Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

question 1 and 2 plz. Q2. Use the accounting equation to answer each question that follows. Show any calculations you make. 1. The liabilities and

image text in transcribed

question 1 and 2 plz.

Q2. Use the accounting equation to answer each question that follows. Show any calculations you make. 1. The liabilities and owner's equity of Hires Company are $95,000 and $32,000 respectively. What is the amount of assets? 2. The liabilities of Whitehead Company equal one-third of the total assets, and owner's equity is $120,000. What is the amount of liabilities? 3. At the beginning of the year, Feinglass's assets were $220,000 and its owner's equity was $100,000. During the year, assets increased $60,000 and liabilities decreased $10,000. What is the owner's equity at the end of the year? Q3. Identify the following transactions by marking each as an: *owner's investment (I) *owner's withdrawal (W) *revenue (R) *expense (E) *not an owner's equity transaction (NOE). a) Received cash for providing a service. b) Took assets out of the business for personal expenses. c) Received cash from a customer previously billed for a service. d) Transferred assets to the business from a personal account. e) Paid a service station for gasoline for a business vehicle. f) Performed a service and received a promise of payment. g) Paid cash to purchase equipment. h) Paid cash to an employee for services performed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Integrated Audit Practice Case

Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens

7th Edition

0912503688, 978-0912503684

More Books

Students also viewed these Accounting questions