EX 1-7

At the end of 2015, Go44 has assets of $720,000 and Liabilities of $180,000. Using the Accounting Equation

and considering each case independently, determine the following amounts.

1.)

Capital at the end of 2015

2.)

Capital at the end of 2016 if assets increased 96,500 and liabilities increased by 30,000

3.)

Capital at the end of 2016 if assets decreased 168,000 and liabilities increased by 15,000

4.)

Capital at the end of 2016 if assets increased 175,000 and liabilities decreased by 18,000

5.)

NET INCOME / NET LOSS for 2016 if assets were 880,000, liabilities were 220,000

and there was no additional investments or withdrawals from capital

EX 1-8

Indicate if the following accounts are Assets, Liabilities, or Owners Equity

HINT: Revenue and Expenses are considered equity since they flow over from the Income Statement

A

Acc. Payable

B

Cash

C

Fees Earned

D

Land

E

Supplies

F

Wage expense

EX 1-16 / 1-17			Indicate if the below account would appear on the Balance Sheet or the Income Statement
1	Acc. Receivable			6	Supplies
2	Cash			7	Supplies Exp.
3	Fees Earned			8	Utiities Exp.
4	land			9	Wages Exp.
5	M. Bryan, Capital			10	Wages payable