() The total assets of Shumway Company Lid. are £600,000 and its liabilities are equal to one half of its total assets. What is the amount of Shurmway Company Lid.'s equity? BE1-3 At the beginning of the year, Gonzales Company SLU had total assets of €870,000 and total liabilities of €500,000. Answer the following questions (a) I total assets increased €l50,000 during the year and total liabilities decreased E80,000, what is the amount of cquity at the end of the year? (h) During the year, total liabilities increased €100,000 and equity decreased €S5,000. What is the amount of total assets at the end of the year? (c) If total assets decreased €80,000 and equity increased €120,000 during the year, what is the amount of total liabilities at the end of the year? BE1-4 Use the accounting equation to answer each of the following questions (a) The liabilities of Alli Company Lad. are C90,000. Share capital-ordinary is C150,000; dividends are f40,000; revenues, £450,000; and expenses, £320,000. What is the anount of Alli Company Lad.s total assets? (b) The total assets of Planke Company Lid. are E57,000. Share capital-ordinary is £23,000; dividends are £7,000; revenues, £50,000; and expenses, £35,000. What is the amount of the company's total liabilities? (c) The total assets of Thao Co. Lid. are C600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Thao Co. Ltd.s equity? www.downloadslide.net6 1 Accounting in Action(c) The total assets of Shumway Company Ltd. are £600,000 and its liabilities are equal toone half of its total assets. What is the amount of Shurnway Company Ltd.'s equity?BE1-3 At the beginning of the year, Gonzales Company SLU had total assets of €870,000and total liabilities of €500,000. Answer the following questions.e basic accountingguation.LO 6)(a) If total assets increased €150,000 during the year and total liabilities decreased€80,000, what is the amount of equity at the end of the year?(b) During the year, total liabilities increased €100,000 and equity decreased €55,000.What is the amount of total assets at the end of the year?(c) If total assets decreased €80,000 and equity increased €120,000 during the year, whatis the amount of total liabilities at the end of the year?BE1-4 Use the accounting equation to answer each of the following questions.(a) The liabilities of Alli Company Ltd. are £90,000. Share capital-ordinary is £150,000;dividends are £40,000; revenues, £450,000; and expenses, £320,000. What is theamount of Alli Company Ltd.s total assets?(b) The total assets of Planke Company Ltd. are £57,000. Share capital-ordinary is£23,000; dívidends are £7,000; revenues, £50,000; and expenses, £35,000. What is theamount of the company's total liabilities?(c) The total assets of Thao Co. Ltd. are £600.000 and its liabilities are equal to two-thirdsof its total assets. What is the amount of Thao Co. Ltd.'s equity?Solve accounting equatio(LO 6)hof the following items is anaet (A, or part ofIdentify assets, liabilities,and equityequity (E).(a) Accounts receivable.(b) Salaries and wages payable.(c) Equipment.(d) Supplies.(e) Share capital-ordinary.( Notes payable.(LO 6)Determine effect of transac-tions on basic accountingequation.BE1-6 Presented below are three business transactions. On a sheet of paper, list the letters(a), (b), and (c) with columns for assets, liabilities, and equity. For each column, indicatewhether the transactions increased (+), decreased (-), or had no effect (NE) on assets,liabilities, and equity.(LO 7)(a) Purchased supplies on account.(b) Received cash for performing a service.(c) Paid expenses in cash.BE1-7 Follow the same format as BE1-6 above. Determine the effect on assets, liabilities.and equity of the following three transactions.(a) Shareholders invested cash in the business for ordinary shares.(b) Paid a cash dividend.(c) Received cash from a customer who had previously been billed for servicesperformed.Determine effect oftransactions on accountingequation.(LO 7)Classify items affectingBE1-8 Classify each of the following items as dividends (D), revenue (R), or expense (E).(e) Dividends.() Rent revenue.(g) Utilities expense.equity(a) Advertising expense.(b) Service revenue.(c) Insurance expense.(d) Salaries and wages expense.(LO 6)Determine effect oftransactions on equity.BE1-9 Presented below are three transactions. Mark each transaction as affecting sharecapital-ordinary (SC), dividends (D), revenue (R), expense (E), or not affecting equity (NE).(LO 6)(a) Received cash for services performed.(b) Paid cash to purchase equipment.(c) Paid employee salaries.Prepare a statement offuancial position.BE1-10 In alphabetical order below are statement of financial position items for GrandeCompany Ltd. at December 31, 2017. Kit Grande is the owner of Grande Company Ltd.Prepare a statement of financial position, following the format of Illustration 1-11(LO 8)Accounts payableAccounts receivableCashShare capital-ordinary£85,000£72,500E44,000£31,500

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FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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() The total assets of Shumway Company Lid. are £600,000 and its liabilities are equal to one half of its total assets. What is the amount of Shurmway Company Lid.'s equity? BE1-3 At the beginning of the year, Gonzales Company SLU had total assets of €870,000 and total liabilities of €500,000. Answer the following questions (a) I total assets increased €l50,000 during the year and total liabilities decreased E80,000, what is the amount of cquity at the end of the year? (h) During the year, total liabilities increased €100,000 and equity decreased €S5,000. What is the amount of total assets at the end of the year? (c) If total assets decreased €80,000 and equity increased €120,000 during the year, what is the amount of total liabilities at the end of the year? BE1-4 Use the accounting equation to answer each of the following questions (a) The liabilities of Alli Company Lad. are C90,000. Share capital-ordinary is C150,000; dividends are f40,000; revenues, £450,000; and expenses, £320,000. What is the anount of Alli Company Lad.s total assets? (b) The total assets of Planke Company Lid. are E57,000. Share capital-ordinary is £23,000; dividends are £7,000; revenues, £50,000; and expenses, £35,000. What is the amount of the company's total liabilities? (c) The total assets of Thao Co. Lid. are C600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Thao Co. Ltd.s equity?

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6 1 Accounting in Action
(c) The total assets of Shumway Company Ltd. are £600,000 and its liabilities are equal to
one half of its total assets. What is the amount of Shurnway Company Ltd.'s equity?
BE1-3 At the beginning of the year, Gonzales Company SLU had total assets of €870,000
and total liabilities of €500,000. Answer the following questions.
e basic accounting
guation.
LO 6)
(a) If total assets increased €150,000 during the year and total liabilities decreased
€80,000, what is the amount of equity at the end of the year?
(b) During the year, total liabilities increased €100,000 and equity decreased €55,000.
What is the amount of total assets at the end of the year?
(c) If total assets decreased €80,000 and equity increased €120,000 during the year, what
is the amount of total liabilities at the end of the year?
BE1-4 Use the accounting equation to answer each of the following questions.
(a) The liabilities of Alli Company Ltd. are £90,000. Share capital-ordinary is £150,000;
dividends are £40,000; revenues, £450,000; and expenses, £320,000. What is the
amount of Alli Company Ltd.s total assets?
(b) The total assets of Planke Company Ltd. are £57,000. Share capital-ordinary is
£23,000; dívidends are £7,000; revenues, £50,000; and expenses, £35,000. What is the
amount of the company's total liabilities?
(c) The total assets of Thao Co. Ltd. are £600.000 and its liabilities are equal to two-thirds
of its total assets. What is the amount of Thao Co. Ltd.'s equity?
Solve accounting equatio
(LO 6)
hof the following items is anaet (A
, or part of
Identify assets, liabilities,
and equity
equity (E).
(a) Accounts receivable.
(b) Salaries and wages payable.
(c) Equipment.
(d) Supplies.
(e) Share capital-ordinary.
( Notes payable.
(LO 6)
Determine effect of transac-
tions on basic accounting
equation.
BE1-6 Presented below are three business transactions. On a sheet of paper, list the letters
(a), (b), and (c) with columns for assets, liabilities, and equity. For each column, indicate
whether the transactions increased (+), decreased (-), or had no effect (NE) on assets,
liabilities, and equity.
(LO 7)
(a) Purchased supplies on account.
(b) Received cash for performing a service.
(c) Paid expenses in cash.
BE1-7 Follow the same format as BE1-6 above. Determine the effect on assets, liabilities.
and equity of the following three transactions.
(a) Shareholders invested cash in the business for ordinary shares.
(b) Paid a cash dividend.
(c) Received cash from a customer who had previously been billed for services
performed.
Determine effect of
transactions on accounting
equation.
(LO 7)
Classify items affecting
BE1-8 Classify each of the following items as dividends (D), revenue (R), or expense (E).
(e) Dividends.
() Rent revenue.
(g) Utilities expense.
equity
(a) Advertising expense.
(b) Service revenue.
(c) Insurance expense.
(d) Salaries and wages expense.
(LO 6)
Determine effect of
transactions on equity.
BE1-9 Presented below are three transactions. Mark each transaction as affecting share
capital-ordinary (SC), dividends (D), revenue (R), expense (E), or not affecting equity (NE).
(LO 6)
(a) Received cash for services performed.
(b) Paid cash to purchase equipment.
(c) Paid employee salaries.
Prepare a statement of
fuancial position.
BE1-10 In alphabetical order below are statement of financial position items for Grande
Company Ltd. at December 31, 2017. Kit Grande is the owner of Grande Company Ltd.
Prepare a statement of financial position, following the format of Illustration 1-11
(LO 8)
Accounts payable
Accounts receivable
Cash
Share capital-ordinary
£85,000
£72,500
E44,000
£31,500

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