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BE1-1 Presented below is the basic accounting equation. Determine the missing amounts Assets Liabilities Owner's Equity (a) $90,000 (b) (c) $94,000 $50,000 $44,000 $70,000 $53,000 BE1-2 Given the accounting equation, answer each of the following questions. (a) The liabilities of Weber Company are $120,000 and the owner's equity is $232,000. What is the amount of Weber Company's total assets? (b) The total assets of Weber Company are $190,000 and its owner's equity is $91,000. What is the amount of its total liabilities? (c) The total assets of Weber Company are $800,000 and its liabilities are equal to one-half of its total assets. What is the amount of Weber Company's owner's equity? BE1-3 At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $60,000, what is the amount of owner's equity at the end of the year? (b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000. What is the amount of total assets at the end of the year? (c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year? BE1-4 Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Kafka Company are $90,000. Owner's capital is $150,000; drawings are $40,000; revenues, $450,0003; and expenses, $320,000. What is the amount of Kafka Company's total assets? (b) The total assets of Rivera Company are $57,000. Owner's capital is $25,000; drawings are $7,000; revenues, $52,000; and expenses, $35,000. What is the amount of the com- pany's total liabilities? (c) The total assets of Alcorn Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Alcorn Co.'s owner's equity?

BE1-1 Presented below is the basic accounting equation. Determine the missing amounts Assets Liabilities Owner's Equity (a) $90,000 (b) (c) $94,000 $50,000 $44,000 $70,000 $53,000 BE1-2 Given the accounting equation, answer each of the following questions. (a) The liabilities of Weber Company are $120,000 and the owner's equity is $232,000. What is the amount of Weber Company's total assets? (b) The total assets of Weber Company are $190,000 and its owner's equity is $91,000. What is the amount of its total liabilities? (c) The total assets of Weber Company are $800,000 and its liabilities are equal to one-half of its total assets. What is the amount of Weber Company's owner's equity? BE1-3 At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $60,000, what is the amount of owner's equity at the end of the year? (b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000. What is the amount of total assets at the end of the year? (c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year? BE1-4 Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Kafka Company are $90,000. Owner's capital is $150,000; drawings are $40,000; revenues, $450,0003; and expenses, $320,000. What is the amount of Kafka Company's total assets? (b) The total assets of Rivera Company are $57,000. Owner's capital is $25,000; drawings are $7,000; revenues, $52,000; and expenses, $35,000. What is the amount of the com- pany's total liabilities? (c) The total assets of Alcorn Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Alcorn Co.'s owner's equity?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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BE1-1 Presented below is the basic accounting equation. Determine the missing amounts Assets Liabilities Owner's Equity (a) $90,000 (b) (c) $94,000 $50,000 $44,000 $70,000 $53,000 BE1-2 Given the accounting equation, answer each of the following questions. (a) The liabilities of Weber Company are $120,000 and the owner's equity is $232,000. What is the amount of Weber Company's total assets? (b) The total assets of Weber Company are $190,000 and its owner's equity is $91,000. What is the amount of its total liabilities? (c) The total assets of Weber Company are $800,000 and its liabilities are equal to one-half of its total assets. What is the amount of Weber Company's owner's equity? BE1-3 At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $60,000, what is the amount of owner's equity at the end of the year? (b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000. What is the amount of total assets at the end of the year? (c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year? BE1-4 Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Kafka Company are $90,000. Owner's capital is $150,000; drawings are $40,000; revenues, $450,0003; and expenses, $320,000. What is the amount of Kafka Company's total assets? (b) The total assets of Rivera Company are $57,000. Owner's capital is $25,000; drawings are $7,000; revenues, $52,000; and expenses, $35,000. What is the amount of the com- pany's total liabilities? (c) The total assets of Alcorn Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Alcorn Co.'s owner's equity?
Transcribed Image Text:BE1-1 Presented below is the basic accounting equation. Determine the missing amounts Assets Liabilities Owner's Equity (a) $90,000 (b) (c) $94,000 $50,000 $44,000 $70,000 $53,000 BE1-2 Given the accounting equation, answer each of the following questions. (a) The liabilities of Weber Company are $120,000 and the owner's equity is $232,000. What is the amount of Weber Company's total assets? (b) The total assets of Weber Company are $190,000 and its owner's equity is $91,000. What is the amount of its total liabilities? (c) The total assets of Weber Company are $800,000 and its liabilities are equal to one-half of its total assets. What is the amount of Weber Company's owner's equity? BE1-3 At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $60,000, what is the amount of owner's equity at the end of the year? (b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000. What is the amount of total assets at the end of the year? (c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year? BE1-4 Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Kafka Company are $90,000. Owner's capital is $150,000; drawings are $40,000; revenues, $450,0003; and expenses, $320,000. What is the amount of Kafka Company's total assets? (b) The total assets of Rivera Company are $57,000. Owner's capital is $25,000; drawings are $7,000; revenues, $52,000; and expenses, $35,000. What is the amount of the com- pany's total liabilities? (c) The total assets of Alcorn Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Alcorn Co.'s owner's equity?
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