ch1solutions - EXERCISE16A a MichaelsMotors...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 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
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 14

ch1solutions - EXERCISE16A a MichaelsMotors...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online