Solved by verified expert :(Spring 2015 ACCT 2301)Assignment:Ch 01 Ex 1-81.award:8 out of8.00 pointsExercise 1-8 Using the accounting equation LO A1, P1Answer the following questions. (Hint:Use the accounting equation.)a.Office Store has assets equal to $127,000 and liabilities equal to $92,000 at year-end. What is the total equity for Office Store at year-end?b.At the beginning of the year, Addison Company’s assets are $206,000 and its equity is $154,500. During the year, assets increase $80,000 and liabilities increase $53,000. What is the equity at the end of the year?c.At the beginning of the year, Quaker Company’s liabilities equal $68,000. During the year, assets increase by $60,000, and at year-end assets equal 0,000. Liabilities decrease $16,000 during the year. What are the beginning and ending amounts of equity?Assignment:Ch 01 Ex 1-91.award:6 out of6.00 pointsExercise 1-9 Using the accounting equation LO A1Determine the missing amount from each of the separate situations given below.Assignment:Ch 01 Ex 1-141.award:12 out of12.00 pointsExercise 1-14 Preparing an income statement LO P2On October 1, Keisha King organized Real Answers, a new consulting firm; On October 3, the owner contributed $68,481 cash. On October 31, the company’s records show the following items and amounts.Cash$10,750Cash dividends$2,000Accounts receivable15,000Consulting fees earned17,000Office supplies22,844Rent expense3,060Land46,000Salaries expense6,800Office equipment18,000Telephone expense760Accounts payable40,313Miscellaneous expenses580Common stock68,481Using the above information prepare an October income statement for the business.Assignment:Ch 01 Ex 1-151.award:7.04 out of8.00 pointsExercise 1-15 Preparing a statement of retained earnings LO P2On October 1, Keisha King organized Real Answers, a new consulting firm; on October 3, the owner contributed $57,130 cash. On October 31, the company’s records show the following items and amounts.Cash$9,200Cash dividends$2,000Accounts receivable11,000Consulting fees earned13,000Office supplies19,550Rent expense2,340Land36,000Salaries expense5,200Office equipment18,000Telephone expense760Accounts payable34,500Miscellaneous expenses580Common stock57,130Using the above information prepare an October statement of retained earnings for Real AnswersAssignment:Ch 01 Ex 1-161.award:16 out of16.00 pointsExercise 1-16 Preparing a balance sheet LO P2On October 1, Keisha King organized Real Answers, a new consulting firm; on October 3, the owner contributed $76,046 cash. On October 31, the company’s records show the following items and amounts.Cash$1,750Cash dividends$3,360Accounts receivable16,000Consulting fees earned18,000Office supplies3,719Rent expense3,240Land36,000Salaries expense7,200Office equipment28,000Telephone expense660Accounts payable6,563Miscellaneous expenses680Common stock76,046Using the above information prepare an October 31 balance sheet for Real Answers.
