Acc 205 Complete Class Homework

ACC 205 Complete Class Homework

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Week 1 Exercise Assignment Basic Accounting Equations

1.  Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.

a.   The inventory of boating supplies owned by the company.

b.   Monthly rental charges paid for store space.

c.   A loan owed to Citizens Bank.

d.   New computer equipment purchased to handle daily record keeping.

e.  Daily sales made to customers.

f.   Amounts due from customers.

g.   Land owned by the company to be used as a future store site.

h.   Weekly salaries paid to salespeople.

2.  Basic computations. The following selected balances were extracted from the accounting records of  Rossi Enterprises on December 31, 20X3:

Accounts Payable   $3,200   Interest Expense   $2,500

Accounts Receivable   14,800   Land   18,000

Auto Expense  1,900   Loan Payable   40,000

Building   30,000   Tax Expense   3,300

Cash  7,400   Utilities Expense   4,100

Fee Revenue  56,900   Wage Expense   37,500

a. Determine Rossi’s total assets as of December 31.

b. Determine the company’s total liabilities as of December 31.

c. Compute 20X3 net income or loss.

3. Balance sheet preparation.  The following data relate to Preston Company as of December 31, 19XX:

Building    $44,000    Accounts receivable    $24,000

Cash    17,000  Loan payable  30,000

J. Preston, Owners Equity  65,000  Land  21,000

Accounts payable    ?

Prepare a balance sheet as of December 31, 19XX. (See Exhibit 1.1 and 1.4)

4. Basic transaction processing.  On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:

1: Parker invested $19,000 into the business.

2: Paid $9,000 to acquire a...