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Exercice Chap 1 - Acc Equation - ST
Exercice Chap 1 - Acc Equation - ST
Exercice Chap 1 - Acc Equation - ST
EXCERCICE 1
Dolly Barton began Barton Office Services in October and during that month completed these
1. Invested $10,000 cash, and $15,000 of computer equipment.
2. Paid $500 cash for an insurance premium covering the next 12 months
3. Completed a word processing assignment for a customer and collected
4. Paid $200 cash for office supplies.
5. Paid $2,000 for October's rent.
ASSET = LIABITILIES
Cash Equipment Short-term prepaid insurance Supplies Current L.
Tiền Máy móc thiết bị Bảo hiểm trả trước ngắn hạn Công cụ dụng cụ Nợ ngắn hạn
1 10,000 15,000
2 (500) 500
3 1,000
4 (200) 200
5 (2,000)
next 12 months.
er and collected $1,000 cash.
1,000
(2,000)
ASSET = LIABITILIES
Cash Account Receivable Supplies Account Payable
Tiền Phải thu khách hàng Công cụ dụng cụ Phải trả người bán
1 $300 $300
2 $500
3 ($300) ($300)
4 $800
5 $500 ($500)
6 $1,000
$2,000 $0 $300 = $0
$2,300 = $2,300
Tổng tài sản = Tổng nguồn vốn
ormed in March.
uồn vốn
EXCERCICE 3
No Date In December:
1 1-Dec Began a financial services practice by investing $15,000 cash and office equipment
2 2-Dec Purchased $1,200 of office equipment on account.
3 3-Dec Purchased $300 of office supplies on credit
4 4-Dec Completed work for a client and immediately received a payment of $900
5 8-Dec Completed work for Acme Loan Co. on credit, $1,700.
6 10-Dec Paid for the supplies purchased on account on December 3.
7 14-Dec Paid for the annual $960 premium on an insurance policy
8 18-Dec Recceived payment in full from Acme Loan Co. for the work Completed
9 27-Dec Leonard withdrew $650 cash from the practice to pay personal expenses.
10 30-Dec Paid $175 cash for the December utility bills.
11 30-Dec Received $2,000 from a client for financial services to be rendered next y
ASSET
Cash Account Receivable Equipement
ASSET
Cash Account Receivable Equipment
Tiền Phải thu khách hàng Máy móc thiết bị
1-Dec $15,000 $500
2-Dec $1,200
3-Dec
4-Dec $900
8-Dec $1,700
10-Dec ($300)
14-Dec ($960)
18-Dec $1,700 ($1,700)
27-Dec ($650)
30-Dec ($175)
30-Dec $2,000
$17,515 $0 $1,700
esting $15,000 cash and office equipment having a $500 value.
nt on account.
ASSET = LIABITILIES
Short-term prepaid expense Supplies Account Payable
Chi phí trả trước ngắn hạn Công cụ dụng cụ Phải trả người bán
$1,200
$300 $300
($300)
$960
$900
$1,700
($650)
($175)
$2,000
$2,000 $15,500 ($650) $2,600 ($175)
n vốn
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Chapter 1 exercises 4
Cool Tours had beginning equity of $72,000; net income of $25,000, and withdrawals by ow
1
$9,000. Calculate the ending equity.
2 Della's Donuts has revenues of $83,000 and expenses of $64,000. Calculate its net income.
3 ParFour's total liabilities are $130,000 and its equity is $340,000. Calculate the
company's total assets.
At 31 Dec, 2018, the assets and liabilities of Bike Co. are as follows: Cash $4,000; Account
4 Receivable, $850; Inventories, $5,200; Equipments $13,000; Accounts Payable, $1,530; Sa
payable $2,000. What is the amount of owner's equity as of Dec 31, 2018?
1. Cool Tours:
Plus: Investment by owner $9,000
Net icome $25,000
$34,000
Less: Withdrawals by owner $72,000
Cool Tours, end of period ($38,000)
2. Della's Donuts
Net income = Revenues - Expenses = 83,000-64,000
29,000
3. ParFour
Assets = Liabilitites + Owner's Equity
130,000+340,000
470,000
4. Bike Co.
Assets $28,050 Liabilites $3,530
Cash $4,000 Accounts payable $1,530
Accounts Receivables $850 Salaries payable $2,000
Inventories $5,200
Equipment $13,000
Assets = Liabilitites + Owner's Equity
Owner's Equity = Assets - Liabilitites = 28050-3530
19520
, and withdrawals by owners of
OE $24,520
EXCERCICE 5
Answer the following questions.
a) At the beginning of the year, Addison Company’s assets are $300,000 and its equity is $100,0
During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at
b) Office Store has assets equal to $123,000 and liabilities equal to $47,000 at year-end.
What is the total equity for Office Store at year-end?
c) At the beginning of the year, Quaker Company’s liabilities equal $70,000. During the year, as
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?
Owner Equity
Owner Equity
Owner Equity
EXCERCICE 6
Presented below is selected information related to Kirby Company at December 31, 2019.
Kirby reports financial information monthly.
Wilson Company owns land that cost $100,000. If a “quick sale” of the land was necessary to
2 generate cash, the company feels it would receive only $80,000. The company continues to report the
asset on the balance sheet at $100,000. Which of the following concepts justifies this?
a. The historical-cost principle.
b. The value is tied to objective and verifiable past transactions.
c. Neither of the above.
d. Both "a" and "b".
3 Retained earnings will change over time because of several factors. Which of the
following factors would explain an increase in retained earnings?
a. Net loss.
b. Net income.
c. Dividends.
d. Investments by stockholders.
4 Which of these items would be accounted for as an expense? hạch toán vào chi phí
a. Repayment of a bank loan.
b. Dividends to stockholders.
c. The purchase of land.
d. Payment of the current period's rent.
7 Remington provided the following information about its balance sheet. Based on the information
provided, how much are Remington’s liabilities?
Remington
Balance sheet
Cash $ 100
A/R $ 500
Stockholders' equity $ 700
A/P $ 200
Bank loans $ 1,000
a. $200.
b. $900.
c. $1,200.
d. $1,700.
Gerald had beginning total stockholders’ equity of $160,000. During the year, total assets increased
by $240,000 and total liabilities increased by $120,000. Gerald’s net income was $180,000. No
8
additional investments were made; however, dividends did occur during the year. How much were the
dividends?
a. $20,000.
b. $60,000.
c. $140,000.
d. $220,000.
The personal assets of the owner of a company will not appear on the company's balance sheet
9
because of which principle/guideline?
a. Cost
b. Economic Entity tài sản cá nhân
c. Monetary Unit
Which principle/guideline requires the company's financial statements to have footnotes containing
10 information that is important to users of the financial statements?
a. Conservatism
b. Economic Entity
c. Full Disclosure ng tắc công khai
Which principle/guideline is associated with the assumption that the company will continue on long
11
enough to carry out its objectives and commitments?
a. Economic Entity
b. Going Concern
c. Time Period
Which principle/guideline directs a company to show all the expenses related to its revenues of a
12
specified period even if the expenses were not paid in that period?
a. Cost
b. Matching
c. Monetary Unit
ental accounting equation?
necessary to
ontinues to report the
this?
the information
tal assets increased
s $180,000. No
. How much were the
ootnotes containing
its revenues of a