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Chapter 1 Accounting Homework

# Chapter 1 Accounting Homework - During the year \$339,000.00...

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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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