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
