Question
The Accounting Equation Dr. John Salvaggi is a chiropractor. As of December 31, he owned the following property that related to his professional practice. Cash
The Accounting Equation
Dr. John Salvaggi is a chiropractor. As of December 31, he owned the following property that related to his professional practice.
| Cash | $3,500 |
| Office Equipment | 6,400 |
| X-ray Equipment | 10,220 |
| Laboratory Equipment | 6,840 |
He also owes the following business suppliers:
| Chateau Gas Company | $3,430 |
| Aloe Medical Supply Company | 4,120 |
Required:
1. From the preceding information, compute the accounting elements and enter them in the accounting equation shown as follows.
| Assets | = | Liabilities | + | Owner's Equity |
|---|---|---|---|---|
| $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 | ||
2. During January, the assets increase by $8,540, and the liabilities increase by $3,360. Compute the resulting accounting equation.
| Assets | = | Liabilities | + | Owner's Equity |
|---|---|---|---|---|
| $fill in the blank 4 | $fill in the blank 5 | $fill in the blank 6 | ||
3. During February, the assets decrease by $3,460, and the liabilities increase by $2,000. Compute the resulting accounting equation.
| Assets | = | Liabilities | + | Owner's Equity |
|---|---|---|---|---|
| $fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 | ||
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Audit Of EPAs Fiscal 2013 And 2012 Consolidated Financial Statements
Authors: U.S. Environmental Protection Agency
1st Edition
1500696218, 978-1500696214
