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Homework 1 - Problems %26 Instructions (Open Before Starting the Quiz)

Homework 1 - Problems %26 Instructions (Open Before Starting the Quiz)

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Accounting 209 Homework #1 Below is your first homework problems. Submit your answers through the assessment created on the homepage of eLearning. The questions are multiple choice on eLearning. To see your options open the assessment. It is not timed. Questions #1-3 (use the prompt below for the first 3 questions) The accounting records of Creek Company show the following accounts and balances as of December 31, 2010: Accounts Payable $ 1,300 Salaries Payable $ 3,000 Accounts Receivable 7,500 Service Revenue 16,500 Common Stock 15,000 Retained Earnings ? Cash 8,200 Utilities expense 2,300 Equipment 28,000 Unearned Revenue 8,600 Salaries Expense 1,200 Note Payable (due May, 2015) 7,000 Land
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Unformatted text preview: 6,000 Supplies 3,000 Prepaid Rent 1,800 Dividend 2,000 Advertising Expense 1,000 Supplies Expense 2,200 Required: Use this information to answer the following: 1. Determine Total Assets as of December 31, 2010: $__________________ 2. Determine Total Liabilities as of Dec. 31, 2010: $__________________ 3. Determine Retained Earnings as of December 31, 2010: $__________________ Questions 4-5 4. Which of the following transactions would decrease accounts payable and cash by $1,000? 5. What would be the financial statement impact of a company paying a dividend to the owners (how would it affect assets, liabilities and stockholders' equity)?...
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