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* Text Exercises and Problems
Prepare answers to the following exercises from the text, Accounting: Concepts & Applications, by Albrecht:
Chapter 2: Practice Exercise 2-14 only
Chapter 2: Exercises 2-25, 2-27 (part 1 only) 2-29, 2-32, and 2-33
* The assignment is due November 1st
*
E2-14 For the following four cases, use the expanded accounting equation to compute the missing quantity. Assets Liabilities Capital Stock Retained Earnings Case A $23,000 $11,000 A $ 4,500 Case B 17,500 B $ 4,500 3,600 Case C C 14,000 11,000 27,000 Case D 45,000 29,000 18,000 D
Assets = Liabilities + Owner's Capital + Revenues – Expenses – Owner's Draws
Case A = 23,000 = 11,000 +4,500 = 16,5000 (A) Capital Stock is $16,500
Case B = 17,500 = 4,500 + 3,600 = 8,100 (B) Liabilities is 8,100
Case C = 14,000 +11,000 + 27,000 (C) Assets is 38,000
Case D = 45,000 = 29,000 + 18,000 (D) Retained Earnings is 2,000
2-25 From the following data, prepare a classified balance sheet for Taylorsville Construction
* Company at December 31, 2009.
Accounts payable . . . . . . . . . . . . . . . . . . . . . . $ 74,300
Accounts receivable . . . . . . . . . . . . . . . . . . . . . 113,500
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512,000
Owners’ equity, 1/1/09 . . . . . . . . . . . . . . . . . . 314,300
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,600
Distributions to owners during 2009 . . . . . . . . 48,100
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,250
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000
Mortgage payable . . . . . . . . . . . . . . . . . . . . . . 423,400
Net income for 2009 . . . . . . . . . . . . . . . . . . . . 109,450
* Owners’ equity, 12/31/09 . . . . . . . . . . . . . . . . ?
2-27 Income Statement Preparation
* The following selected information is taken from the records of...