Chapter 1 Accounting Homework

Chapter 1 Accounting Homework - During the year,...

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Chapter 1 Homewo Exercise 1-4 1 Specific accounting principle 2 Going-Concern principle 3 General accounting principle 4 Business entity assumption 5 Revenue recognition principle 6 Cost principle 7 Full disclosure principle 8 Matching Principle Exercise 1-5 a Sole Proprietorship b Corporation c Sole Proprietorship d Partnership e Corporation f Partnership g Sole Proprietorship Exercise 1-7 1 Tax Accounting 2 Net income 3 Ethics 4 Public accountants 5 Audit Exercise 1-8 Assets=liabilities+equity a $137,000.00=$110,000.00+equity $137,000.00-$110,000.00= equity equity= $27,000.00 b $64,750.00 Liabilities
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Unformatted text preview: During the year, $339,000.00 = equity = $221,607.00 c Beginning of the year, End of the year, Assets= $130,000.00 Assets= $190,000.00 Liabilities=$57,000.00 Liabilities= $41,000.00 Equity= $73,000.00 Equity= $149,000.00 Exercise 1-13 I Consulting Fees Earned $14,000.00 Expenses Rent Expense $2,520.00 Salaries Expense $5,600.00 Telephone Expense $760.00 Misc. Expense $580.00 Total $9,460.00 Net Income $4,540.00 Eric Han ork. Exercises 1-4, 1-5, 1-7, 1-8. 1-13 Oct. 6, 2009 $117,393.00 + equity Answers Income Statement Month of October...
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This note was uploaded on 02/20/2010 for the course BA 211 taught by Professor Culver during the Fall '08 term at Lane Community College.

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Chapter 1 Accounting Homework - During the year,...

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