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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can you do 1-5 QS for me ?

Transcribed Image Text:24
Chapter 1 Accounting in Business
QS 1-5
Identifying attributes of
businesses
partnership, corporation, and limited liability company (LLC).
LLC
C2
Partnership
Corporation
Attribute Present
Sole Proprietorship
1. Business taxed......
2. Limited liabillity
3. Legal entity..
.....
QS 1-6
Identifying accounting
principles and assumptions
Identify 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 to
install sod at a house that would not be ready for installation until March of next vear. Chavez should
record 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 from
Dockside Digs's transactions and financial statements.
C2
QS 1-7
a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its
liabilities?
Applying the accounting
equation A1
b. Total assets of Martin Marine equal $500.000 and its liabilities and equity amounts are equal to eacn
other. What is the amount of its liabilities? What is the amount of its equity?
QS 1-8
1. Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c).
Applying the accounting
equation
A1
A
B.
D
1
Company
Assets
Liabilities
Equity
$ 75,000
$ (0)
1
$ 40,000
3
(b)
85,000
25,000
70,000
4
3
20,000
(c)
2. Use the expanded accounting equation to compute the missing financial statement amounts (a) and (b).
A
B
D
F
Owner,
Capital
Owner,
Company
Assets
Liabilities
Withdrawals
Revenues
Expenses
$ 40,000
$ 80,000
$ 16,000
$ 32,000
3
$ 20,000
$ 44,000
$0
(a)
$ 24,000
$ 8,000
$ 18,000
4
2
(b)
QS 1-9
Determine whether each of the following transactions increases or decreases equity.
Determining effects of
transactions on equity
a. Owner invested cash in the company.
c. Performed services for a client.
d. Incurred employee wage expenses.
P1
b. Incurred maintenance expenses.
S 1-10
entifying effects of
nsactions using
Create a table similar to Exhibit 1.9. Then use additions and subtractions to show the dollar effects of each
transaction on individual items of the accounting equation.
counting equation-
enues and expenses
Assets
Liabilities
%3D
+
Equity
Cash
Accounts
Accounts
Owner,
Owner,
Receivable
Payable
Revenues
Expenses
Capital
Withdrawals
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