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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Consider the following transactions for Thomas Company and their effect on the accounting equation. Click on each transaction for transaction details. Determine the new balance for each component of the accounting equation (assets, liabilities, owner’s equity) resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank.
Transaction
Assets =
Liabilities +
Owner's Equity
Beginning
$0
$0
$0
1. Investment in the business
The owner of the company invested $16,810 cash into the business
2. Borrow cash
The company borrows $7,770 from the local bank
3. Purchase equipment
The company pays cash for a piece of equipment. The list price was $9,100, but after negotiation the final was $8,700
4. Revenues earned
During the year, Thomas Company earned revenues totaling $ 296,600. The cash has been…
Below is a list of activities for Vikings Incorporated.Required: For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equation remains in balance.
Below is a list of activities for Purple Cow Incorporated.Required: For each activity, indicate the impact on the accounting equation. After doing so for all transactions, ensure that the accounting equation remains in balance.
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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- Define 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_forwardi have partially answered please complete the answer Balance Sheet The balance sheet provides a snapshot of the financial condition of a company at the end of an accounting period. It shows the assets, liabilities, and owner’s equity in the business. Identify each of the following as an asset (A), contra asset (C), liability (L), or equity (E). Item Category Cash A Depreciation C Equipment A Inventory A Loans L Item Category Paid-in Capital E Prepaid Insurance A Retained Earnings E Taxes Owed L Utility Deposit A In early December, Alice and Bob decided to open the Sample Café with $15,000 of their own money and $20,000 borrowed from a friend. They have spent $12,000 on equipment and furniture, and they have purchased $3,000 worth of inventory. Having put down a $2,500 deposit for a location on Main St., they will pay the first month’s rent when they open their doors on January…arrow_forwardAnalyze the transactions of a business organized as proprietorship described below and indicate their effect on the basic accounting equation. Use a plus sign to indicate an increase and minus sign to indicate a decrease in asset, liabilities and owner's equity. Asset = liabilities + owner's equity Received cash for services rendered. Purchased office equipment on credit Paid employees salaries Recieved cash from customer in payment account Paid telephone bill for the month Paid for office equipment purchased in transaction 2. Purchased office supplies on credit Owner withdrew cash for personal expenses. Obtained a loan from the bank. Billed customer's for services rendered.arrow_forward
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