Acct. Chapter 1 HW

# Acct. Chapter 1 HW - Chapter 1 Homework EXERCISE15A...

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Chapter 01 An Introduction to Accounting Chapter 1 –Homework EXERCISE 1-5A Title or Account Financial Statement(s) a. Retained Earnings Balance Sheet; Statement of Changes in  Stockholders’ Equity b. Revenue Income Statement c. Common Stock Balance Sheet; Statement of Changes in  Stockholders’ Equity d. Financing Activities Statement of Cash Flows e. Salaries Expense Income Statement f. Land Balance Sheet g. Ending Cash Balance Balance Sheet; Statement of Cash Flows h. Beginning Cash Balance Statement of Cash Flows i. Notes Payable Balance Sheet j. Dividends Statement of Changes in Stockholders’  Equity 1-8

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Chapter 01 An Introduction to Accounting EXERCISE 1-6A a. Michael’s Motors Accounting Equation Claims Assets = Liabilities + Stockholders’ Equity \$4,550 = \$1,350 + \$3,200 Liabilities \$4,550 – \$3,200 = \$1,350 Claims \$1,350 + \$3,200 = \$4,550 b. Sweet Tooth Bakery Accounting Equation Claims Assets = Liabilities + Stockholders’ Equity \$10,200 = \$4,800 + \$5,400 Assets  \$4,800 + \$5,400 = \$10,200 Net Assets = Assets  -  Liabilities;   or Net Assets = Total Stockholders’ Equity \$10,200  -  \$4,800= \$5,400 c.  Pam’s Candy Company Accounting Equation Claims 1-9
Chapter 01 An Introduction to Accounting Assets = Liabilities + Stockholders’ Equity \$49,200 = \$28,200 + \$21,000 Stockholders’ Equity \$49,200 – \$28,200 = \$21,000 Net Assets are equal to Stockholders’ Equity:  \$21,000 1-10

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Chapter 01 An Introduction to Accounting EXERCISE 1-7A Olive Enterprises Accounting Equation Stockholders’ Equity Event  Number Assets = Liabilities + Common  Stock Retained  Earnings 1. I NA I NA 2. D D NA NA 3. I/D NA NA NA 4. I NA NA I 5. D NA NA D 6. D NA NA D 1-11
Chapter 01 An Introduction to Accounting EXERCISE 1-8A Joseph Company Accounting Equation for 2009 Assets = Liabilities + Stockholders’ Equity Notes Common Retained Event Cash = Payable + Stock + Earnings Issued stock 15,000 = NA + 15,000 + NA EXERCISE 1-9A East Asia Company Accounting Equation for 2008 Assets = Liabilities + Stockholders’ Equity Notes Common + Retained Event Cash = Payable + Stock + Earnings Issued note 6,200 = 6,200 + NA + NA 1-12

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Chapter 01 An Introduction to Accounting EXERCISE 1-10A a. Ruff Company
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## This note was uploaded on 07/17/2011 for the course BUS 101 taught by Professor N/a during the Fall '08 term at TN State.

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Acct. Chapter 1 HW - Chapter 1 Homework EXERCISE15A...

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