pitality Accounting in Action 1-2 Given the accounting equation, answer each of the following questions. What is the amount of Frank's total assets? 3. The total assets of Ralph Salads Co. are $700, Ralph Salads' stockholders' equity? its total assets. What is the amount Rita Pasta Company 1-3. At the beginning of the year, following question year and total liabilities decreased $50,000, 2. During the year, total liabilities inctal assets at the end tors equity increased $130,000 ? $50,000. What is the amount $(E). 1-4 Classify each of the following items as assent (e) Taxes payable (a) Food inventory (g) Beverage revenue (b) Rooms revenue (c) Salaries and wages expense (h) Cash (d) Property management system 1-5 Sunny's Noodles has the following balance sheet items. 1 Accounts payable Taxes payable 2 Insurance expense Food inventory Wages expense Kitchen equipment Cash Instructions Classify each item as an asset, liability, or steps of the accounting cycle 1-6 From 1 to 9, arrange the following steps of the accounting cycle in order: Posting Financial statements Transaction analysis Closing entries Postclosing trial balance Trial balance Adjusted trial balance Journalizing Adjustments 1-7 In which step of the accounting cycle will one compile the income statement, the retained earnings statement, and the balance sheet? 1-8 Indicate whether each of the following statements is true (T) or false (F). The Uniform System of Accounts for the Gaming Industry is a joint effort of the Nevada and New Jersey governments. The Hospitality Financial and Technology Professionals is the sponsor for the first edition of the Uniform System of Financial Reporting for Spas. The Hospitality Financial and Technology Professionals is also the sponsor for the latest edition (10th) of the Uniform System of Accounts for the Lodging Industry. 1-9 Indicate whether each of the following statements is true (T) or false (F) in a hotel accounting department. The night auditors get their name because of the long hours they work. There is no difference between a city ledger and a guest ledger