ch1solutions

# ch1solutions - EXERCISE16A a MichaelsMotors...

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Chapter 01 An Introduction to Accounting EXERCISE 1-6A a. Michael’s Motors Accounting Equation Claims Assets = Liabilities + Stockholders’  Equity \$4,550 = \$1,350 + \$3,200 Liabilities \$4,550 – \$3,200 = \$1,350 Claims \$1,350 + \$3,200 = \$4,550 b. Sweet Tooth Bakery Accounting Equation Claims Assets = Liabilities + Stockholders’  Equity \$10,200 = \$4,800 + \$5,400 Assets  \$4,800 + \$5,400 = \$10,200 Net Assets = Assets  -  Liabilities;   or Net Assets = Total Stockholders’ Equity \$10,200  -  \$4,800= \$5,400 c.  1- 1

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Chapter 01 An Introduction to Accounting Pam’s Candy Company Accounting Equation Claims Assets = Liabilities + Stockholders’  Equity \$49,200 = \$28,200 + \$21,000 Stockholders’ Equity \$49,200 – \$28,200 = \$21,000 Net Assets are equal to Stockholders’ Equity:  \$21,000 2
Chapter 01 An Introduction to Accounting EXERCISE 1-7A Olive Enterprises Accounting Equation Stockholders’ Equity Event  Number Assets = Liabilities + Common  Stock Retained  Earnings 1. I NA I NA 2. D D NA NA 3. I/D NA NA NA 4. I NA NA I 5. D NA NA D 6. D NA NA D 1- 3

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Chapter 01 An Introduction to Accounting  EXERCISE 1-10A a. Ruff Company Accounting Equation for 2009 Assets = Liabilities + Stockholders’ Equity Common Retained Event Cash = + Stock + Earnings 1. Cash revenues 13,500 NA NA 13,500 2. Paid expenses (9,200) NA NA (9,200) 3. Paid dividend (500) NA NA (500) Ending Balance 3,800 = -0- + -0- + 3,800 b. Ruff Company
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• Fall '08
• Manktalow
• Generally Accepted Accounting Principles, Na Na Hey Hey Kiss Him Goodbye, NA NA NA, OA NA OA IA OA IA FA FA FA

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ch1solutions - EXERCISE16A a MichaelsMotors...

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