and stockholders equlty 3 (b) During the year, total liabilities increased $100,000 66,000. What is the amount of total assets at the end of the year? assets decreased $80,000 and stockholders' equity increased $120,000 during the year, what is the amount of total liabilitles at the end of the eccounmting equarion. BE14 U 3) se the accounting equation to answer each of the following questions of Olga Company's total assets? dividends are $7,000; revenues, $50,000, and expenses, Company are $90,000. Common stock account is $150,000; div- are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount n stock account is $23,000 (a) The liabilities of Olga $35,000. What is the amount of the company's total liabilities? (c) The total assets of Dierdorf Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Dierdorf Co.'s stockholders' equity? tify assets stockholders equity BE1-5 Indicate whether each of the following items is an asset (A), liability (Q.), or part of stockholders' equity (SE) 3) (a) Accounts receivable (d) Supplies (e) Owners investment (f) Notes payable (b) Salaries and wages payable Equipment (c) rmine effect of sactions on basic BE1-6 Presented below are three business transactions, On a sheet of paper, list the letters (a), (b), and (c) with columns for assets, liabilities, and stockholders' equity. For each col- umn, indicate whether the transactions increased (+), decreased () or had no effect (NE) on assets, liabilities, and stockholders' equity (a) Purchased supplies on account (b) Received cash for performing a service. (c) Paid expenses in cash nting equation mine effect of actions o BE1-7 Follow the same format as BE1-6 above. Determine the effect on assets, liabilities, and stockholders' equity of the following three transactions (a) Stockholders invested cash in the business for common stock (b) Paid a cash dividend. (c) Received cash from a customer who had previously been billed for services performed nting equation. BE1-8 Classify each of the following items as dividends (D), revenue (R), or expense (E) v items offecting olders' equity Dividends Rent revenue (a) Advertising expense (b) Service revenue (c) Insurance expense (d) Salaries and wages expense (e) (D) wages expense) Utilities ne effect of ons on BE1-9 Presented below are three transactions. Mark each transaction as affecting common stock (C), dividends (D), revenue (R), expense (E), or not affecting stockholders' equity ders'equity. (a) Received cash for services performed (b) Paid cash to purchase equipment. (c) Paid employee salaries BE1-10 In alphabetical order below are balance sheet items for Ellerby Company at December 31, 2017. Prepare a balance sheet, tollowing the format of Illustration 1-1o. balance sheet. Accounts payable Accounts receivable Cash Common stock $85,000 72,500 44,000 31,500 would appear on the income statement (IS), where items appear l statements BE1-11 Indicate whether the following items balance sheet (BS), or retained earnings statement (RE) (a) Notes payable (b) Advertising expense (c) Common stock (d) Cash (e) Service revenue (D) Dividends
