A: Short questions (0.5 mark each)

Determine the net income of a company for which the following information is available.

Employee salaries expense..$180,000

Interest expense 10,000

Rent expense. 20,000

Consulting revenue.. 400,000

Compute return on assets given net income of $13,764, beginning assets of $120,000 and ending assets of $176,000.

B: Long question (1 mark each)

Write a short note on Going concern concept and Full disclosure.

Use the accounting equation to analyze the following Transactions:

Mr. X invests $30,000 cash to start a new business, X limited, in return for stock.

The X limited purchased supplies for $ 2,500 and paid in cash

The X limited purchased equipment for $ 26,000 on account

The X limited paid $ 200 cash dividends to its owner.

PRINCIPLES OF ACCOUNTING - ACCT-101 ASSIGNMENT- 1 Last Date for Submission 10th October 2016 A: Short questions (0.5 mark each) 1. Determine the net income of a company for which the following information is available. Employee salaries expense................. Interest expense.............................. Rent expense.................................. Consulting revenue.......................... $180,000 10,000 20,000 400,000 2. Compute return on assets given net income of $13,764, beginning assets of $120,000 and ending assets of $176,000. B: Long question (1 mark each) 3. Write a short note on \"Going concern concept\" and \"Full disclosure\". 4. Use the accounting equation to analyze the following Transactions: a) Mr. X invests $30,000 cash to start a new business, X limited, in return for stock. b) The X limited purchased supplies for $ 2,500 and paid in cash c) The X limited purchased equipment for $ 26,000 on account d) The X limited paid $ 200 cash dividends to its owner