Accounting 1-20

# Accounting 1-20 - 1/20/09 Course Agenda 1. Practice...

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1/20/09 Course Agenda 1. Practice Problems on Board 2. Pass/Fail Option-Deadline Today 3. My Accounting Lab info 4. Ch 1 Review/HW Questions: 18, 20, 23, 26, 29, 34 5. Ch 2 Review- Debit/Credit Rules, Accounting Model; Account-Detailed Record of Changes in A, L, O, E, R, E; Journal Entries/Posting/Trial Balance/Practice Set/10 minute quiz; Ex. 24, 25 1. Practice Problems on Board a. Ex 1- A company’s Owner’s Equity is 20% of its Total Assets. Total Liabilities = 400. What are the total assets? i. A= L + OE A= 400 + 1/5A A = 500 b. A company started operations on 1/1/ with Total Assets = 50 and total liabilities = 30. At the end of the first year, TA= 70, TL= 40, Additional invesments during the year = 4 and cash dividends declared and paid during the years = 6. What is its Beginning RE? Beginning Contributed Capital? End CC? End RE? NI of year? i. Beginning RE; always 0 when starting a business ii. Beginning Contributed Capital: 1. TA = TL + TOE (CC + RE) 2. 50 = 30 + (BCC + RE) 3. BCC = 20

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## This note was uploaded on 02/22/2012 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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Accounting 1-20 - 1/20/09 Course Agenda 1. Practice...

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