Accounting Homework Essay

1184 words - 5 pages

BE1-3
At the beginning of the year, Hernandez Company had total assets of $800,000 and total liabilities of $500,000. Answer the following questions.

(a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of owner's equity at the end of the year?

$530,000 is the amount of owner’s equity.

(b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000. What is the amount of total assets at the end of the year?

$830,000 is the amount of assets.

(c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total ...view middle of the document...

For example, the first answer is: (1) Increase in assets and increase in owner's equity.

E1-7
Brandon Computer Timeshare Company entered into the following transactions during May 2010.

1. Purchased computer terminals for $20,000 from Digital Equipment on account.

Increase in assets and increase in liabilities.

2. Paid $4,000 cash for May rent on storage space.

Decrease in assets and decrease in owner’s equity.

3. Received $15,000 cash from customers for contracts billed in April.

Increase in assets and increase in owner’s equity.

4. Provided computer services to Fisher Construction Company for $3,000 cash.

Increase in assets and increase in owner’s equity.

5. Paid Northern States Power Co. $11,000 cash for energy usage in May.

Decrease in assets and decrease in owner’s equity.

6. Brandon invested an additional $32,000 in the business.

Increase in assets and increase in owner’s equity.

7. Paid Digital Equipment for the terminals purchased in (1) above.

Decrease in assets and decrease in liabilities.

8. Incurred advertising expense for May of $1,200 on account.

Increase in assets and as increase in liabilities.

E1-10
Lily Company had the following assets and liabilities on the dates indicated.

December 31 Total Assets Total Liabilities
2009 $400,000 $250,000
2010 $460,000 $300,000
2011 $590,000 $400,000

Lily began business on January 1, 2009, with an investment of $100,000.
Hint: Determine net income (or loss).
(SO 7)

Instructions
From an analysis of the change in owner's equity during the year, compute the net income (or loss) for:

(a) 2009, assuming Lily's drawings were $15,000 for the year.

$50,000 of net income

(b) 2010, assuming Lily made an additional investment of $50,000 and had no drawings in 2010.

$10,000 of net income

(c) 2011, assuming Lily made an additional investment of $15,000 and had drawings of $30,000 in 2011.

$25,000 of net income

E1-14
Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010.

Revenues during 2010—camping fees $140,000 Market value of equipment $140,000
Revenues during 2010—general store 50,000 Notes payable 60,000
Accounts payable 11,000 Expenses during 2010 150,000
Cash on hand 23,000 Supplies on hand 2,500
Original cost of equipment 105,500

Hint: Compute net income and prepare a balance sheet.
(SO 8)

Instructions

(a) Determine Jan Nab's net income from Deer Park for 2010.
Revenues
Camping revenues $140,000
General store revenues $50,000
Total revenues ...

Other Papers Like Accounting Homework

Chapter 1 Essay

1112 words - 5 pages Chapter 1 The Equity Method of Accounting for Investments Important DUE dates: OCT. 12 – Chapter 1 Quiz Due (under Quizzes in eCourseware), Chapter 1 Homework Due (in Connect) OCT12 – First Discussion Topic closes (Discussion Board in eCourseware) SEPT 10 –Student Introduction closes (Discussion Board in eCourseware) Chapter Objectives LO1 Describe in general the various methods of accounting for an investment in equity shares of

Sample Congrats Letter Essay

642 words - 3 pages achieve them. Any better ideas using plans is best when success but if going to fail, learn from it, say if haven’t do it perfectly how to get over the fear and failure before moving on. I was self-righteous to get into engineering in college and in my first graduate study. It took me a long time to realize by memorizing and only doing the homework then proceeds to testing were not enough to get that technical position at a company that quickly

Organization Law

1303 words - 6 pages Homework Assignment 2 Chapter 3: MULTIPLE-CHOICE QUESTIONS 1. Which of the following is not a specific account in a company's chart of accounts? a) Gains b) Revenue c) Net Income d) Unearned Revenue 2. Which of the following is not one of the four criteria that normally must be met for revenue to be recognized according to the revenue realization principle for accrual basis accounting? e

Success Reflection

1304 words - 6 pages their presentation I want to participate in some communities, because I learnt that there are amount of benefits. For example, joining to a learning community can develop our academic grade; participating in a volunteer community can realize our self- fulfillments, and attending to an art community can cultivate our temperament. In all, students can always find value of a community. I am an accounting student, so, of course, I need to learn

Acct 555 Week 5

1276 words - 6 pages Christopher Todaro ACCT 555 – External Auditing Professor Havens Week 5 Homework February 5, 2015 Chapter 12 12-17: The following questions concern the characteristics of IT systems. Choose the best response. a. Effective management of information technologies in an organization embraces the viewpoint that (1)most technologies reduce existing risk conditions. (2)technologies reduce some types of risks while introducing new types of risks to be

Buffet Approach Of Valuing Stock

2747 words - 11 pages just getting historical accounting data and dropping them into the model being presented. Buffett has often said that a primary part of his investment homework is reading: including books, newspapers, magazines, and the annual reports of the subject company and its competitors.[2][3] A thorough reading of annual reports goes a long way in addressing the questions related to the business and management tenets. So Many Numbers, So Little Time Okay

Fin 571 Final Exam Latest Online Homework Help

1801 words - 8 pages FIN 571 Final Exam Latest Online HomeWork Help Multiple Choice Question 51 You are provided the following working capital information for the Ridge Company: Ridge Company Account $ Inventory $12,890 Accounts receivable 12,800 Accounts payable 12,670 Net sales $124,589 Cost of goods sold 99,630 Cash conversion cycle: What is the cash conversion cycle for Ridge Company? • 38.3 days • 46.4 days • 83.5 days • 129.9

Fin 575 Final Exam

1316 words - 6 pages Final Exam Study Guide FIN 575 Final Exam Online UOP Homework Help 16. What ratio measures a firm’s degree of indebtedness? • Debt ratio • Quick ratio • Fixed coverage ratio • Times interest earned ratio 17. Which one of these terms is a type of debt financing? • Stock repurchases plans • Collateral • Trade credit • Bearer bonds 18. The sum of the percentage of equity and debt multiplied by their respective cost is called • weighted

Accounting 350, Hw 4

1357 words - 6 pages Accounting 350 – Homework #4 Name: Question 1: Purchase Commitments On September 5, 2011, Maloney Corporation signed a purchase commitment to purchase inventory for $180,000 on or before March 31, 2012. The company's fiscal year-end is December 31. The contract was exercised on March 4, 2012 and the inventory was purchased for cash at the contract price. On the purchase date of March 4, the market price of the inventory was $182,000. The

Beginning With The End In Mind

1746 words - 7 pages am now and the right steps to take to get me to my destination. For example, during my senior year of high school I was certain that I wanted to get further education by going to university so I took the necessary steps to apply to different colleges. Now, I am much closer to my goal because I am in my senior year of college about to graduate with a degree in Accounting. Also, the visualization example in Covey about picturing what people would

High Spped Internet

5368 words - 22 pages organization think the way they do. Our case authors (both the author of this How to Conduct a Case Analysis 391 book and authors of cases from respected third-party sources) have spent many hours poring over historical documents and news reports in order to re-create each company’s heritage for you, a luxury that most of us do not have when we are bombarded on a daily basis with homework, tests, and papers or project team meetings

Related Essays

Entire Course Essay

291 words - 2 pages Tools and Applications View Details ACCT 305 ( Intermediate Accounting II ) Complete weeks homework View Details SCI204 Final Examination Answers -DeVry View Details SCI 204 ( integrated science with labs ) Entire Course View Details ACCT 304 ( Intermediate Accounting I ) Entire Course View Details HIST410N Entire course latest all weeks discussions all case study Midterm View Details HIST410N Week 4

Intermediate Acctg 2 Essay

269 words - 2 pages Intermediate Accounting 2 Week 1 homework 12-5 Research & Development Costs 940,000 Legal Costs 75,000 Prepaid Rent 26,000 Rent Expense 65,000 Discount on Bonds Payable 82,950 Interest Expense 1.050 Advertising Expense 207,000 Income Summary 141,000 Paid in Capital in Excess of par on Common Stock 250,000 Intangible Assets 1,288,000 12-15 (a.) 335,000,000 Fair Value -160,000,000 net

Marketing Essay

1086 words - 5 pages Hong An 1.1. The Company Top Management Finance R&D Purchasing Operations Accounting Nguyen Thi Hong An 1.2. Supplier Suppliers are critical in the customer value delivery system Supplier problems such as shortages can seriously affect marketer’s goals and customer relationships. Treated as partners to provide customer value. Nguyen Thi Hong An 1.3. Marketing Intermediaries Nguyen Thi Hong An 1.3

Bbbb Essay

1136 words - 5 pages implications of the absence of comprehensive examination in the training of the students for the different accounting subjects? 4. Why does the University’s BSA Program System affect the learning habits of their students? 5. Why does the natural complexity of the accounting course, combined with poor study habits, pose a problem towards the mastery of the students? Summary of Findings: 1. Effect of Cheating on the mastery skills