WK 1 Assignment 1 .docx - Requirements 1 Hill Country Handyman Services has total assets for the year of \$ \$17,600 and total liabilities of \$8,900

# WK 1 Assignment 1 .docx - Requirements 1 Hill Country...

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Requirements 1 Hill Country Handyman Services has total assets for the year of \$ \$17,600 and total liabilities of \$8,900.Requirements1.Use the accounting equation to solve for equity.2.If next year assets increased by \$4,000 and equity decreased by \$2,320, what would be the amount of total liabilities for Hill Country Handyman Services?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. Requirement 2. If next year assets increased by \$4,000 and equity decreased by \$2,320, what would be the amount of total liabilities for Hill Country Handyman Services? S1-7 Week One Homework Question #2
Jason’s overhead Doors reports the following financial information:Assets \$46,300Liabilities 13,890Owner's Capital 30,670Owner's Withdrawal 5,000Revenues 8,720Expenses ?Requirements1.Use the accounting equation to solve for the missing information.2.Did Jason's Overhead Doors report net income or net loss for the year?Requirement 1.Use the accounting equation to solve for the missing information. Requirement 2.Did Jason's Overhead Doors report net income or net loss for the year? Homework Question # 3 - S1-8 (book/static)Consider the following accounts:
Identify each account as Asset, Liability, or Equity. a. Accounts Payable Liability b. Cash Asset c. Owner, Capital Equity d. Accounts Receivable Asset e. Rent Expense Equity f. Service Revenue Equity g. Office Supplies Asset h. Owner, Withdrawals Equity i. Land Asset j. Salaries Expense Equity S1-12Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the business:Insurance Expense \$3,000
Salaries Expense \$38,000 Service Revenue 98,000 Accounts Payable 5,800 Utilities Expense 700 Office Supplies 2,300 Rent Expense 14,000 Jack, Withdrawals 39,700 Jack, Capital, Jan. 1, 2018 12,000 Accounts Receivable 6,500 Cash 5,800 Equipment 12,700 Owner contribution 6,900