FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 1, Problem 29E
a.
To determine
Calculate the total equities of Company I.
b.
To determine
Calculate the amount of equities of Company J at the end of the year.
c.
To determine
Calculate the beginning and ending balance of equities of Company W.
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Using the Basic Accounting EquationHenderson Company had beginning-of-the-year total assets of $450,000 and total liabilities of $270,000.
a. If during the year total assets increased by $22,500 and total liabilities increased by $60,000, what is the end-of-year total stockholders’ equity?
$Answer
b. If during the year total assets increased by $90,000 and total liabilities decreased by $7,500, what is the end-of-year total stockholders’ equity?
$Answer
c. If during the year total liabilities increased by $60,000 and total stockholders’ equity increased by $52,500, what are the end-of-year total assets?
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $911,139 and liabilities of $273,579. During Year 2, stockholders invested an additional $28,192 and received $25,550 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $987,978 and liabilities were $233,486?
a.$114,290
b.$40,093
c.$25,550
d.$76,839
Answer the following questions. Hint: Use the accounting equation.a. At the beginning of the year, Addison Company's assets are $238,000 and its equity is $178,500. During the year, assets increase $80,000 and liabilities increase $55,000. What is the equity at year-end?b. Office Store Company has assets equal to $184,000 and liabilities equal to $147,000 at year-end. What is the equity for Office Store Company at year-end?c. At the beginning of the year, Quaker Company's liabilities equal $41,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $19,000 during the year. What are the beginning and ending amounts of equity?
Chapter 1 Solutions
FINANCIAL ACCOUNTING
Ch. 1 - Prob. 1MCCh. 1 - Prob. 2MCCh. 1 - Prob. 3MCCh. 1 - Prob. 4MCCh. 1 - Prob. 5MCCh. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5Q
Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10QCh. 1 - Prob. 11QCh. 1 - Prob. 12QCh. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - Prob. 19MECh. 1 - Prob. 20MECh. 1 - Prob. 21MECh. 1 - Prob. 24MECh. 1 - Prob. 25MECh. 1 - Prob. 26MECh. 1 - Prob. 27ECh. 1 - Prob. 28ECh. 1 - Prob. 29ECh. 1 - Prob. 30ECh. 1 - Prob. 31ECh. 1 - Prob. 32ECh. 1 - Prob. 33ECh. 1 - Prob. 34ECh. 1 - Prob. 35ECh. 1 - Prob. 36PCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Prob. 39PCh. 1 - Prob. 40PCh. 1 - Prob. 41PCh. 1 - Prob. 42PCh. 1 - Prob. 43PCh. 1 - Prob. 44PCh. 1 - Prob. 45PCh. 1 - Prob. 46CPCh. 1 - Prob. 47CPCh. 1 - Prob. 48CPCh. 1 - Prob. 49CPCh. 1 - Prob. 50CP
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The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License