ACCT 2301 Review for Exam 1(1)

ACCT 2301 Review for Exam 1(1) - Dr. Susan Eason, ACCT 2301...

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Dr. Susan Eason, ACCT 2301 REVIEW FOR EXAM 1 (CHAPTERS 1,2,3) Problem 1 - Match the terms on the left to the definitions on the right (10 POINTS) Study Chapter 1 SE1, E3 and E15 Problem 2 - The Accounting Equation (9 POINTS) 4. The total assets and liabilities at the beginning and end of the year are listed below: (4 POINTS) Assets Liabilities Beginning of the year $175,000 $70,000 End of the year $275,000 $162,500 Determine the company's net income or loss for the year under the fol owing conditions: The stockholders invested $12,500 in the business, and dividends of $27,500 were paid during the year. Accounts receivable $12,200 Accounts payable 10,500 Cash 3,600 Common stock 2,000 Dividends 1,000 Equipment 4,700 Equipment rental expense 1,300 Income taxes expenses 3,000 Income taxes payable 3,000 Marketing expense 1,500 Painting service revenue 78,800 Salaries expense 56,000 Salaries payable 700 Supplies 400 Supplies expense 5,100 Truck rent expense 6,200 Page 1 Income Statement Statement of Retained Earnings Page 2 Balance Sheet Assets Liabilities
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This note was uploaded on 02/18/2012 for the course ACCOUNTING 2301 taught by Professor Dr.susaneason during the Spring '12 term at San Jacinto.

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