acc201 wk 1 ex1 - Complete the following practice exercises...

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Complete the following practice exercises from Chapter 1 and 2 and submit them to your instructor. This assignment will be graded as a completion only to allow you to transition into the subject matter during the first week. The instructor will post the answers to these exercises by the end of Day 6 for you to check your accuracy and comprehension on the subject matter. Exercises: 1-2, 1-4, 1-9, 1-12, 1-18, 2-1, 2-3, 2-19, 2- 22, 2-25. 1-2 a) Business liquidation is when/ if a business fails, the remaining assets are sold to create money to pay off creditors and investors. b) Brandy’s creditors will receive $1,200 c) Brandy’s investors would receive zilch. 1-4 Identities were Cash Accts Carlos Buesco loss of $30,000 Buesco Enterprises, gains $134,000 initially, but ends up with $12,000 after all is done. State Bank of Texas, Losses $40,000 James Bright, Losses $64,000 but gains %25 of business interest Leigh Realty Co., Gains $120,000 Employess Gain $16,000 * As a business owner, he should be on the payroll, so he must have gotten some percentage of the $16,000 which was left unstated. ** I did look at the answer under discussion wk 1. I don’t understand the answer. I know Mr Buesco and the father in law are investors. I know the building is an asset. I know the employees are a cost, and the bank is a creditor. But none of those titles are in the answer.
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acc201 wk 1 ex1 - Complete the following practice exercises...

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