ACCT 203 HW Ch 1 solutions

ACCT 203 HW Ch 1 solutions - ACCT 203 HW Solutions

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Problem 1-1A (40 minutes) Part 1 Company A (a) Equity on December 31, 2008: Assets. ......................................................... $33,000 Liabilities. .................................................... (27,060 ) Equity. ......................................................... $ 5,940 (b) Equity on December 31, 2009: Equity, December 31, 2008. ....................... $ 5,940 Plus owner investments. ........................... 6,000 Plus net income. ......................................... 7,760 Less cash dividends. ................................. (3,500 ) Equity, December 31, 2009. ...................... $16,200 (c) Liabilities on December 31, 2009: Assets. ......................................................... $36,000 Equity. ......................................................... (16,200 ) Liabilities. .................................................... $19,800 Part 2 Company B (a) and (b) Equity: 12/31/2008 12/31/2009 Assets. .................................. $25,740 $25,920 Liabilities. ............................. (18,018 ) (17,625 ) Equity. .................................. $ 7,722 $ 8,295 (c) Net income for 2009: Equity, December 31, 2008. .................... $ 7,722 Plus owner investments. ........................ 1,400
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This note was uploaded on 02/01/2011 for the course ACCT 203 taught by Professor Hylton during the Summer '08 term at George Mason.

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ACCT 203 HW Ch 1 solutions - ACCT 203 HW Solutions

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