Section 1 Inclass Quiz Solution

Section 1 Inclass Quiz Solution - Assets – Liabilities...

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Acc 200P Name: ________________________ Lab Section #_________________ Section 1 - Role of Accounting in Business SOLUTION Beginning of the year: Assets $40,000 Liabilities 18,000 Owners’ Equity ? End of the year: Assets 60,000 Liabilities ? Owners’ Equity 32,000 During the year: Additional issuance of capital stock 5,000 Revenues 120,000 Expenses ? Dividends 4,000 Beginning OE =
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Unformatted text preview: Assets – Liabilities Beginning OE = 40,000 – 18,000 = 22,000 Ending Liabilities = Assets – Owners’ Equity Ending Liabilities = 60,000 – 32,000 = 28,000 Beginning OE = $ 22,000 Plus: Additional stock + 5,000 Plus: Revenues + 120,000 Less: Expenses ? (solve = 111,000) Less: Dividends (4,000) Ending OE = $ 32,000...
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This note was uploaded on 01/11/2011 for the course ACC 200 taught by Professor Buckless during the Winter '08 term at N.C. State.

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