Can anyone help me solve these problems please? I would really appreciate it! I just need to fully understand it please!
QS 1-2 (Static) Identifying accounting users LO C1 Identify the following users as either External users or Internal users. a. Customers b. Suppliers c. External auditors d. Business press e Managers f. District attorney g. Shareholders h. Lenders i. Controllers j. FBI and IRS k Consumer group I Voters QS 1-5 (Static) Identifying attributes of businesses LO C2 Complete the following table with either a yes or no regarding the attributes of a proprietorship, partnership, corporation, and limited liability company (LLC). Proprietorship Partnership Corporation LLC Attribute Present 1. Business taxed 2 Limited liability 3. Legal entity QS 1-8 (Static) Applying the accounting equation LO A1 1. Use the accounting equation to compute the missing financial statement amounts. 2. Use the expanded accounting equation to compute the missing financial statement amounts. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the accounting equation to compute the missing financial statement amounts. Company Assets Liabilities Equity 75,000 = $ 40.000 25,000 + $ 70,000 $ 85,000 20.000 + 1 en + $ WN $ QS 1-8 (Static) Applying the accounting equation LO A1 1. Use the accounting equation to compute the missing financial statement amounts. 2. Use the expanded accounting equation to compute the missing financial statement amounts. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the expanded accounting equation to compute the missing financial statement amounts. Company Assets Liabilities Common Dividends Stock Revenues 1 $ 40.000 = 5 16.000 + $ 20.000 5 0 2 $ 80 000 $ 32000 + $ 44,000 $ 24.000 TI Expenses $ 8000 $ 18.000 (Required 1 RER QS 1-12 (Static) Identifying items with financial statements LO P2 Indicate in which financial statement each item would most likely appear, by selecting income statement balance sheet or statement of cash flows from the drop down provided. a Assets b. Cash from operating activities c. Equipment d. Expenses e Liabilities f. Net decrease for increase) in cash 9. Revenues h. Total liabilities and equity QS 1-13 (Static) Identifying income and equity accounts LO P2 Classify each of the following items as revenues, expenses, or dividends from the drop down provided. 1. Utilities expense 2. Service revenue 3. Wages expense 4. Cash dividends 5. Rent expense 6. Rental revenue 7. Insurance expense 8. Consulting revenue QS 1-14 (Static) Identifying assets, liabilities, and equity LO P2 Classify each of the following items as assets, liabilities, or equity from the drop down provided. 1. Land 2. Wages payable 3. Equipment 4. Accounts payable 5. Accounts receivable 6. Supplies Required information Use the following information for the Quick Studies below. (Static) The following information applies to the questions displayed below) On December 31, Hawkin's records show the following accounts. Cash Accounts Receivable Supplies Equipment Accounts Payable Common stock Retained earnings, December 1 Dividends Services Revenue Wages Expense Rent Expense Utilities Expense $ 5,100 600 2,600 14,000 6,000 6,900 4,000 1,000 16,000 8,000 1,500 700 QS 1-15 (Static) Preparing an income statement LO P2 Use the above information to prepare a December income statement for Hawkin. QS 1-15 (Static) Preparing an income statement LO P2 Use the above information to prepare a December income statement for Hawkin. HAWKIN Income Statement For Month Ended December 31 Revenues Expenses Total expenses Required information Use the following information for the Quick Studies below. (Static) The following information applies to the questions displayed below) On December 31, Hawkin's records show the following accounts. Cash $ 5,100 Accounts Receivable 600 Supplies 2,000 Equipment 14,000 Accounts Payable 6,000 Common stock 6,900 Retained earnings, December 1 4,000 Dividends 1,600 Services Revenue 16,000 Wages Expense 8,000 Rent Expense 1,500 Utilities Expense 700 QS 1-15 (Static) Preparing an income statement LO P2 Use the above information to prepare a December income statement for Hawkin. QS 1-15 (Static) Preparing an income statement LO P2 Use the above information to prepare a December income statement for Hawkin, HAWKIN Income Statement For Month Ended December 31 Revenues Expenses Total expenses Exercise 1-3 (Static) Describing accounting responsibilities LO C1 Determine whether each of the following accounting duties mainly involves financial accounting, managerial accounting, or tax accounting. Area of Accounting Accounting Duties 1. Internal auditing 2 External auditing 3. Cost accounting 4. Budgeting 5. Enforcing tax laws 6. Planning transactions to minimize taxes 7. Preparing external financial statements 8. Analyzing external financial reports Exercise 1-4 (Static) Learning the language of business LO C1, C2 Match each of the descriptions with the term or phrase it best reflects. Term or Phrase Description 1 An assessment of whether financial statements follow GAAP 2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues 3. A group that sets accounting principles in the United States 4. Accounting professionals who provide services to many clients 5. Principles that determine whether an action is right or wrong. Exercise 1-5 (Static) Identifying ethical terminology LO C2 Match each of the descriptions with the term or phrase it best reflects. Term or Phrase Description 1. Examines whether financial statements are prepared using GAAP 2 Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 3. A less expensive and more effective means to stop fraud, 4 Three factors push a person to commit fraud opportunity pressure, and rationalization 5. Beliefs that distinguish right from wrong Exercise 1-6 (Static) Distinguishing business organizations LO C2 Determine whether each description best refers to a sole proprietorship, partnership, corporation, or limited liability company (LLC). Business Organization Description a Micah and Nancy own Financial Services, which pays a business income tax Micah and Nancy do not have personal responsibility for the debts of Financial Services b. Riley and Kay own Speedy Packages, a courier service Both are personally liable for the debts of the business C. IBC Services does not have separate legal existence apart from the one person who owns it. d. Trent Company is owned by Trent Malone, who is personally liable for the company's debts. e Ownership of Zander Company is divided into 1,000 shares of stock. The company pays a business income tax. Physio Products does not pay a business income tax and has one owner. The owner has unlimited liability for business debt 9. AJ Company pays a business income tax and has two owners. h Jeffy Auto is a separate legal entity from its owner, but it does not pay a business income tax Exercise 1-9 (Static) Using the accounting equation LO A1 Determine the missing amount from each of the separate situations given below. Equity 45,000 1. $ Assets Liabilities = $ 20,000 + $ 100,000 = $ 34.000 + $ 154,000 = | $ + $ 40,000 Exercise 1-10 (Static) Using the accounting equation LO A1 Answer the following questions. Hint Use the accounting equation: a. At the beginning of the year, Addison Company's assets are $300,000 and its equity is $100,000. During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at year-end? b. Office Store Company has assets equal to $123,000 and liabilities equal to $47.000 at year-end. What is the equity for Office Store Company at year-end? c. At the beginning of the year, Quaker Company's abilities equal $70,000. During the year, assets increase by $60,000, and at year- end assets equal $190,000. Liabilities decrease $5,000 during the year . What are the beginning and ending amounts of equity? Complete this question by entering your answers in the tabs below. Required A Required B Required At the beginning of the year, Addison Company's assets are $300,000 and its equity is $100,000. During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at year-end? Assets Liabilities Equity Beginning s 300.000 = 100.000 $ a. At the beginning of the year. Addison Company's assets are $300,000 and its equity is $100,000. During the year, assets increase $80.000 and liabilities increase $50,000. What is the equity at year-end? b. Office Store Company has assets equal to $123.000 and liabilities equal to $47.000 at year-end. What is the equity for Office Store Company at year-end? c. At the beginning of the year, Quaker Company's liabilities equal $70.000. During the year, assets increase by $60.000, and at year- end assets equal $190.000. Liabilities decrease $5.000 during the year. What are the beginning and ending amounts of equity? Complete this question by entering your answers in the tabs below. Required A Required B Required At the beginning of the year, Addison Company's assets are $300,000 and its equity is $100,000. During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at year-end? Assets Liabilities Equity Beginning $ 300.000 = $ 100,000 Change 80 000 = 50.000 Ending a. At the beginning of the year, Addison Company's assets are $300,000 and its equity is $100,000. During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at year-end? b. Office Store Company has assets equal to $123,000 and liabilities equal to 547000 at year-end. What is the equity for Office Store Company at year-end? c. At the beginning of the year, Quaker Company's liabilities equal $70,000. During the year, assets increase by $60.000, and at year- end assets equal $190,000. Liabilities decrease $5,000 during the year. What are the beginning and ending amounts of equity? Complete this question by entering your answers in the tabs below. Required A Required B Required Office Store Company has assets equal to $123,000 and liabilities equal to $47,000 at year-end. What is the equity for Office Store Company at year-end? Assets Liabilities Equity 123,000 - 5 47.000
