B) $15,000 C) $30,000 D) The amount is indeterminable from the given information. 7. Identify the missing amount in the accounting equation for each example below. A) Assets $230,00 Liabilities Shareholders Equity $120,000 $250,00 $90,000 C $220,00 0 $120,00 0 B) 8. Indicate each item whether the account is Asset (A). Liabilities (L) and Equity (E) and which financial statement it would appear the Income Statement (IS), Balance Sheet (BS), or Statement of Retained Earnings (RE): a) Retained Eaming ending b) Accounts Receivable c) Accrued expenses d) Share Capital e) Cash Equipment 9) Accounts Payable h) Prepaid expenses ) Dividend 9 Indicate in the space provided by each item whether the account is Asset (A). Liabilities (L) and Equity (E) and which financial statement it would appear on either the Income Statement (IS) Balance Sheet (BS), or Statement of Retained Earnings (RE) Account payable Cash Retained earnings, beginning Share Capital Account receivable Computer Accrued Expense Land Revenue Dividend Wages Expense Equipment ACCT110 MODULE 1-EXERCISE 1. Babiva Company pays the CEO's loan and records it as company expense A) Monetary principle B) Economic entity concept C) Fair Value measurement D) Cost Principle 2. Archer Corporation, a publicly traded U.S. company measures Snancial elements using the dollar A) Monetary principle B) Economic entity concept C) Fair Value measurement D) Cost Principle 3 Batool decided to start her own CPA practice. She purchased the machine for 4 5 $75,000 when the market price is $80,000. The corporation records the building at $80,000 A) Monetary principle B) Economic entity concept C) Fair Value measurement D) Cost Principle At the end of the current accounting period, account balances were as follows: Cash $180,000 Accounts Receivable, $75,000; Share Capital, $20,000; Retained Earnings, $65,000 Liabilities for the period were A) $70,000 B) $170,000 c) $190,000 D) $210,000 At the beginning of the period, assets were $490,000 and shareholders' equity was $240.000. During the year, assets increased by $60,000, Babilities increased by $40,000, and shareholders equity increased by $20,000. Beginning liabilities must have been A) $230,000 B) $250,000 C) $280,000 Dj $300,000 6 Shareholders' equity for Commerce Corporation on January 1, 20X5 and December 31, 20X5 were $60,000 and $75,000, respectively Assets on January 1, 20X5 and December 31, 20X5 were $115,000 and $105,000, respectively Liabilities on January 1, 20X5 were $55,000. What is the amount of Sabilities on December 31, 20x6 A) $40,000 Prepared by Page Page 1