Accounting Homework Essay

1184 words - 5 pages

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.

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.

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)

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

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)


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

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