Accounting Homework
amber belue
assessment_1.xlsPart 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 |
Part 2
| 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? |
Part 3
| BUS-FP3061 - Fundamentals of Accounting |
| Assessment 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 |
