Posted: November 30th, 2015
Required
Use the accounting equation to answer each question that follows. Show any calculations you make.
2. The liabilities and owner’s equity of Lee Company are $65,000 and $79,500 respectively. What is the amount of the assets?
3. The liabilities of Hake Company equal one-third of the total assets, and owner’s equity is $180,000. What is the amount of the liabilities?
4. At the beginning of the year, Jarvis Company’s assets were $310,000, and its owner’s equity was $150,000. During the year, assets increased by $45,000 and liabilities decreased by $22,500. What is the owner’s equity at the end of the year?
5. Complete the table to indicate whether each of the following accounts is an asset, a liability, equity, revenue, or an expense. Also, indicate whether the normal balance of each account is a debit or a credit.
Account Name Account Type Normal Balance
a. Accounts Payable | ||
b. Supplies | ||
c. Capital | ||
d. Fees Earned | ||
e. Supplies Expense | ||
f. Accounts Receivable | ||
g. Unearned Revenue | ||
h. Equipment |
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