Unit 2 Textbook Exercises - Unit 2 Textbook Exercises Ex....

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Unit 2 Textbook Exercises Ex. 1-7: a. Assets______=____Liabilities____+_____Owner’s Equity $760,000 = $240,000 $520,000 Donna Ahern , capital as of December 31, 2009 is $520,000 b. Assuming assets increase by $120,000 and liabilities increase by $72,000 Assets______=____Liabilities____+_____Owner’s Equity $880,000 $312,000 $568,000 Donna Ahern, capital as of December 31, 2010 is $568,000 c. Assuming assets decrease by $60,000 and liabilities increase by $21,600 Assets______=____Liabilities____+_____Owner’s Equity $700,000 $261,600 $438,400 Donna Ahern, capital as of December 31, 2010 is $438,400 d. Assuming assets increase by $100,000 and liabilities decrease by $38,400 Assets______=____Liabilities____+_____Owner’s Equity $860,000 $201,600 $658,400 Donna Ahern, capital as of December 31, 2010 is $658,400
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e. Assets______=____Liabilities____+_____Owner’s Equity $960,000 $156,000 $804,000 Net income as of December 31, 2010 is $804,000 Ex. 1-8: Indicate whether each of the following is identified with an asset, a
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This note was uploaded on 06/28/2011 for the course ACCOUNTING ac101 taught by Professor Zhoa during the Spring '11 term at Kaplan University.

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Unit 2 Textbook Exercises - Unit 2 Textbook Exercises Ex....

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