Wk 1 Assignment Complete the following in Wiley Plus: Brief Exercise BE1-7, Brief Exercise BE1-8, and Brief Exercise BE1-9 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. Income Statement (a) Revenue during the period. Balance Sheet (b) Supplies on hand at the end of the year. Statement of Cash Flows (c) Cash received from issuing new bonds during the period. Balance Sheet (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 Cummings Company are $90,000 and the stockholders’ equity is $230,000. What is the amount of Cummings Company’s total assets? (b)The total assets of Haldeman Company are $170,000 and its stockholders’ equity is $90,000. What is the amount of its total liabilities? (c)The total assets of Dain Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Dain Co. ‘s stockholders’ equity? Assets=Liabilities +Stockholders’ Equity (a)$320,000 $90,000 $230,000 b)$170,000 $80,000 $90,000 (c)$800,000 $200,000 $600,000 Solution $90,000 + $230,000 = $320,000 (Total assets) $170,000 – $90,000 = $80,000 (Total liabilities) $800,000 – 0. 25($800,000) = $600,000 (Stockholders’ equity) Question 3 At the beginning of the year, Fuqua Company had total assets of $800,000 and total liabilities of $500,000. (a)If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders’ equity at the end of the year? (b)During the year, total liabilities increased $100,000 and stockholders’ equity decreased $70,000.
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What is the amount of total assets at the end of the year. (c)If total assets decreased $90,000 and stockholders’ equity increased $110,000 during the year, what is the amount of total liabilities at the end of the year? Assets =Liabilities +Stockholders’ Equity (a)$950,000 $420,000 $530,000 (b)$830,000 $600,000 $230,000 (c)$710,000 $300,000 $410,000 Solution ($800,000 + $150,000) – ($500,000 – $80,000) = $530,000 (Stockholders’ equity) ($500,000 + $100,000) + ($800,000 – $500,000 – $70,000) = $830,000 (Assets) ($800,000 – $90,000) – ($800,000 – $500,000 + $110,000) = $300,000 (Liabilities)
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