Chapter 1 HW - Answers PDF

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Chapter 1 HW - Answers...

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Chapter 1 Homework – ANSWERS

QS 1- 3 a. b. c. d. e. f. g. h. i. j. k. l.

External Internal External Internal External External External External External Internal External External

QS 1-7 a. A = L + E 40,000 = L + 10,000 L = 30,000 b. 55,000 = L + E L=E L = 55,000 / 2 = 27,500 L = E = 27,500

QS 1-12 a. b. c. d. e. f. g. h. i.

E 1-2

B I B B OE I B CF CF

PART A 1. 2. 3. 4. 5. 6. 7. 8.

External External Internal Internal Internal Internal Internal Internal

PART B 1. 2. 3. 4. 5. 6. 7.

Internal External Internal External Internal External Internal

E 1-8 a. A = L + E 123,000 = 53,000 + E E = 70,000 b. Beg: A = L + E Beg: 200,000 = L + 150,000 Beg: L = 50,000 End: A = L + E End: (200,000 + 70,000) = (50,000 + 30,000) + E End: E = 190,000 c. Beg: A = L + E Beg: A = 60,000 + E Beg: 100,000 = 60,000 + E Beg: E = 40,000 End: (A + 80,000) = A (end) = 180,000  A (beg) = 100,000 End: 180,000 = (60,000 – 10,000) + E End: E = 130,000

E 1-11 Cash A

+50,000

B C D E F G H

I J Bal.

AR

Equipment

=

+10,000

=

+12,000 +2,000 +7,000

+5,000

32,500

+8,000

= = = = = = = =

AP

Owner, Capital +60,00 0

30,000

Revenue

Expense s

+12,000 +2,000 +7,000



= 2,000

Owner, W/drawl

0

60,000



9,000...