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Unit 2 Textbook Exercises

# 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 liability, or Owner’s Equity: a. Accounts payable: is a liability b. Cash: is an asset c. Fees earned: is an asset d. Land: is an asset e. Supplies: is an asset f. Wages expense: is identified as owner’s equity Ex. 1-12: submitted as excel worksheet
Ex. 1-22:

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

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