Week 1

Week 1 - Principle of Accounting 1 - Week 1 P1-28A (15-20...

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Principle of Accounting 1 - Week 1 P1-28A (15-20 min) 1. Proprietorship D 2. Reliability principle E 3. Partnership G 4. Stock H 5. Limited liability A 6. Limited Liability Company I 7. Cost principle B 8. FASB C 9. Net income of $25,000 F Put Your Letter Answer Here
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P1-29A (20-25 min) Req. 1 Attenton Class ~ Please note that only the PINK AREAS need to be completed - Some hints are in RED! Ok~ Ms. W. Req. 2 Attenton Class ~ Please note that only the PINK AREAS need to be completed - Some hints are in RED! Ok~ Ms. W. Natalie Williams, Realtor, P.C. Balance Sheet August 31, 2010 Assets Liabilities Cash $13,000 Accounts payable $8,000 Office supplies 1,100 Notes payable 57,000 Franchise 17,000 Total liabilities 65,000 Furniture 27,000 Land 80,000 Owner's Equity Natalie Williams, Capital 73,100 Total assets $138,100 Total liabilities and owner's equity $138,100 Req. 3 Attenton Class ~ Please note that only the PINK AREAS need to be completed - Some hints are in RED! Ok~ Ms. W. Personal financial information of Natalie Williams Personal Cash $6,000.00 Personal accounts payable $3,000.00 Mortgage payable 40,000 Residence 130,000 The feature that limits Natalie's personal liability would be that legally the business is not a separate entity from the owner, legally the business is the owner.
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P1-42B (60-75 min) Req. 1 Attenton Class ~ Please note that only the PINK AREAS need to be completed - S Assets = Cash + + Supplies + Land = a. Bal. 2,400 + 1,800 + 0 + 14,000 = 15,000 + + + = Bal. 17,400 + 1,800 + 0 + 14,000 = b. 1,200 +
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This note was uploaded on 09/11/2011 for the course TERM 1 taught by Professor Smith during the Spring '11 term at FIT.

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Week 1 - Principle of Accounting 1 - Week 1 P1-28A (15-20...

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