he Acme Company is undergoing a reorganization to improve its financial structure. As part of this process, the company is considering lowering its expense calculations to improve the bottom line net income.

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Home >Business & Finance homework help >he Acme Company is undergoing a reorganization to improve its financial structure. As part of this process, the company is considering lowering its expense calculations to improve the bottom line net income.

Part 1

BUSM3061 - Fundamentals of Accounting
Unit 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	(-)	(-)	(-) due to interest paid on loan
15. Purchased for cash merchandise that will be later resold for profit	(-) (+)

Part 2

BUSM3061 - Fundamentals of Accounting
Unit 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?	120,000+ 232,000= 352,000 Smiths Total Assets is $352,000
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?	190,000-91,000=99,000 Jones Company's total liabilities is $99,000
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?	800,000-400,000=400,000 Green's Owner's Equity is $400,000.
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?	(800,000+150,000)=(300,000-80,000)=x X=730,000 the owner's equity total at the end of year is $730,000
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?	800,000=300,000+500,000 x=(300,000+100,000)+(500,000-70,000) x+830,000 Total Assests is $830,000
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?	800,000= 300,000+500,000 (800,000-80,000)= X+620,000 720,000-620,000=X=100,000 Orange Compnay's year-end total liablilites amount=$100,000

Part 3

BUSM3061 - Fundamentals of Accounting

Unit 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