Accounting Equation

assignment1template.xls

Part 1

BUS-FP3061 - Fundamentals of Accounting
Assessment 1, Part 1
Instructions: When placing a (+) or (-) in the appropriate cell, be sure to use ( ) around the character.
Also, Some cells may have both a (+) and (-) denoting an increase and decrease in the same equation category.
	Assets	Liabilities	Owner's Equity
1. Purchased supplies on account
2. Received cash for providing a service
3. Paid expenses in cash
4. Owner invested cash in the business
5. Owner withdraws cash from the business
6. Received cash from a customer who had previously been billed for services provided
7. Paid cash to purchase equipment
8. Paid employee salaries
9. Paid a creditor from whom the business had previously purchased supplies on account
10. The company sells new shares of stock
11. Paid cash for monthly rent on the office space
12. Paid cash for monthly utility bills
13. Performed services on account
14. Made a payment on a loan received from the bank
15. Purchased for cash merchandise that will be later resold for profit

BUS-FP3061 - Fundamentals of Accounting
Assessment 1, Part 2
											Answer w/Calculations
1. The liabilities of the Smith Company are $120,000 and the owner's equity is $232,000. What is the the amount of Smith's total assets?
2. The total assets of Jones Company are $190,000 and its owner's equity is $91,000. What is the amount of its total liabilities?
3. The total assets of Greene Company are $800,000 and its liabilities are equal to one-half of its total assets. What is the amount of Greens's owner's equity?
4. Beginning the new year, Orange Company had total assets of $800,000 and total liabilities of $300,000. If total assets increased by $150,000 during the year and total liabiities decreased by $80,000, what is the owner's equity total at the end of the year?
5. Beginning the new year, Orange Company had total assets of $800,000 and total liabilities of $300,000. If during the year Orange Company's total liabilities increased by $100,000, and owner's equity decreased by $70,000, what is the company's ending amount of total assets?
6. Beginning the new year, Orange Company had total assets of $800,000 and total liabilities of $300,000. If total assets decreased by $80,000 and owner's equity increased by $120,000 during the year, what is the company's year-end total liabilities amount?

Assignment 1, Part 3

Instructions: Click in the large box to beginning typing your response for each scenario.

Describe the role ethics has in an accounting system.

Scenario 1

Scenario 2

Scenario 3

Scenario 4

Scenario 5

Scenario 6