1219121, 6:57 PM HW # 1-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Date: 12/09/21 Course: ACCT1036 (3) Assignment: HW # 1 4. Navneet Kaur is new to Canada. Having studied in a culinary program, she wants to buy a food truck and open her own business. She knows that she needs $40,000 to buy the truck, but she has little knowledge of the lending process. Explain to her what sort of information the lender would review and why. The income statement reports the revenues and expenses ' of a particular entity for a period such . ' . as a month or a year. Total revenues minus total expenses equals net Income (or net loss). The balance sheet reports the (1) of the entity at a particular date. (2) the resources the business has to work with. (3) debts owed to creditors. (4) the portion of the business assets owned outright by the owner. Before lending money, the lender evaluates Navneet's ability to make the loan payments. Lenders will use the reported net income and other information in the nancial statements to predict (5) of the food truck. Therefore, the bank requires the financial statements of the Navneet's food truck in order to make a decision about the loan. (1) O assets, liabilities, and expenses 0 liabilities, revenues, and net income (or net loss) 0 assets, liabilities, and owner's equity 0 net income (or net loss) O assets. liabilities. and revenues O owner's equity, revenues, and expenses 0 liabilities, revenues, and expenses 0 revenues and expenses Cl revenues, net income (or net loss), and assets (2) O Assets are 0 Revenues are (3) O Assets are 0 Revenues are C) Expenses are C) Expenses are C) Liabilities are 0 Liabilities are 0 Owner's equity is O Owner's equity is (4) O Assets are 0 Revenues are (5) 0 future income 0 total liabilities O Expenses are 0 owner's equity 0 total revenues O Liabilities are 0 total assets 0 Owner's equity is 0 total expenses YOU ANSWERED: revenues, net income (or net loss), and assets assets minus owner's equity https:Iixlitemprod.pearsoncmg.comr'apilv'llprintlhighered 1l1 1219121. 6:58 PM HW # 1-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Date: 12/09/21 Course: ACCT1036 (3) Assignment: HW # 1 5. Indicate whether each statement below applies to a sole proprietorship, a partnership, or a corporation. . The life of the business is limited by the death of the owner. (1) (2) a b. Each owner is personally liable for claims against the business. c. A business that has only one owner and "he or she is the business." (3) d. Owners are not personally liable for claims against the business. (4) e. The form of business that is typically used by accountants and lawyers. (5) f. Canadian Tire and TELUS are examples of this form of business. (6) (1) O (2) O (3) O C) corporation C) corporation C) corporation O partnership 0 partnership O partnership 0 sole proprietorship O sole proprietorship O sole proprietorship (4) O (5) O (6) O C) corporation C) corporation C) corporation 0 partnership 0 partnership 0 partnership 0 sole proprietorship O sole proprietorship O sole proprietorship htlps:Iixlitemprod.pearsoncmg.comr'apilv'ilprintlhighered 1l1 12/9121. 6:59 PM HW # 1-Phuong Ha Student: Phuong Ha Date: 12/09/21 Instructor: Suzanna Karam Singh Course: ACCT1036 (3) Assignment: HW # 1 9. Jacob's Overhead Doors reports the following nancial information: 1(Click the icon to View Jacob's Overhead Doors nancial information.) Requirements 1. Use the accounting equation to solve for the missing information. 2. Was it a good year or a bad year for the business? Requirement 1. Use the accounting equation to solve for the missing information. (1) E 1: Data Table (1) O O Assets O Expenses O Liabilities (3) O O Assets O Expenses O Liabilities (5) O O Assets 0 Expenses O Liabilities Expenses Requirement 2. Was it a good year or a bad year for the business? Jacob's Overhead Doors reports of |:| . This means it was a for the business. Assets Liabilities Owner's Investment Owner's Withdrawal Revenues Expenses 0 Net Income 0 Owner's Capital 0 Revenues O Withdrawals 0 Net Income 0 Owner's Capital 0 Revenues O Withdrawals 0 Net Income 0 Owner's Capital 0 Revenues O Withdrawals htipsjixlitem prod.pearsoncmg .comr'apilv'l lprintjhighered (2) O O Assets 0 Expenses O Liabilities O O Assets 0 Expenses O Liabilities O 0 net income 0 net loss $ 45,800 15,230 23,700 7,000 10,890 O Net Income 0 Owner's Capital 0 Revenues O Withdrawals O Net Income O Owner's Capital O Revenues O Withdrawals (7) O O bad year 0 good year 1l1 12/9/21, 7:01 PM Homework Assignment 3 - Ch 2-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Assignment: Homework Assignment 3 - Date: 12/09/21 Course: ACCT1036 (3) Ch 2 7. Calculate the account balance for each of the following T-accounts: 1(Click the icon to view the t-accounts.) (If a box is not used in the T-accounts, leave the box empty; do not enter a zero.) Accounts Receivable Cash Accounts Payable 2,700 2,700 67,500 4,200 1, 100 4,600 5,800 1, 100 16,800 12,300 700 4,900 850 4,090 Bal. Bal . Bal. Bal . Bal. Bal. 1: Data Table Accounts Receivable Cash Accounts Payable 2,700 2,700 67,500 4,200 1, 100 4,600 5,800 1, 100 16,800 12,300 700 4,900 850 4,090 https://xlitemprod.pearsoncmg.com/api/v1/print/highered 1/1