Jan 24 Quest

Jan 24 Quest - September 3, 2009 SI Session 1. Fill in the...

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September 3, 2009 SI Session 1. Fill in the blank to complete the accounting equation: Assets = Liabilities + Owner’s Equity Case 1 $300,000 ___________ $175,000 Case 2 __________ $72,000 $48,000 Case 3 $420,000 $350,000 ___________ 2. Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), assets (A), liability (L), or stockholders’ equity (SE) item. Item Appears on The Classified As 1. Salaries Expense 2. Equipment 3. Accounts Payable 4. Membership Fees Earned 5. Capital Stock 6. Accounts Receivable 7. Buildings 8. Advertising Expense 9. Retained Earnings 10. Income Tax Payable 11. Cost of Goods Sold 3. Boiler Inc. begins the year with $200,000 in assets and $120,000 in liabilities. Net income for the year is $30,000 and they did not pay any dividends. How much is owner’s equity at the end of the year? 4.
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Jan 24 Quest - September 3, 2009 SI Session 1. Fill in the...

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