Assignment #1

1.      Use the accounting equation to answer each question that follows. Show any calculations you make.

 

a.      The assets of Master Company are $380,000 and the owner’s equity is $155,000. What is the amount of the liabilities?

b.     The liabilities and owner’s equity of Lee Company are $65,000 and $79,500 respectively. What is the amount of the assets?

c.      The liabilities of Hake Company equal one-third of the total assets, and owner’s equity is $180,000. What is the amount of the liabilities?

d.     At the beginning of the year, Jarvis Company’s assets were $310,000, and its owner’s equity was $150,000. During the year, assets increased by $45,000 and liabilities decreased by $22,500. What is the owner’s equity at the end of the year?

2.      Complete the table to indicate whether each of the following accounts is an asset, a liability, equity, revenue, or an expense.  Also, indicate whether the normal balance of each account is a debit or a credit.

Account Name                                Account Type                                  Normal Balance

a. Accounts Payable

 

 

b. Supplies

 

 

c. Capital

 

 

d. Fees Earned

 

 

e. Supplies Expense

 

 

f. Accounts Receivable

 

 

g. Unearned Revenue

 

 

h. Equipment

 

 

 

 

 

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