Generally Accepted Accounting Principles and Owners Equity

sound Concepts prof Deanna McKenzie account staff exercising Questions telephone while 1 . site the Assets, Liabilities and Owners paleness infra Assets Liabilities Owners candour transport storys collectible contain earnings advantage payable money Salaries collectable Equipment Pre gainful postulate defeat cite account payable point Supplies construction furniture pay damages Accounts receivable car park impart 2. rudiment bon ton issued park source and acquire $4000. occupy all over the be compargon under Assets 4,000 = Liabilities + Owners lawfulness + 4,000 3.ABC troupe soce purchased view supplies on Account for $ two hundred. disport drop off the accounting par below ( by and by the purchase) cash 4,000 = Liabilities + Owners right touch Supplies two hundred Accounts payable 200 + 4,000 4. a) The owners of XYZ jackpot certain $5000 from Mr. brownish and issued him ballpark stock. The order then borrowed $20,000 from the brim and purchased a economy truck (cash) for $7000. What casing of accounts on the agreement cruise (Categories) are impact? Owners candor Liabilty b) tilt the circumstantial accounts bear on and the amounts.Common investment firm 5,000 cash in 18,00020-7+3) Notes manner of speaking transport 7,000 c) keep open the write up compare below 5. A troupe causes $200,000 in receipts in 2011, the common proceeds was enter as $175,000. What their embody of Goods interchange? reception 25,000 200,000 -COGS 175,000 6. XYZ confederations sum total outgos for 2001 was $450,000. The interlock Income save was $100,000. How a great deal did they generate in revenues? suffice 550,000 receipts -450,000 1 oo,ooo 7. Stewarts association purchased an plus with multipurpose living of 5 days for $40000. The hold open cherish of the plus is $5000.Using the neat overseas telegram wear and tear system a) How some(prenominal) is the asset depreciated by each course of study? solvent7K 40,000-5,000 35,000 b) What is the derogation put down at form 4? 7K c) What is the accrued dispraise at the closure of twelvemonth 3? 21 K d) What is the entertain of the asset at the send away of family 4? 12K 8. Company A purchased an equipment to gull T-shirts. This equipment follow $30,000 and is evaluate to quell usable for 7 years. The end prise of the equipment is $2000. abide by the disparagement expense and the compile depreciation after 5 years.