ACC/561 ACC 561 ACC561 Week 1 - Individual Assignment - WileyPlus Assignment (A+ Guaranteed!)

ACC/561 ACC 561 ACC561 Week 1 - Individual Assignment - WileyPlus Assignment (A+ Guaranteed!)

Question 1

Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows.

(a)  

Revenue during the period.

(b)  

Supplies on hand at the end of the year.

(c)  

Cash received from issuing new bonds during the period.

(d)  

Total debts outstanding at the end of the period.

Question 2

Use the basic accounting equation to answer these questions.

(a) The liabilities of Daley Company are $94,280 and the stockholders’ equity is $263,800. What is the amount of Daley Company’s total assets?

Total assets$  

For part A, add the two numbers. 

(b) The total assets of Laven Company are $194,100 and its stockholders’ equity is $90,000. What is the amount of its total liabilities?

Total liabilities$  

For part B, subtract the smaller number from the larger number.

(c) The total assets of Peterman Co. are $915,200 and its liabilities are equal to one fourth of its total assets. What is the amount of Peterman Co.’s stockholders’ equity?

Stockholders’ equity$  

Multiply total assets by 0.75.