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(9).docx
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Question:
Describe how the following business transactions affect the three elements of the accounting equation.
a. Invested cash in business.
b. Paid for utilities used in the business.
c. Purchased supplies for cash.
d. Purchased supplies on account.
e. Received cash for services performed.
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(1).docx
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Colleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal Bank. The bank requested financial statements from Rhino Enterprises as a basis for granting the loan. Colleen has told her accountant to provide the bank with a balance sheet. Colleen has decided to omit the other financial statements because there was a net loss during the past year. In groups of three or four, discuss the following questions:
1. Is Colleen behaving in a professional manner by omi...
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(2).docx
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Following are the amounts of the assets and liabilities of Oriental Travel Agency at
December 31, 2014, the end of the current year, and its revenue and expenses for the
year. The capital of Sung Kim, owner, was $450,000 on January 1, 2014, the beginning
of the current year. During the current year, Sung withdrew $25,000.
Accounts payable $ 115,000 Rent expense $150,000
Accounts receivable 370,000 Supplies 20,000
Cash 210,000 Supplies expense 14,000
Fees earned 1,100,000 Utilities expense 79,000...
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(15).docx
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Four different proprietorships, Juliet, Kilo, Lima, and Mike, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner’s equity, are summarized as follows:
 Total Assets Total Liabilities
Beginning of the year $ 600,000 $150,000
End of the year 1,125,000 500,000

On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year. (Hint: First determine the...
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(12).docx
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The following selected transactions were completed by Reuben’s Delivery Service during
October:
1. Received cash from owner as additional investment, $20,000.
2. Purchased supplies for cash, $900.
3. Paid rent for October, $3,000.
4. Paid advertising expense, $2,500.
5. Received cash for providing delivery services, $23,100.
6. Billed customers for delivery services on account, $41,750.
7. Paid creditors on account, $4,500.
8. Received cash from customers on account, $36,200.
9. Determined tha...
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(13).docx
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Angela Howard operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner’s equity, except transaction (5), affects net income.
 Assets 5 Liabilities 1 Owner’s Equity
Cash 1 Supplies 1 Land 5
Accounts
 Payable 1
Angela Howard,
Capital −
Angela Howard,
Drawing 1
Fees
Earned − Expenses
Bal. 30,000 2,000 80,000 12,000 1...
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(22).docx
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Each of the following items is shown in the financial statements of Exxon Mobil Corporation.
1. Accounts payable
2. Cash equivalents
3. Crude oil inventory
4. Equipment
5. Exploration expenses
6. Income taxes payable
7. Investments
8. Long-term debt
9. Marketable securities
10. Notes and loans payable
11. Notes receivable
12. Operating expenses
13. Prepaid taxes
14. Sales
15. Selling expenses
a. Identify the financial statement (balance sheet or income statement) in which each item would appear....
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(6).docx
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The now defunct Enron Corporation, once headquartered in Houston, Texas, provided products and services for natural gas, electricity, and communications to wholesale and retail customers. Enron’s operations were conducted through a variety of subsidiaries and affiliates that involved transporting gas through pipelines, transmitting electricity, and managing energy commodities. The following data were taken from Enron’s financial statements:
 In millions
Total revenues $100,789
Total costs an...
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(5).docx
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a Using the income statement for Sunset Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner’s equity for the current year ended April 30, 2014. Craig Daws, the owner, invested an additional $75,000 in the business during the year and withdrew cash of $66,000 for personal use. Craig Daws, capital as of May 1, 2013, was $300,000.
b Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner’s equity for the cur...
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(11).docx
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Indicate whether each of the following types of transactions will either (a) increase owner’s equity or (b) decrease owner’s equity:
1. expenses
2. owner’s investments
3. owner’s withdrawals
4. revenues
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