ACC201 - HW-WEEK1

ACC201 - HW-WEEK1 - QUESTION 1-1A 1. Answer the following...

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QUESTION 1-1A 1. Answer the following questions about company A: a. What is the amount of equity on December 31, 2008? Assets = Liabilities + Equities 33,000 = 27,060 + X X = 5,940 Equity = 5,940 b. What is the amount of equity on December 31, 2009? Assets = Liabilities + Equity(2008) + [Stock + Net Income – Dividends] 36,000 = X + (5,940 + 6,000 + 7,760 – 3,500) Equity = 16,200 c. What is the amount of liabilities on December 31, 2009? Assets = Liabilities + Equities 36,000 = X + 16,200 Liabilities = 19,800 2. Answer the following questions about Company B: a. What us the amount of equity on December 31, 2008? Assets = Liabilities + Equities 25,740 = 18,018 + X Equity = 7,722 b. What us the amount of equity on December 31, 2009? Assets = Liabilities + Equities 25,920 = 17,625 + X Equity = 8,295 c. What is the net income for 2009? Assets = Liabilities + Equity(2008) + [Stock + Net Income – Dividends] 25,920 = 17,625 + (7,722 + [1,400 + NI – 2,000]) 8,295 = 7,722 +NI – 600 8,295 = 7,122 + NI Net Income = 1,173 3. Calculate the amount of assets for Company C on December 31, 2009. Equity(2008) = 21,120 – 11,404 E08 = 9,716 Equity(2009) = Equity(2008) + [Stock + Net Income – Dividends] Equity = 9,716 + [9,750 + (-1,289) – 5,875) Equity = 9,716 + 2,586 Equity(2009) = 12,302 Assets = Liability + Equity Assets = 11,818 + 12,302 Assets = 24,120 4. Calculate the amount of stock issuances for Company D during the year 2009. Equity (2008) = 18,210 Equity (2009) = 34,071 Equity (2009) = Equity(2008) + [Stock + Net Income – Dividends] 34,071 = 18,201 + [S + 8,861 – 0] 34,071 = 27,062 + S Stock = 7,009
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5. Calculate the amount of liabilities for Company E on December 31, 2008. Equity (2009) = 20,866
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This note was uploaded on 03/18/2011 for the course ACC 201 taught by Professor Pendarvis during the Spring '09 term at St. Leo.

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ACC201 - HW-WEEK1 - QUESTION 1-1A 1. Answer the following...

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