01-Class Exercises - ACC211 NVCC- Annandale Mitchell...

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ACC211 NVCC-Annandale Mitchell Chapter 1 - Class Exercises 1. Given the accounting equation, answer each of the following questions: a. The liabilities of Harrison Company are $130,000 and the owner's equity is $235,000. What is the amount of Harrison Company's total assets? b. The total assets of Bulldawg Company are $180,000 and its owner's equity is $95,000. What is the amount of its total liabilities? c. The total assets of Taylor Company are $600,000 and its liabilities are equal to one half of its total assets. What is the amount of Taylor Company's owner's equity? 2. At the beginning of the year Harry Company had total assets of $900,000 and total liabilities of $600,000. Answer the following questions. a. If total assets increased $100,000 during the year and total liabilities decreased $50,000, what is the amount of owner's equity at the end of the year? b. During the year, total liabilities increased $75,000 and owner's equity decreased $25,000. What is the amount of total assets at the end of the year?
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This note was uploaded on 02/28/2011 for the course ACC 211 taught by Professor Mitchell during the Spring '11 term at Northern Virginia Community College.

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01-Class Exercises - ACC211 NVCC- Annandale Mitchell...

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