Choose Your Desired Option(s)
1) It’s highly recommended that you use your first attempt as a study attempt, if needed.
2) QS 1-8 Applying the accounting equation LO A1
1. Use the accounting equation to compute the missing financial statement amounts.
2. Use the expanded accounting equation to compute the missing financial statement amounts.
3) Exercise 1-8 Using the accounting equation LO A1
Determine the missing amount from each of the separate situations given below.
4) Exercise 1-9 Part a
a. At the beginning of the year, Addison Company’s assets are $168,000 and its equity is $126,000. During the year, assets increase $80,000 and liabilities increase $52,000. What is the equity at year-end?
5) Exercise 1-9 Part b
b. Office Store has assets equal to $131,000 and liabilities equal to $100,000 at year-end. What is the equity for Office Store at year-end?
6) Exercise 1-9 Part c
c. At the beginning of the year, Quaker Company’s liabilities equal $49,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $20,000 during the year. What are the beginning and ending amounts of equity?
7) QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1
The following transactions were completed by the company.
- The company completed consulting work for a client and immediately collected $5,800 cash earned.
- The company completed commission work for a client and sent a bill for $4,300 to be received within 30 days.
- The company paid an assistant $1,550 cash as wages for the period.
- The company collected $2,150 cash as a partial payment for the amount owed by the client in transaction b.
- The company paid $760 cash for this period’s cleaning services.
Required:
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
8) QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1
The following transactions were completed by the company.
- The owner (Alex Carr) invested $18,600 cash in the company.
- The company purchased supplies for $1,400 cash.
- The owner (Alex Carr) invested $11,800 of equipment in the company.
- The company purchased $380 of additional supplies on credit.
- The company purchased land for $10,800 cash.
Required:
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
9) Exercise 1-15 Preparing an income statement LO P2
Using the above information prepare an October income statement for the business.
10) Exercise 1-16 Preparing a statement of owner’s equity LO P2
Using the above information prepare an October statement of owner’s equity for Ernst Consulting.
11) Use the following information for exercise 15 to 18 LO P2
[The following information applies to the questions displayed below.]
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
Exercise 1-17 Preparing a balance sheet LO P2
Using the above information prepare an October 31 balance sheet for Ernst Consulting.
12) Use the following information for exercise 15 to 18 LO P2
[The following information applies to the questions displayed below.]
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
Exercise 1-18 Preparing a statement of cash flows LO P2
Also assume the following:
- The owner’s initial investment consists of $37,600 cash and $45,940 in land.
- The company’s $17,530 equipment purchase is paid in cash.
- The accounts payable balance of $8,110 consists of the $2,850 office supplies purchase and $5,260 in employee salaries yet to be paid.
- The company’s rent, telephone, and miscellaneous expenses are paid in cash.
- No cash has been collected on the $13,520 consulting fees earned.
Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)
This assignment contains a Microsoft Word document.
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