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ACC 100 Homework Chapter 1

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ACC 100 Homework Chapter 1 -

Brief Exercise 1-3

At the beginning of the year, Sielert Company had total assets of $800,000 and total liabilities of $300,000. 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?

     

(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?

     

(c) If total assets decreased $80,000 and owner’s equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?

     

 

Brief Exercise 1-4

Use the expanded accounting equation to answer each of the following questions.

(a) The liabilities of Roman Company are $90,000. Owner’s capital account is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Roman Company’s total assets?

     

(b) The total assets of Dylan Company are $57,000. Owner’s capital account is $25,000; drawings are $7,000; revenues, $52,000; and expenses, $35,000. What is the amount of the company’s total liabilities?

     

(c) The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.’s owner’s equity?

     

 

 

 

Brief Exercise 1-9

Presented below are three transactions. Mark each transaction as affecting owner’s investment, owner’s drawings, revenue, expense, or not affecting owner’s equity.

 

Brief Exercise 1-11

Indicate whether the following items would appear on the income statement, balance sheet, or owner’s equity statement.

 

Exercise 1-4

The following situations involve accounting principles and assumptions.

For each of the three situations, say if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated.

 

Exercise 1-6

Selected transactions for Tara Lawn Care Company are listed below.

Describe the effect of each transaction on assets, liabilities, and owner’s equity.

For example, the first answer is: Increase in assets and increase in owner’s equity.

 

Exercise 1-11              

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2014, Garba’s Goods and Zahra Enterprises.

Determine the missing amounts.

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