Assignment #1
1. Use the accounting equation to answer each question that follows. Show any calculations you make.
a. The assets of Master Company are $380,000 and the owner’s equity is $155,000. What is the amount of the liabilities?
b. The liabilities and owner’s equity of Lee Company are $65,000 and $79,500 respectively. What is the amount of the assets?
c. The liabilities of Hake Company equal one-third of the total assets, and owner’s equity is $180,000. What is the amount of the liabilities?
d. At the beginning of the year, Jarvis Company’s assets were $310,000, and its owner’s equity was $150,000. During the year, assets increased by $45,000 and liabilities decreased by $22,500. What is the owner’s equity at the end of the year?
2. Complete the table to indicate whether each of the following accounts is an asset, a liability, equity, revenue, or an expense. Also, indicate whether the normal balance of each account is a debit or a credit.
Account Name Account Type Normal Balance
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a. Accounts Payable |
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b. Supplies |
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c. Capital |
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d. Fees Earned |
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e. Supplies Expense |
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f. Accounts Receivable |
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g. Unearned Revenue |
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h. Equipment |
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The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.
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