Account | Accounting homework help

  

Part 1

•Exercise 1-9A on page 40

Exercise 1-9A Components of the statementing equation 

Jones Enterprises was established when it uncongenial $6,000 coin from creditors and $10,000 from 

owners. The order directly purchased fix that absorb $12,000. 

Required 

a. Proceedings the episodes inferior an statementing equation. 

b. After all episodes accept been narrative, Jones’s obligations to creditors state what percent of 

sum goods? 

c. After all episodes accept been narrative, Jones’s accumulationholders’ equity states what percent of 

sum goods? 

d. Assume the liability is due. Given that Jones has $10,000 in accumulationholders’ equity, can the order requite the creditors at this top? Why or why not?

•Exercise 1-10A on page 40

Exercise 1-10A Components of the statementing equation 

Common Retained

Assets 5 Liabilities 1 Accumulation 1 Earnings

Allen $10,000 5 $7,500 1 $2,000 1 $ 500

White $12,000 5 $3,000 1 $7,200 1 $1,800 

Required 

a. Based on this notice uncommon, can you detail whether White can pay a $2,000 coin 

dividend? Why or why not? 

b. Reconstruct the statementing equation for each order using percentages on the just side 

of the equation instead of dollar prizes. Which order is more financially steady? Why? 

c. Assume Allen incurs a $3,500 untrammelled dropping. The cherishing goods are sold for the prize 

shown on the books, and the coin proceeds are as sorted to the creditors and investors. 

How greatly capital get be hired to creditors and how greatly get be hired to investors? 

d. Assume White incurs a $3,500 untrammelled dropping. The cherishing goods are sold for the prize 

shown on the books, and the coin proceeds are as sorted to the creditors and investors. 

How greatly capital get be hired to creditors and how greatly get be hired to investors?

•Exercise 1-4A on page 38

Exercise 1-4A Forfeiture notice in the statementing equation 

Required 

Calculate the forfeiture identitys in the forthcoming consultation. 

Stockholders’ Equity 

Company Retained 

Company Goods 5 Liabilities 1 Accumulation 1 Earnings 

A $ ? $25,000 48,000 $50,000 

B 40,000 ? 7,000 30,000 

C 75,000 15,000 ? 42,000 

D 125,000 45,000 60,000 ?

•Exercise 1-7A on page 39

Exercise 1-7A Forfeiture notice and proceedingsing episodes 

As of December 31, 2016, Moss Order had sum coin of $195,000, notes payable of $90,500, 

and despicable accumulation of $84,500. During 2017, Moss earned $42,000 of coin proceeds, hired $24,000 for coin expenditures, and hired a $3,000 coin dividend to the accumulationholders. 

Required 

a. Detail the identity of retained hues as of December 31, 2016. 

b. Create an statementing equation and proceedings the source statement balances inferior the alienate atoms. 

c. Proceedings the proceeds, expenditure, and dividend episodes inferior the alienate atoms of the statementing equation created in Requirement b . 

d. Prove the identity of the statementing equation as of December 31, 2017. 

e. Identify the source and consummation balances in the Coin and Despicable Accumulation statements. Explain why the source and consummation balances in the Coin statement are contrariant but the source and consummation balances in the Despicable Accumulation statement tarry the identical.

•Exercise 1-6A on page 39

Exercise 1-6A Effect of transactions on public ledger statements 

At the source of 2016, Better Corp.’s statementing proceedingss had the forthcoming public ledger statements and balances.

BETTER CORP. 

Accounting Equation 

Acct. Titles 

Event Goods 5 Liabilities 1 Stockholders’ Equity for RE 

Notes Despicable Retained 

Cash Fix Payable Accumulation Earnings 

Balance 

1/1/2016 10,000 20,000 12,000 7,000 11,000

Better Corp. completed the forthcoming transactions during 2016: 

1. Purchased fix for $5,000 coin. 

2. Uncongenial $25,000 coin from the end of despicable accumulation. 

3. Received $75,000 coin for providing services to customers. 

4. Hired coin untrammelled expenditures of $42,000. 

5. Borrowed $10,000 coin from the bank. 

6. Hired a $5,000 coin dividend to the accumulationholders. 

7. Determined that the negotiate prize of the fix purchased in episode 1 is $35,000. 

Required 

a. Proceedings the transactions in the alienate public ledger statements. Proceedings the identitys of 

revenue, expenditure, and dividends in the Retained Hues support. Supply the alienate 

titles for these statements in the developed support of the consultation. 

b. As of December 31, 2016, detail the sum identity of goods, liabilities, and accumulationholders’ 

equity and confer-upon this notice in the arrange of an statementing equation. 

c. What is the identity of sum goods, liabilities, and accumulationholders’ equity as of January 1, 2017?

•Exercise 1-8A on page 39

Exercise 1-8A Statement inscriptions and the statementing equation 

The forthcoming statement inscriptions were drawn from the public ledger of Holt Food Supplies, Incorporated (HFSI): Computers, Untrammelled Expenses, Rent Revenue, Building, Cash, Notes Payable, Land, Utilities Payable, Utilities Expense, Trucks, Gasoline Expense, Retained Earnings, Supplies, Accounts Payable, Office Furniture, Salaries Expense, Despicable Stock, Service Revenue, Interest Expense, Dividends, Supplies Expense.

Required 

a. Create an statementing equation using the atoms goods, liabilities, and accumulationholders’ equity. 

List each statement inscription inferior the atom of the statementing equation to which it belongs. 

b. Get all occupationes accept the identical enumerate of statements? Explain your defense.

Part 2

•Question 1: What is the statementing equation? Why is this significant to the usage of statementing? Please supply an model of how the statementing equation works after a while proceedingsing transactions after a whilein a occupation.

•Question 2: Is there a dissonance among bookkeeping and statementing? Discuss.

•Question 3: Accounting reports late deed. How can this be suited when planning advenient operations?

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