# ACC205 Week 1 Assignment 1.pdf - Course ACC205 Principles...

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10/22/2020 1. Handyman Services has total assets for the year of and total liabilities of . Kenmore \$13,500 \$9,400 Requirements 1. Use the accounting equation to solve for equity. 2. If next year assets increased by and equity decreased by , what would be the amount of total liabilities for Handyman Services? Course: ACC205: Principles of Accounting I (BAG2039B) Assignment: Week 1 – Assignment 1 Review Only \$4,200 \$3,500 Kenmore Click the icon to see the Worked Solution . Requirement 1. Use the accounting equation to solve for equity. Begin by solving for the accounting equation. Then use the formula to solve for equity. Assets = Liabilities + Equity The company has equity of \$ 4,100 . Requirement 2. If next year assets increased by and equity decreased by , what would be the amount of total liabilities for Handyman Services?
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10/22/2020 2/18 2. Overhead Doors reports the following financial information: Trenton's (Click the icon to view Overhead Doors financial information.) 1 Trenton's Requirements 1. Use the accounting equation to solve for the missing information. 2. Did Overhead Doors report net income or net loss for the year? Trenton's Review Only 1: Data Table Click the icon to see the Worked Solution. Requirement 1. Use the accounting equation to solve for the missing information. Assets = Liabilities + Owner's Capital - Withdrawals + Revenues - Expenses 47,600 \$ = 16,340 \$ + 27,460 \$ - 4,000 \$ + 11,680 \$ - 3,880 \$ Requirement 2. Did Overhead Doors report net income or net loss for the year? Trenton's Trenton's Overhead Doors reports net income of \$ 7,800 . Assets 47,600 \$ Liabilities 16,340 Owner's Capital 27,460 Owner's Withdrawal 4,000 Revenues 11,680 Expenses ?
10/22/2020 3/18 3. Consider the following accounts: (Click the icon to view the accounts.) 2 Identify each account as Asset, Liability, or Equity. 2: More Info a. Accounts Payable Liability b. Cash Asset c. Owner, Capital Equity d. Accounts Receivable Asset e. Rent Expense Equity f. Service Revenue Equity g. Office Supplies Asset h. Owner, Withdrawals Equity i. Land Asset j. Salaries Expense Equity a. Accounts Payable f. Service Revenue b. Cash g. Office Supplies c. Owner, Capital h. Owner, Withdrawals d. Accounts Receivable i. Land e. Rent Expense j. Salaries Expense
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