homework #1 Due September 5, 2006 1. Indicate what type each account is (A, L, or SE) and also indicate whether each account below would be shown on the income statement (I/S), balance sheet (B/S), or neither. a. Contributed Capital SE, B/S b. Fuel Expense SE, I/S c. Cash A, B/S d. Rent Expense SE, I/S e. Accounts Payable L, B/S f. Dividends SE, neither g. Net Sales Revenue SE, I/S h. Cost of Goods Sold SE, I/S i. Accounts Receivable A, B/S j. Retained Earnings SE, B/S 2. Use the accounting equation to answer each question below. a. The assets of Newport Corporation are $650,000, and the stockholder’s equity is $360,000. What is the amount of the liabilities? $290,000 b. The liabilities and stockholder’s equity of Fitzgerald Corporation are $95,000 and $32,000 respectively. What is the amount of the assets? $127,000 c. The liabilities of Emerald Corp. equals one-third of the total assets, and stockholder’s equity is $120,000. What is the amount of the liabilities? $60,000 d. At the beginning of the year, Pickett Corporation’s assets were $220,000 and its stockholder’s equity was $100,000.
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