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[Humber 01/2023] BACC 152 0XC - Ratkai

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[Humber 01/2023] BACC 152 0XC - Ratkai

CHAPTER 1 - Financial Accounting in Your Personal Life

Chapter 1 Post-Class Homework

Question 9

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Using the opening balances provided in the balance sheets below, enter the updated amounts for each transaction in the blank balance sheets labelled Answers.

Do not enter dollar signs or commas in the input boxes.

1. Akira received a bank loan of $5,200.

Opening Balances AssetsLiabilitiesCash$5,800Unpaid Accounts$1,800Investment$7,600Bank Loan$1,300Contents of Home$5,300Automobile Loan$5,800Automobile$23,000Student Loan$6,100House$76,800Mortgage$59,300Total Liabilities$74,300Net Worth$44,200Total Assets$118,500Liabilities + Net Worth$118,500 Answers AssetsLiabilitiesCashAnswerUnpaid AccountsAnswerInvestmentAnswerBank LoanAnswerContents of HomeAnswerAutomobile LoanAnswerAutomobileAnswerStudent LoanAnswerHouseAnswerMortgageAnswerTotal LiabilitiesAnswerNet WorthAnswerTotal AssetsAnswerLiabilities + Net WorthAnswer

2. Indira purchased $4,200 worth of investments in cash.

Opening Balances AssetsLiabilitiesCash$4,600Unpaid Accounts$2,300Investment$8,700Bank Loan$1,700Contents of Home$5,600Automobile Loan$5,600Automobile$20,400Student Loan$5,900House$82,600Mortgage$51,000Total Liabilities$66,500Net Worth$55,400Total Assets$121,900Liabilities + Net Worth$121,900 Answers AssetsLiabilitiesCashAnswerUnpaid AccountsAnswerInvestmentAnswerBank LoanAnswerContents of HomeAnswerAutomobile LoanAnswerAutomobileAnswerStudent LoanAnswerHouseAnswerMortgageAnswerTotal LiabilitiesAnswerNet WorthAnswerTotal AssetsAnswerLiabilities + Net WorthAnswer

3. Lloyd paid $1,100 to reduce an outstanding mortgage payable (principal portion).

Opening Balances AssetsLiabilitiesCash$5,100Unpaid Accounts$2,200Investment$1,200Bank Loan$1,500Contents of Home$5,600Automobile Loan$5,900Automobile$15,100Student Loan$5,800House$73,800Mortgage$46,600Total Liabilities$62,000Net Worth$38,800Total Assets$100,800Liabilities + Net Worth$100,800 Answers AssetsLiabilitiesCashAnswerUnpaid AccountsAnswerInvestmentAnswerBank LoanAnswerContents of HomeAnswerAutomobile LoanAnswerAutomobileAnswerStudent LoanAnswerHouseAnswerMortgageAnswerTotal LiabilitiesAnswerNet WorthAnswerTotal AssetsAnswerLiabilities + Net WorthAnswer

4. Daniella bought a motorcycle for $7,300. Paid a $1,200 deposit with cash and borrowed $6,100 from the bank.

Opening Balances AssetsLiabilitiesCash$5,500Unpaid Accounts$2,100Motorcycle$0Bank Loan$1,200Contents of Home$5,700Automobile Loan$4,100Automobile$25,000Student Loan$6,300House$87,800Mortgage$52,200Total Liabilities$65,900Net Worth$58,100Total Assets$124,000Liabilities + Net Worth$124,000 Answers AssetsLiabilitiesCashAnswerUnpaid AccountsAnswerMotorcycleAnswerBank LoanAnswerContents of HomeAnswerAutomobile LoanAnswerAutomobileAnswerStudent LoanAnswerHouseAnswerMortgageAnswerTotal LiabilitiesAnswerNet WorthAnswerTotal AssetsAnswerLiabilities + Net WorthAnswer