Can you do 1-5 QS for me ? 24Chapter 1 Accounting in BusinessQS 1-5Identifying attributes ofbusinessespartnership, corporation, and limited liability company (LLC).LLCC2PartnershipCorporationAttribute PresentSole Proprietorship1. Business taxed......2. Limited liabillity3. Legal entity.......QS 1-6Identifying accountingprinciples and assumptionsIdentify the accounting principle or assumption that best explains each situation.1. In December of this year, Chavez Landscaping received a customer's order and cash prepayment toinstall sod at a house that would not be ready for installation until March of next vear. Chavez shouldrecord the revenue from the customer order in March of next vear, not in December of this year.2. If $51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,000.3. Mike Derr owns both Sailing Passions and Dockside Digs, In preparing financial statements for Dock-side Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate fromDockside Digs's transactions and financial statements.C2QS 1-7a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of itsliabilities?Applying the accountingequation A1b. Total assets of Martin Marine equal $500.000 and its liabilities and equity amounts are equal to eacnother. What is the amount of its liabilities? What is the amount of its equity?QS 1-81. Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c).Applying the accountingequationA1AB.D1CompanyAssetsLiabilitiesEquity$ 75,000$ (0)1$ 40,0003(b)85,00025,00070,0004320,000(c)2. Use the expanded accounting equation to compute the missing financial statement amounts (a) and (b).ABDFOwner,CapitalOwner,CompanyAssetsLiabilitiesWithdrawalsRevenuesExpenses$ 40,000$ 80,000$ 16,000$ 32,0003$ 20,000$ 44,000$0(a)$ 24,000$ 8,000$ 18,00042(b)QS 1-9Determine whether each of the following transactions increases or decreases equity.Determining effects oftransactions on equitya. Owner invested cash in the company.c. Performed services for a client.d. Incurred employee wage expenses.P1b. Incurred maintenance expenses.S 1-10entifying effects ofnsactions usingCreate a table similar to Exhibit 1.9. Then use additions and subtractions to show the dollar effects of eachtransaction on individual items of the accounting equation.counting equation-enues and expensesAssetsLiabilities%3D+EquityCashAccountsAccountsOwner,Owner,ReceivablePayableRevenuesExpensesCapitalWithdrawals

Solution Concept Limited liability means the situation where the liability of the person is limited…

QS 1-5 Identifying attributes of partnership, corporation, and limited liability company (LLC). businesses LLC C2 Partnership Corporation Attribute Present Sole Proprietorship 1. Business taxed 2. Limited lability 3. Legal entity

QS 1-5 Identifying attributes of partnership, corporation, and limited liability company (LLC). businesses LLC C2 Partnership Corporation Attribute Present Sole Proprietorship 1. Business taxed 2. Limited lability 3. Legal entity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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