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    Homework   1.1  1.2   2.1  2.2  3.1  3.2   4.1  4.2  5.1  5.2   6.1   6.2  7.1  7.2  8.1  8.2  9.1  9.2  10.1   10.2  11.1   11.2  12.1  12.2   13.1  13.2

Determine the missing amount from each of the separate situations given below.
Answer the following questions. (Hint: Use the accounting equation.) At the beginning of the year, Addison Company’s assets are
 
a. $273,000 and its equity is $204,750. During the year, assets increase $80,000 and liabilities increase $46,000.
What is the equity at year-end?

b. Office Store has assets equal to $247,000 and liabilities equal to $210,000 at year-end.
What is the equity for Office Store at year-end?

c. At the beginning of the year, Quaker Company’s liabilities equal $71,000. During the year, assets increase by $60,000,
and at year-end assets equal $190,000.
Liabilities decrease $6,000 during the year.
What are the beginning and ending amounts of equity?
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,110 in assets in exchange
for its common stock to launch the business. On October 31, the company’s records show the following items and amounts.

Cash	$	14,550		Cash dividends	$	1,120
Accounts receivable		11,500		Consulting revenue		11,500
Office supplies		2,400		Rent expense		2,640
Land		45,860		Salaries expense		5,920
Office equipment		17,020		Telephone expense		800
Accounts payable		7,820		Miscellaneous expenses		620
Common Stock		83,110

Using the above information prepare an October income statement for the business.
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780
in assets in exchange for its common stock to launch the business.
On October 31, the company’s records show the following items and amounts.
 

Cash	$	15,760		Cash dividends	$	640
Accounts receivable		10,600		Consulting revenue		10,600
Office supplies		1,960		Rent expense		2,270
Land		46,030		Salaries expense		5,450
Office equipment		16,580		Telephone expense		760
Accounts payable		7,250		Miscellaneous expenses		580
Common Stock		82,780

Using the above information prepare an October statement of retained earnings for Ernst Consulting.
 
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,660 in assets in exchange
for its common stock to launch the business. On October 31, the company’s records show the following items and amounts.
 

Cash	$	12,040		Cash dividends	$	1,760
Accounts receivable		13,800		Consulting revenue		13,800
Office supplies		2,990		Rent expense		3,210
Land		45,940		Salaries expense		6,690
Office equipment		17,710		Telephone expense		870
Accounts payable		8,230		Miscellaneous expenses		680
Common Stock		83,660

Using the above information prepare an October 31 balance sheet for Ernst Consulting.
 
At the beginning of the year, Addison Company’s assets are $166,000 and its equity is $124,500.
During the year, assets increase $80,000 and liabilities increase $54,000. What is the equity at year-end?
 
Office Store has assets equal to $211,000 and liabilities equal to $181,000 at year-end.
What is the equity for Office Store at year-end?

At the beginning of the year, Quaker Company’s liabilities equal $52,000. During the year,
assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $11,000 during the year.
What are the beginning and ending amounts of equity?
 
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in assets in exchange for its
common stock to launch the business. On October 31, the company’s records show the following items and amounts.
 

Cash	$15,760	Cash dividends	$ 640
Accounts receivable	10,600	Consulting revenue	10,600
Office supplies	1,960	Rent expense	2,270
Land	46,030	Salaries expense	5,450
Office equipment	16,580	Telephone expense	760
Accounts payable	7,250	Miscellaneous expenses	580
Common Stock	82,780

Using the above information prepare an October income statement for the business.
Using the above information prepare an October statement of retained earnings for Ernst Consulting.
Using the above information prepare an October 31 balance sheet for Ernst Consulting.
Q12. Also assume the following:
The owner’s initial investment consists of $36,750 cash and $46,030 in land in exchange for its common stock..
The company’s $16,580 equipment purchase is paid in cash.
The accounts payable balance of $7,250 consists of the $1,960 office supplies purchase and $5,290 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 $10,600 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.)
Choose from the following list of terms/phrases to best complete the following statements.
  Identify the following users as either external users (E) or internal users (I)
 
     The fraud triangle asserts three factors must exist for a person to commit fraud. Identify the fraud risk factor in each of the following situations
Identify the following terms/phrases as either an accounting: (a) principle, (b) assumption, or (c) constraint
Complete the following table with either a yes or no regarding the attributes of a proprietorship, partnership and corporation.
Identify which accounting principle or assumption best describes each of the following practices.

a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities?
b. Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal to each other.
What is the amount of its liabilities?
What is the amount of its equity
 
 
1. Use the accounting equation to compute the missing financial statement amounts.
 



 
The following transactions were completed by the company.
a. The company completed consulting work for a client and immediately collected $5,500 cash earned.
b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.
c. The company paid an assistant $1,400 cash as wages for the period.
d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $700 cash for this period's cleaning services
 
The following transactions were completed by the company.
a. The owner (Alex Carr) invested $15,000 cash in the company.
b. The company purchased supplies for $500 cash.
c. The owner (Alex Carr) invested $10,000 of equipment in the company.
d. The company purchased $200 of additional supplies on credit. The company purchased land for $9,000 cash.
 

   
Indicate in which financial statement(s) each item would most likely appear, by selecting
income statement (I), balance sheet (B), statement of owner's equity (E), or statement of cashflows (CF) from the drop down provided
 

 
Identify each of the following items as revenues, expenses, or withdrawals from the drop down provided.
 
Office Mart has assets equal to $266,000 and liabilities equal to $237,000 at year-end.
What is the total equity for Office Mart at year-end?
 
$29,000.00
 
Explanation
 
At the beginning of the year, Logan Company's assets are $231,000 and its equity is $173,250.
During the year, assets increase $80,000 and liabilities increase $46,000.
What is the equity at the end of the year?
 
Equity at the end of the year: $207,250.00
 
Explanation
Using the accounting equation at the end of the year:    207 z;-s-O
                Assets   Liabilities            Equity
                $231,000 + $80,000       $57,750 + $46,000 + Equity
                $311,000 - $103,750 = $207,250
   
At the beginning of the year, Keller Company's liabilities equal $74,000.
During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $6,000 during the year.
What are the beginning and ending amounts of equity?
 

 
Explanation

   
On October 1, Natalie King organized Real Solutions, a new consulting firm. On October 31, the company's records show the following items and amounts.
 
Using the above information prepare an October income statement for the business.
(Input all amounts as positive values. Omit the "$" sign in your response.)
 
 

   
On October 1, Natalie King organized Real Solutions, a new consulting firm. On October 31,
the company's records show the following items and amounts.
 
Cash                                                      $11,200               Cash dividends                 $ 2,000
Accounts receivable                       22,000                 Consulting fees earned 24,000
Office supplies                  23,800                 Rent expense                                    4,320                   
Land                                                      36,000                 Salaries expense                              9,600
Office equipment                            18,000                 Telephone expense                        760
Accounts payable                            42,000                 Miscellaneous expenses              580                       
Common stock                  62,260
 
Using the above information to prepare an October statement of retained earnings for Real Solutions.
(Leave no cells blank - be certain to enter "O" wherever required.
Input all amounts as positive values. Omit the "$" sign in your response.)


 
REAL SOLUTIONS
Statement of Retained Earnings for Month Ended October 31
 

 
Explanation:
Income Statement
For Month Ended October 31 Revenues:
Consulting fees earned:                0
Expenses:                                           $ 24,000
Salaries expense                              $ 9,600
Rent expense                                    4,320   
Miscellaneous expenses              580       
Telephone expense                        760       
Total expenses                  15,260
 
                Net income                        $ 8,740
 

On October 1, Natalie King organized Real Solutions, a new consulting firm. On October 31,
the company's records show the following items and amounts.
 

 
Using the above information prepare an October 31 balance sheet for Real Solutions.
(Be sure to list the assets and liabilities in order of their liquidity. Omit the “$” sign in your response.)
 

Explanation:
 
Consulting Fees = 15000
Less Rent Expense = 2550
Less Salary Expense = 6000
Less Telephone Expense= 660
Less Miscellaneous Expenses= 680
Net Income = 5110
 
Calculation of Retained Earnings:
Retained Earnings October 1 = 0
Add Net Income = 5110
Less Cash Dividends = 3360
Retained Earnings October 31 = 1750
   
The following table contains financial information from 5 different companies


 

 
Answer the following questions about Company A (Omit the "$" sign in your response):
 
1a. What is the amount of equity on December 31, 2010?
Amount of equity $ 5,940
 
1b. What is the amount of equity on December 31, 2011?
Amount of equity $ 16,200
 
1c. What is the amount of liabilities on December 31, 2011?
Amount of liabilities $ 19,800
 
Explanation: Company A:

Answer the following questions about Company A
(Omi the "$" sign in your response):
 
2a. What is the amount of equity on December 31,2010?
Amount of equity $ 7,722
2b. What is the amount of equity on December 31,2011?
Amount of equity $ 8,295
2c. What is net income for year 2011?
Net income $ 1,173
 
Explanation: Company B: a. b. c.


3. Calculate the amount of assets for Company C on OeCember 31, 2011.
(Omit the "$' sign in your response)
 
Amount of Assets $26,698
 
Explanation:


4. Calculate the amount of stock issuances for Company D during year 2011.
(Omit the "$" sign in your response):
 
Amount of stock issuances: $ 7,000
 
Explanation:

 
5. Calculate the amount of liabilities for Company E on December31,2010.
(Omit the "$" sign in your response):
 
Amount of Liabilities: $  72,072
 
Explanation:
 
J. D. Simpson started The Simpson Co., a new business that began operations on May 1
The Simpson Co. completed the following transactions during its first month of operation.
 

 


   
3.1 Prepare J. D. Simpson Company's income statement for May.
(Input all amounts as positive values, Omit the "$" sign in your response.)
 

 
3.2 Prepare J. D. Simpson Company's statement of retained earnings for May.
(lnput all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required.
Omit the "$" sign in your response.)


 

 
3.3 Prepare J.D. Simpson Company's Balance Sheet for May31.
(Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.)
 

 
3.4 Prepare J.D. Simpson Company's statement of cash flows for May.
(Leave no cells blank – be certain to enter "0" wherever required. Negative amounts should be indicated by a minus
sign. Omit the "$" sign in your response.)
 
 
Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable,
and comparable information about an organization's business activities.
Select the aspect of accounting associated with this activity.
 

   
Part A
Identify the following users of accounting information as either an internal or an external user.
 

 
Part B
Identify the following questions as most likely to be asked by an internal or external user.
 

   
Identify the area of accounting that is most involved in each of the following responsibilities:
 

   
Match each of the numbered descriptions with the term or phrase it best reflects.
 

   
Match each of the numbered descriptions with the principle or assumption it best reflects.
 

   
A-G contain separate situations, identify each as being a sole proprietorship, partnership, or corporation.
 

   
Office Store has assets equal to $123,0 00 and liabilities equal to $ 47,000 at year-end.
What is the total equity for Office Store at year-end?
 

 
 
At the beginning of the year, Addison Company's assets are $300,000 and its equity is $100,000.
During the year, assets in crease $80,000 and liabilities increase $50,000. What is the equity at the end of the year?
 

   
At the beginning of the year, Quaker Company's liabilities equal $70,000. During the year, assets increase by $60,000,
and at year-end assets equal $190,000. Liabilities decrease $5,000 during the year.
What are the beginning and ending amounts of equity?
 

   
Determine the missing amount from each of the separate situations given below.
 

   
Select a transaction that affects the accounting equation as follows.
 

   
Lena 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:
 

 
Required :
Enter the impact of each transaction on individual items of the accounting equation.
(Enter decreases to account balances with a minus sign).
 

   
The following table shows the effects of five transactions (a through e) on the assets, liabilities, and
equity of Trista's Boutique. Match the given transaction with its probable description.
 

    Homework   1.1  1.2   2.1  2.2  3.1  3.2   4.1  4.2  5.1  5.2   6.1   6.2  7.1  7.2  8.1  8.2  9.1  9.2  10.1   10.2  11.1   11.2  12.1  12.2   13.1  13.2