Unit 1.pdf

# Unit 1.pdf - Instructor Tech Support Wendy Styron Chris...

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1. 2. Student: Steven Saint Date: 12/9/16 Instructor: Tech Support, Wendy Styron, Chris Marsh, Renee Sinclair, Jennifer Agee, Dee Wessler, Kimberly Garrett, Jennifer Byrom, Kristy Hawkins, Faculty Services, Dawn Dunson, Chris Marsh, Hannah Doggett Course: BBA2201-15N-1 Assignment: Unit I Homework Handyman Services has total assets for the year of . and total liabilities of Kenmore \$16,400 \$8,680 Requirements 1. Use the accounting equation to solve for equity. 2. If next year assets increased by , and equity decreased by what would be the amount of total liabilities for Handyman Services? \$3,500 \$2,580 Kenmore Requirement 1. Use the accounting equation to solve for equity. Begin by solving for the accounting equation. Then use the formula to solve for equity. Assets = Liabilities + Equity \$ . Handyman Services has equity of Kenmore 7720 Requirement 2. If next year assets increased by , and equity decreased by what would be the amount of total liabilities for Handyman Services? \$3,500 \$2,580 Kenmore \$ . Handyman Services has liabilities of Kenmore 14760 1: More Info Consider the following accounts: (Click the icon to view the accounts.) 1 Identify each account as Asset (A), Liability (L), or Equity (E). a. Accounts Payable L b. Cash A c. Owner, Capital E d. Accounts Receivable A e. Rent Expense E f. Service Revenue E g. Office Supplies A h. Owner, Withdrawals E i. Land A j. Salaries Expense E a. Accounts Payable f. Service Revenue b. Cash g. Office Supplies c. Owner, Capital h. Owner, Withdrawals d. Accounts Receivable i. Land e. Rent Expense j. Salaries Expense

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3. 4. Compute the missing amount in the accounting equation for each entity from the financial information presented: Assets Liabilities Equity Newton Gas 144,000 \$ 64,000 \$ 80,000 \$ Vegas Video Rentals 65,000 40,000 25,000 Cline's Grocery 200,000 43,000 157,000 started with total assets of . and total liabilities of At the end of , total assets stood at . and total liabilities were Novelty Interior Design Center 2016 \$22,000 \$9,000 2016 Novelty's \$26,000 \$6,000 Requirements 1. Did the owner's equity of ? increase or decrease during By how much? Novelty Interior Design Center 2016 2. Identify the four possible reasons that owner's equity can change. Requirement 1. Did the owner's equity of ? increase or decrease during By how much? Novelty Interior Design Center 2016 The owner's equity \$ . during the year by increased 7000 Requirement 2. Identify the four possible reasons that owner's equity can change. Owner's equity can increase through: and/or . Owner's equity can decrease through and/or . owner contributions net income owner withdrawals net loss YOU ANSWERED: purchasing assets for cash purchasing assets on account
5. 2: Data Table 3: More Info opened a public relations firm called on August 1, . The following amounts summarize her business on August 31, : Missy Mansion Solid Gold 2016 2016 (Click the icon to view the amounts.) 2 , During September the business completed the following transactions: 2016 (Click the icon to view the transactions.) 3 Analyze the effects of the transactions on the accounting . equation of Solid Gold Analyze the events chronologically, one transaction at a time. Beginning with transaction a., calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer

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