1.
award:
2.72 out of
2.72 points
a.
Office
Store has assets equal to $193,000 and liabilities equal to $158,000 at
year-end. What is the total equity for Office Store at year-end?
2.
award:
0 out of
2.72 points
b.
At the
beginning of the year, Addison Company’s assets are $225,000 and its equity
is $168,750. During the year, assets increase $80,000 and liabilities
increase $45,000. What is the equity at the end of the year?
3.
award:
2.72 out of
2.72 points
c.
At the
beginning of the year, Quaker Company’s liabilities equal $50,000. During the
year, assets increase by $60,000, and at year-end assets equal $190,000.
Liabilities decrease $7,000 during the year. What are the beginning and
ending amounts of equity?
4.
award:
2.72 out of
2.72 points
Determine
the missing amount from each of the separate situations given below.
5.
award:
2.53 out of
2.72 points
On
October 1, Keisha King organized Real Answers, a new consulting firm; On
October 3, the owner contributed $71,381 cash. On October 31, the company’s
records show the following items and amounts.
Cash
$
10,750
Cash
withdrawals by owner
$
2,000
Accounts
receivable
20,000
Consulting
fees earned
22,000
Office
supplies
22,844
Rent
expense
3,960
Land
46,000
Salaries
expense
8,800
Office
equipment
18,000
Telephone
expense
760
Accounts
payable
40,313
Miscellaneous
expenses
580
Owner
investments
71,381
Using
the above information prepare an October income statement for the business.
6.
award:
2.72 out of
2.72 points
On
October 1, Keisha King organized Real Answers, a new consulting firm; on
October 3, the owner contributed $59,610 cash. On October 31, the companyΓ’ΒΒs
records show the following items and amounts.
Cash
$
10,800
Cash
withdrawals by owner
$
2,000
Accounts
receivable
17,000
Consulting
fees earned
19,000
Office
supplies
22,950
Rent
expense
3,420
Land
36,000
Salaries
expense
7,600
Office
equipment
18,000
Telephone
expense
760
Accounts
payable
40,500
Miscellaneous
expenses
580
Owner
investments
59,610
Using
the above information prepare an October statement of owner’s equity for
Real Answers.
7.
award:
2.45 out of
2.72 points
On
October 1, Keisha King organized Real Answers, a new consulting firm; on
October 3, the owner contributed $78,366 cash. On October 31, the companyΓ’ΒΒs
records show the following items and amounts.
Cash
$
1,750
Cash
withdrawals by owner
$
3,360
Accounts
receivable
20,000
Consulting
fees earned
22,000
Office
supplies
3,719
Rent
expense
3,960
Land
36,000
Salaries
expense
8,800
Office
equipment
28,000
Telephone
expense
660
Accounts
payable
6,563
Miscellaneous
expenses
680
Owner
investments
78,366
Using
the above information prepare an October 31 balance sheet for Real
Answers.
rev: 07_19_2014_QC_51515
8.
award:
0.96 out of
2.72 points
The
transactions of Spade Company:
a.
Kacy
Spade, owner, invested $12,000 cash in the company.
b.
The
company purchased office supplies for $348 cash.
c.
The
company purchased $6,636 of office equipment on credit.
d.
The
company received $1,416 cash as fees for services provided to a customer.
e.
The
company paid $6,636 cash to settle the payable for the office equipment
purchased in transaction c.
f.
The
company billed a customer $2,544 as fees for services provided.
g.
The
company paid $525 cash for the monthly rent.
h.
The
company collected $1,068 cash as partial payment for the account receivable
created in transaction f.
i.
Kacy
Spade, withdrew $1,000 cash from the company for personal use.
Prepare
the Trial Balance. (The items in the Trial
Balance should be grouped as follows: Assets, Liabilities, Equity, Revenues,
and Expenses.)
9.
award:
0 out of
2.72 points
Carmen
Camry operates a consulting firm called Help Today. On August 31, the
companyΓ’ΒΒs records show the following accounts and amounts for the month of
August. Use this information to prepare an August 31 balance sheet for Help
Today.
Cash
$
8,490
C.
Camry, Withdrawals
$
3,700
Accounts
receivable
17,200
Consulting
fees earned
16,300
Office
supplies
3,380
Rent
expense
4,660
Land
47,000
Salaries
expense
8,200
Office
equipment
18,100
Telephone
expense
760
Accounts
payable
16,600
Miscellaneous
expense
410
C.
Camry, Capital, July 31
3,000
Owner
investment made on August 4
76,000
C.
Camry, Capital, August 31
$
77,570
10.
award:
0 out of
2.72 points
A sole
proprietorship had the following assets and liabilities at the beginning and
end of this year.
Assets
Liabilities
Beginning
of the year
$ 90,500
$ 38,797
End
of the year
138,500
56,093
Determine
the net income earned or net loss incurred by the business during the year
for each of the following separate cases
a.
Owner
made no investments in the business and no withdrawals were made during the
year.
b.
Owner
made no investments in the business but withdrew $800 cash per month for
personal use.
c.
Owner
made no withdrawals during the year but did invest an additional $45,000
cash.
d.
Owner
withdrew $800 cash per month for personal use and invested an additional
$25,000 cash
(Decreases in equity should be indicated with a minus sign.)
11
award:
0 out of
2.80 points
Compute
the missing amount for each of the following separate companies a through d. (Losses and amounts to be deducted should be indicated with
a minus sign.)
View Hint #1
Worksheet
Difficulty: Medium
Learning Objective: 02-P3 Prepare financial statements from business
transactions.
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