Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Basics Homework Calculator Printem 1 MPO101 ALGO Mastery Problem: Introduction to Accounting and Business The Accounting Equation 2 MP 02.01.ALGO 3. MP 03.01. ALGO

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The Basics Homework Calculator Printem 1 MPO101 ALGO Mastery Problem: Introduction to Accounting and Business The Accounting Equation 2 MP 02.01.ALGO 3. MP 03.01. ALGO The foundation for the accounting system and the financial statements is the accounting equation. Select the terms that complete the accounting equation 4. MP 04.01 ALGO Accounting Equation Liabilities - Stockholders' Equity Assets - 5. MPOS 01 ALGO For each of the following i n dicate the element of the accounting equation to which it belongs Assets, L e s or Stadtholders' Equity (Select "Yes" or "Nofrom the below dropdowns.) Ass Liabilities Stockholders' Equity Pava Accounts Receivable Auto Expense Common Sted Dividends Land Miscellaneous pense 9:07 AM 2010 The Basics Homework Calculator Printem Fees Eamed 1 MP01 01 ALGO Land 2 MP02 01 ALGO Miscellaneous Expense Supplies 3. MP03 01 ALGO Supplies Expense 4. MP04.01 ALGO Wages Expense 5. MP05 01 ALGO Transactions Consider the following transactions for Thomas Company and their effect on the accounting equation. Place the cursor on each transaction for transaction des Determine the new balance for each component of the accounting equation resulting from the transaction, you will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry leave it bank Transaction Awets L e s + Stockholders' uity Begning 1. Investment in the bus 2. Borrow cash met A vw The Basics Homework Calculator Principles and Assumptions MPO101 ALGO 1. Match each of the following scenarios with the accounting principle or accounting assumption that it bestillustrates 2. MP 02 01 ALGO 3. MPO3 01 ALGO 4 MP0401 ALGO 5. MP 05.01 ALGO Although GGE Enterprises on received a good deal on a used truck, the amount recorded in the accounting records is the amount the company and not the amount the truck was actually worth Thomas Company records sales for the month wong with the expenses incurred to produce the sales. GGE Enterprises records a deposit receved from a customer for work to be performed later in the month. The customer is bied for the remaining amount after the work is complete, and the customer's Time period assum payment recorded Several years after Thomas Company purchased new office equipment, the company's accounting records still show the original purchase price The accounting records of Thomas Company are in dodars, not euros, although the Ohio based company is owned by a German firm. The home of Robot, the owner of GGE Enterprises Inc. is not listed among the company's assets. Thomas Company provides aming information to investors at the end of every gater Despite several years of faling sales, Thomas Company continues to forecast sales and make strategi plans to rave revenues and out expenses. 2. Thomas Company has decided to purchase a company vehicle. The accountant was given all of the purchase details which should be used to record the vehicle the accounting records? The manufacturer's s osted retail price (HSP) Ape The Basics Homework Calculator Print Item Financial Statements 1. MP0101 ALGO 2 MP 02.01 ALGO A business will constructies financial statements in a particular order because they are interrelated. This means that items formulated in an earlier statement feed into the subsequent statements, and changes to tems on one financial statement can have compounding effects on the overal financial position of a company. 3. MP03.01 ALGO Which of the following is one reason the statement of stockholders' equity is prepared after the income statement 4. MP04.01 ALGO Net Income is part of the computation for ending retained earnings. 5. MP05 01 ALGO Which of the following is one reason the statement of stockholders equity is prepared before the balance sheet? Common stock and ending retained earnings must be computed for the balance sheet. GGE Enterprises Inc. On November 1 of the current yeat Rob Eliot invested 529,000 of his cash to form a corporation, Go Enterprises Inc, in exchange for shares of common stock. No other common stock was issued during November of December Alter a very successful fost month of operations, the retained earnings as of November 30 were reported at $5.000. After all transactions have been entered into the accounting equation for the month of December, the ending wances for selected items on December 31 fotow. On that date, the financial statements were prepared. The bance sheet reported total assets of $56,000 and total stochodes e t of $37.490. Accounts Common Retained Fees Wages Rent Supplies utilities Miscellaneous Cash Supplies and Payable Stock Earnings Dividends Earned Expense Expense Expense Expense Expense 7 $8,850 $12,000 $5,000 $5,000 $26,250 $6,325 $4,550 $1,310 5400 Review the following questions, indicate which financial statement(s) report the desired information Enter the amount reported on the financial statement AD 2010 (Select "Yes" or "No" from the below dropdowns.) Balance Sheet Income Statement Statement of Stockholders Equity 1. What is the amount reported for total liabilities and stockholders' equity on December 317 2. What is the retained earnings amount reported on December 317 6. How much does GGE Enterprises Inc. owe to its creditors? 4. How much cash is being held by GGE Enterprises Inc.? 5. By what amount did retained earnings increase or decrease during the period? 6. What is the amount of profit or loss during December? 7. What were the total expenses for December? 8. How much was paid for rent

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_2

Step: 3

blur-text-image_3

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

Quality Assessment Manual For The Internal Audit Activity

Authors: The Internal Audit Foundation

2017 Edition

0894139975, 978-0894139970

More Books

Students also viewed these Accounting questions