COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 2, Problem 1E
To determine
Calculate the total assets, total liabilities, and total owner’s equity that would appear in the
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Chapter 2 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 2 - What is a business transaction?Ch. 2 - Prob. 1.2SRQCh. 2 - Prob. 1.3SRQCh. 2 - Prob. 1.4SRECh. 2 - Prob. 1.5SRECh. 2 - Prob. 1.6SRACh. 2 - Prob. 2.1SRQCh. 2 - Prob. 2.2SRQCh. 2 - What information is included in the financial...Ch. 2 - Prob. 2.4SRE
Ch. 2 - Prob. 2.5SRECh. 2 - Prob. 2.6SRACh. 2 - Prob. 1CSRCh. 2 - Prob. 2CSRCh. 2 - Prob. 3CSRCh. 2 - Prob. 4CSRCh. 2 - Prob. 5CSRCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Describe the effects of each of the following...Ch. 2 - What is the fundamental accounting equation?Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Computing net income or net loss. The Computer...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Preparing a statement of owners equity and a...Ch. 2 - Analyzing the effects of transactions on the...Ch. 2 - Prob. 2PACh. 2 - Prob. 3PACh. 2 - The following equation shows the transactions of...Ch. 2 - Prob. 1PBCh. 2 - Prob. 2PBCh. 2 - Prob. 3PBCh. 2 - Prob. 4PBCh. 2 - The following account balances are for William...Ch. 2 - Richard Harris opened a gym and fitness studio...Ch. 2 - Prob. 1MFCh. 2 - Prob. 2MFCh. 2 - Prob. 3MFCh. 2 - How does an accounting system help managers...Ch. 2 - Prob. 1ED
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- Identify or classify the different account titles as to whether the belong to Assets, Liabilities, Owner's Equity, Revenue, or Expense of the Business. Fill the amounts of the following SFP and SCI elements. Current Assets: _________ Noncurrent Assets: __________ Current Liabilities: _________ Noncurrent Liabilities: __________ Sales: __________ Expenses: ___________ Net Income (Loss): __________arrow_forwardListed below are several terms and phrases associated with the measurement process for external transactions. List A List B _______1. Account a. Record of all transactions affecting a company. _______2. Analyze transactions b. Determine the dual effect of business events on the accounting equation. _______3. Journal c. List of accounts and their balances. _______4. Post d. Summary of the effects of all transactions related to a particular item over a period of time _______5. Trial balance e. Transfer balances from the journal to the general ledger. Required:Pair each item from List A with the item from List B to which it is most appropriately associated.arrow_forwardAnalyze routine economic events—transactions—and record their effects on acompany’s financial position using the accounting equation format.arrow_forward
- What I Know Directions: Choose the letter of the best answer and write your answer on a separate sheet of paper. 1. It pertains to resources which are controlled and owned by the business. a. Assets b. Liabilities c. Equity d. Resources 2. It is derived from deducting the total liabilities to the total assets of a company, a. Assets . b. Liabilities c. Equity d. Resources 3. Which of the following pertains to the obligations that the business owed to other entities arising from past events which are to be settled in the future? a. Assets b. Liabilities c. Equity d. Resources 4. Which of the following is the correct Accounting Equation? a. Assets + Liabilities Equity b. Assets = Liabilities Equity c. Assets Liabilities + Equity d. Assets + Equity = Liabilities 5. Which of the following is classified as Current Asset? a. Prepaid Expenses b. Land c. Delivery Vehicle d. Copyright 6. Which of the following financial statements presents the financial position of au entity at a given or…arrow_forwardThe whole of financial accounting is based upon the very simple idea that, resources supplied by the owner of the business plus liabilities that must be settled at a future date must be equal to the resources in the business. It follows that the capital plus liabilities of the entity must be equal to assets of the entity expressed as: Capital + Liabilities = Assets (i.e. C+L=A).Using Microsoft excel, demonstrate the effects of the following transactions on the accounting equation, and prepare the resultant balance sheet as at 31st July, 2020,arrow_forwardThe whole of financial accounting is based upon the very simple idea that, resources supplied by the owner of the business plus liabilities that must be settled at a future date must be equal to the resources in the business. It follows that the capital plus liabilities of the entity must be equal to assets of the entity expressed as: Capital + Liabilities = Assets (i.e. C+L=A). Using Microsoft excel, demonstrate the effects of the following transactions on the accounting equation, and prepare the resultant balance sheet as at 31st July, 2020,¢1 July started business with cash 30,0002 Sales on cash 50,0004 Stock of materials paid by cash 10,0005 Paid cash into bank 20,0007 Withdrew cash for office use 10,0008 Loan received by cash 20,00010 Sales of goods received cheque 30,00019 Cash sales 80,00021 Debtor paid us by cash 50,00030 Sales, received cheque 40,000arrow_forward
- Which of the following statements explain(s) how the accounting equation applies to businesses? Check all that apply. The equation states that Revenues - Expenses = Assets. The equation applies to all business transactions. The equation reflects the fact that, at any point in time, total revenues will always equal total liabilities and assets. The relation of assets, liabilities and equity is reflected in the equation. The equation states that Assets Liabilities Equity. The equation reflects that the total of what a business owns at any point in time will equal the total of what it owes creditors and owners.arrow_forwardThe following accounts were taken from the financial statements of Dream Company. Accounts classification Accounts classification Owner’s capital Building Wages Payable Prepaid insurance Unearned Revenue Drawing Instructions: Match each of the following accounts to its proper balance sheet classification, shown below. Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE) Owner’s equity (OE) Intangible assets (IA)arrow_forwardDefine the following accounting terms and give examples to prove your answers. 1. Expenses 2. Revenues What information is made available about the business in the following financial statements: a. income statement b. capital statement c. balance sheetarrow_forward
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