Can you do 1-6 QS for me ? 24Chapter 1 Accounting in BusinessComplete the following table with either a yes or no regarding the attributes of a sole proprietorsnip.partnership, corporation, and limited liability company (LLC).QS 1-5Identifying attributes ofbusinessesLLCPartnershipCorporationC2Sole ProprietorshipAttribute Present1. Business taxed......2. Limited liability......3. Legal entity ..allld bos odQS 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 year. 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.C2a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of itsliabilities?QS 1-7Applying the accountingequation A1b. Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal to eachother. What is the amount of its liabilities? What is the amount of its equity?QS 1-81. Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c).Applying the accountingequationABD.A11CompanyAssetsLiabilitiesEquity$ 75,000(b)85,00021$ (0)$ 40,000325,00070,0004320,000(c)2. Use the expanded accounting equation to compute the missing financial statement amounts (a) and (b),ADEF1Owner,Owner,WithdrawalsCompany32AssetsLiabilitiesCapitalRevenuesExpenses$ 40,000$ 80,000$ 16,000$ 32,000$ 20.000$ 44,000$0(0)$24,000$ 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.b. Incurred maintenance expenses.c. Performed services for a client.d. Incurred employee wage expenses.P1QS 1-10Identifying effects oftransactions usingCreate a table similar to Exhibit 1.9. Then use additions and subtractions to show the dollar effects of onehtransaction on individual items of the accounting equation.accounting equation-revenues and expensesAssetsLiabilitiesEquityP1Cash+AccountsAccountsOwner,%3DOwner,RevenuesReceivablePayableCapitalExpensesWithdrawals

solution concept There are different accounting principles such as accrual principle , cost…

QS 1-6 ldentifying 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 year. Chavez should record the revenue from the customer order in March of next year, 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.

QS 1-6 ldentifying 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 year. Chavez should record the revenue from the customer order in March of next year, 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.

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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