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Ch01ExercisesandProblems - January($4,020 − $4,000 $...

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CHAPTER 1 Accounting and Organizations EXERCISES E1-1 Definitions of all terms are listed in the glossary. E1-4 1. c 2. b 3. d 4. a E1-5 Resources created from selling sundials $1,050 Resources consumed: Rent $425 Supplies 250 Wages 175 Total cost of resources consumed 850 Profit earned $ 200 E1-9 Antonio’s Restaurant Profit Earned For June Resources created from sales to customers $20,500 Resources consumed: Food products $6,250 Building and equipment rental 4,376 Wages 4,050 Maintenance and utilities 2,000 Total resources consumed 16,676 Profit $ 3,824 E1-12 Return on investment:
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Unformatted text preview: January ($4,020 − $4,000) $ 20.00 February ($4,040.10 − $4,020) 20.10 March ($4,060.30 − $4,040.10) 20.20 Total return for three months $ 60.30 E1-17 a. corporations b. corporations or partnerships c. corporations d. corporations e. proprietorships or partnerships f. corporations g. partnerships h. corporations i. corporations j. proprietorships and (to a lesser degree) partnerships P1-22 1. b 2. d 3. c 4. c 5. b 6. b 7. b 8. d 9. b 10. d...
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