Intro To Corporate Accounting Unit 1 Homework

Intro To Corporate Accounting Unit 1 Homework - Intro To...

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Intro To Corporate 1 Running head: INTRO TO CORPORATE ACCOUNTING UNIT 1 HOMEWORK Intro to Corporate Accounting Unit 1 Homework Sheryl MacKay Everest College Online Intro to Corporate Accounting ACG 2021-1001 Stacy Ann Smith July 24, 2010
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Intro to Corporate Accounting Unit 1 Homework Chapter 1 Exercises 1-5 1. Assets = Liabilities + Equity The beginning of the year equity is $20,000 (assets of $100,000 less $80,000 of liabilities). Presumably liabilities at the end of the year are still $80,000 since there is no indication that any were paid. So, equity at the end of the year is $45,000 (beginning equity of $20,000 plus $25,000 in net income). 2. Assets = Liabilities + Owner’s Equity Therefore, at the end of the year if liabilities are $40,000 and owner’s equity is $20,000, then assets would be $60,000. $60,000 = $40,000 + $20,000 If Chapman Inc. doubled its assets from the beginning to the end then the beginning of the year assets would be $30,000 ($60,000/20 3. Beginning of the year liability
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Intro To Corporate Accounting Unit 1 Homework - Intro To...

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