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ORIE_350_Homework__1_fall_2007

ORIE_350_Homework__1_fall_2007 - ORIE 350 Fall 2007...

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ORIE 350 Fall 2007 Homework #1 Due September 4, 2007 Please provide your answers to these questions on separate sheets of paper. There is no need to write out the questions, just supply the answers. You do not need to hand the questions in with your homework. 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 b. Fuel Expense c. Cash d. Rent Expense e. Accounts Payable f. Dividends g. Net Sales Revenue h. Cost of Goods Sold i. Accounts Receivable j. Retained Earnings 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? b. The liabilities and stockholder’s equity of Fitzgerald Corporation are $95,000 and $32,000 respectively. What is the amount of the assets? 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?
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