{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

EXERCISES-Chapter 1-2-3-4

Hint use the accounting equation show new balances

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: nning future operations Answer the following questions • Analysing the transactions? (Hint: Use the accounting equation.) Show new balances after each transaction. Cadence Office Supplies has assets equal to $123,000 and liabilities equal to $47,000 at year-end. What is the total equity for Cadence at year-end? • At the beginning of the year, Addison Company’s assets a re $300,000 and its equity is $100,000. During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at the end of the year? • At the beginning of the year, Quasar Company’s liabilities equal $70,000. During the year, assets increase by $60,000, a nd at year-end assets equal $190,000. Liabilities decrease $5,000 during the year. What are the beginning and ending amounts of equity? Leora Holden began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Holden (the owner) completed these transactions. a. Owner invested $60,000 cash along with equipment th...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online