HW 2 - Equipment $22,000 Total Liabilities = $49,000 Land...

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Dr. Bissonnette April 14, 2010 Bus 214 S2-1) Staa’s payment for the $9,000 computer is considered an expense which ultimately turns into an asset because it is equipment for the software firm. S2-4) The cash of $2,000 received from patients increased total assets of the business. 1 – Equipment 2 – Prepaid Expense 3 – $6,000: Accounts Receivable, $2,000: Cash S2-9) Total Assets: Total Liabilities: Cash $6,000 Accounts Payable $19,000 Accounts Receivable $13,000 Note Payable $20,000 Supplies $4,000 + _____Common Stock $10,000____
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Unformatted text preview: Equipment $22,000 Total Liabilities = $49,000 + Land $50,000_______________ Total Assets = $95,000 Net income Service Revenue $70,000 (Salary Expense $21,000) (Rent Expense $10,000) + (Utilities Expense $1,000) Net income = $38,000 S2-11) 1. H 6. I 2. A 7. B 3. C 8. F 4. D 9. G 5. J 10. E E2-15) a. increased – cash f. increased - cash b. no effect g. decreased - cash c. no effect h. increased - PPE d. increased – cash i. increased - inventory e. no effect j. decreased – cash...
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