Brief Exercise 1-3 .png” alt=”Correct answer.”> Your answer is correct. At the beginning of the y

Brief Exercise 1-3

.png” alt=”Correct answer.”>

Your answer is correct.

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?

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?

Total assets

(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?

Total liabilities

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10

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Brief Exercise 1-4

Your answer is correct.

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?

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?

Dylan 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?

Capp Co.’s owner’s equity

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Points Earned:

10

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Brief Exercise 1-9

.png” alt=”Correct answer.”>

Your answer is correct.

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

(a)

Received cash for services
performed

(b)

Paid cash to purchase equipment

(c)

Paid employee salaries

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Points Earned:

10

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Brief Exercise 1-11

.png” alt=”Correct answer.”>

Your answer is correct.

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

(a)

Notes payable

(b)

Advertising expense

(c)

Owner’s capital

(d)

Cash

(e)

Service revenue

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10.0

Points Earned:

10

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Exercise 1-4

.png” alt=”Correct answer.”>

Your answer is correct.

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.

Accounting method

Principle/Assumption

1.

Piang Company owns buildings that
are worth substantially more than they originally cost. In an effort to
provide more relevant information, Piang reports the buildings at fair
value in its accounting reports.

2.

Delta Company includes in its
accounting records only transaction data that can be expressed in terms of
money.

3.

Luke Witte, owner of Luke’s
Photography, records his personal living costs as expenses of the business.

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Points Earned:

20

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Exercise 1-6

.png” alt=”Correct answer.”>

Your answer is correct.

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.

1.

Made cash investment to start
business.

2.

Paid monthly rent.

3.

Purchased equipment on account.

4.

Billed customers for services
performed.

5.

Withdrew cash for owner’s personal
use.

6.

Received cash from customers billed
in (4).

7.

Incurred advertising expense on
account.

8.

Purchased additional equipment for
cash.

9.

Received cash from customers when
service was performed.

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20.0

Points Earned:

20

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CANCEL

Exercise 1-11

.png” alt=”Correct answer.”>

Your answer is correct.

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.

Garba’s
Goods

Zahra
Enterprises

Beginning of year:

Total
assets

$110,000

$129,000

Total
liabilities

85,000

Total
owner’s equity

End of year:

Total
assets

160,000

180,000

Total
liabilities

120,000

50,000

Total
owner’s equity

40,000

130,000

Changes during year in owner’s
equity:

Additional
investment

25,000

Drawings

29,000

Total
revenues

215,000

100,000

Total
expenses

175,000

60,000

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SCORE

Maximum Point Potential:

20.0

Points Earned:

20

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