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Chapter_1_Homework_Solutions

# Chapter_1_Homework_Solutions - CHAPTER 1 INTRODUCTION TO...

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PRACTICE EXERCISES PE 1–1A \$81,000. Under the cost concept, the land should be recorded at the cost to Snap Repair Service. PE 1–1B \$44,000. Under the cost concept, the land should be recorded at the cost to Terri- er Repair Service. PE 1–2A a. A = L + OE b. A = L + OE \$475,000 = \$115,000 + OE +\$90,000 = \$28,000 + OE OE = \$360,000 OE = +\$62,000 OE on December 31, 2010 = \$422,000 = \$360,000 + \$62,000 PE 1–2B a. A = L + OE b. A = L + OE \$750,000 = \$293,000 + OE +\$75,000 = –\$30,000 + OE OE = \$457,000 OE = +\$105,000 OE on December 31, 2010 = \$562,000 = \$457,000 + \$105,000 PE 1–3A (2) Expense (Advertising Expense) increases by \$900; Asset (Cash) decreases by \$900.
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Chapter_1_Homework_Solutions - CHAPTER 1 INTRODUCTION TO...

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