Acc_561_Wiley_Plus_Week_1

Wiley Plus Week 1 Susan J. Schunke ACC 561 Dale Stoeber May 02, 2013 BE1-7       | | Indicate which statement you would examine to find each of the following items: income statement (I), balance sheet (B), retained earnings statement (R), or statement of cash flows (C). | (a)   | Revenue during the period.- Income statement | | (b)   | Supplies on hand at the end of the year.- Balance sheet | | (c)   | Cash received from issuing new bonds during the period.- Statement of cash flows | | (d)   | Total debts outstanding at the end of the period.- Balance sheet | | | | (a)   | The liabilities of Cummings Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Cummings Company's total assets'$90,000 +230,000= $320,000 (total Assets) | | (b)   | The total assets of Haldeman Company are $170,000 and its stockholders' equity is $90,000. What is the amount of its total liabilities'$170,000 - $90,000 = $80,000 (total Liabilities) | | (c)   | The total assets of Dain Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Dain Co.'s stockholders' equity'$800,000 – 0.25 ($800,000) = $600,000 (stockholders’ equity) | BE1-8 Use the basic accounting equation to answer these questions. | BE1-9   | At the beginning of the year, Fuqua Company had total assets of $800,000 and total liabilities of $500,000. | (a)   | If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year' $800,000+$150,000 = $950,00 total assets $500,000-$80,000= $420,000 total liabilities $950,000-$420,000= $530,000 stockholders’ equity | | (b)   | During the year, total liabilities increased $100,000 and stockholders' equity decreased $70,000. What is the amount of total assets at the end of the year'$500,000 +$100,000 = $600,000 total liabilities $800,000-$500,000-$70,000= $230,000 total assets- stockholders equity $600,000 + $230,000= $830,000 total assets | | (c)   | If total assets decreased $90,000 and stockholders' equity increased $110,000 during the year, what is the amount of total liabilities at the end of the year' $800,000- $90,000=$710,000 total assets $800,000-$500,000 + $110,000 = $410,000 stockholders’ equity $710,000- $410,000= $300,000 total liabilities | | | | |