Owner’s Investment: Owner’s investment refers to the amount of cash or any asset invested in the business by the owner of organization. Owner’s Drawings: Owner’s drawings refer to the withdrawal of cash invested in the business of the personal use by the owner of business. Owner’s drawings decrease the balance of owner’s equity. Revenues: Revenues refer to that amount which is earned by rendering services or by selling the goods to the customers after deducting the amounts of discounts and returns. Expenses: Expenses refer to that amount of costs which is incurred by an organization in order to run the business. To Determine: Whether Drawings is investment by owner, owner’s drawings, revenue or expense.

Question

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Answer 1

Question

Chapter 1, Problem 3DIE

(a)

To determine

Owner’s Investment: Owner’s investment refers to the amount of cash or any asset invested in the business by the owner of organization.

Owner’s Drawings: Owner’s drawings refer to the withdrawal of cash invested in the business of the personal use by the owner of business. Owner’s drawings decrease the balance of owner’s equity.

Revenues: Revenues refer to that amount which is earned by rendering services or by selling the goods to the customers after deducting the amounts of discounts and returns.

Expenses: Expenses refer to that amount of costs which is incurred by an organization in order to run the business.

To Determine: Whether Drawings is investment by owner, owner’s drawings, revenue or expense.

(b)

To determine

Whether Rent revenue is investment by owner, owner’s drawings, revenue or expense.

(c)

To determine

Whether advertising expense is investment by owner, owner’s drawings, revenue or expense.

(d)

To determine

Whether the Owner puts personal assets into the business is investment by owner, owner’s drawings, revenue or expense.

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Answer 2

Question

Chapter 1, Problem 3DIE

(a)

To determine

Owner’s Investment: Owner’s investment refers to the amount of cash or any asset invested in the business by the owner of organization.

Owner’s Drawings: Owner’s drawings refer to the withdrawal of cash invested in the business of the personal use by the owner of business. Owner’s drawings decrease the balance of owner’s equity.

Revenues: Revenues refer to that amount which is earned by rendering services or by selling the goods to the customers after deducting the amounts of discounts and returns.

Expenses: Expenses refer to that amount of costs which is incurred by an organization in order to run the business.

To Determine: Whether Drawings is investment by owner, owner’s drawings, revenue or expense.

(b)

To determine

Whether Rent revenue is investment by owner, owner’s drawings, revenue or expense.

(c)

To determine

Whether advertising expense is investment by owner, owner’s drawings, revenue or expense.

(d)

To determine

Whether the Owner puts personal assets into the business is investment by owner, owner’s drawings, revenue or expense.

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Answer 3

Question

Chapter 1, Problem 3DIE

(a)

To determine

Owner’s Investment: Owner’s investment refers to the amount of cash or any asset invested in the business by the owner of organization.

Owner’s Drawings: Owner’s drawings refer to the withdrawal of cash invested in the business of the personal use by the owner of business. Owner’s drawings decrease the balance of owner’s equity.

Revenues: Revenues refer to that amount which is earned by rendering services or by selling the goods to the customers after deducting the amounts of discounts and returns.

Expenses: Expenses refer to that amount of costs which is incurred by an organization in order to run the business.

To Determine: Whether Drawings is investment by owner, owner’s drawings, revenue or expense.

(b)

To determine

Whether Rent revenue is investment by owner, owner’s drawings, revenue or expense.

(c)

To determine

Whether advertising expense is investment by owner, owner’s drawings, revenue or expense.

(d)

To determine

Whether the Owner puts personal assets into the business is investment by owner, owner’s drawings, revenue or expense.

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Answer 4

Question

Chapter 1, Problem 3DIE

(a)

To determine

Owner’s Investment: Owner’s investment refers to the amount of cash or any asset invested in the business by the owner of organization.

Owner’s Drawings: Owner’s drawings refer to the withdrawal of cash invested in the business of the personal use by the owner of business. Owner’s drawings decrease the balance of owner’s equity.

Revenues: Revenues refer to that amount which is earned by rendering services or by selling the goods to the customers after deducting the amounts of discounts and returns.

Expenses: Expenses refer to that amount of costs which is incurred by an organization in order to run the business.

To Determine: Whether Drawings is investment by owner, owner’s drawings, revenue or expense.

(b)

To determine

Whether Rent revenue is investment by owner, owner’s drawings, revenue or expense.

(c)

To determine

Whether advertising expense is investment by owner, owner’s drawings, revenue or expense.

(d)

To determine

Whether the Owner puts personal assets into the business is investment by owner, owner’s drawings, revenue or expense.

Expert Solution & Answer

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Answer 5

Chapter 1, Problem 3DIE

(a)

To determine

Owner’s Investment: Owner’s investment refers to the amount of cash or any asset invested in the business by the owner of organization.

Owner’s Drawings: Owner’s drawings refer to the withdrawal of cash invested in the business of the personal use by the owner of business. Owner’s drawings decrease the balance of owner’s equity.

Revenues: Revenues refer to that amount which is earned by rendering services or by selling the goods to the customers after deducting the amounts of discounts and returns.

Expenses: Expenses refer to that amount of costs which is incurred by an organization in order to run the business.

To Determine: Whether Drawings is investment by owner, owner’s drawings, revenue or expense.

(b)

To determine

Whether Rent revenue is investment by owner, owner’s drawings, revenue or expense.

(c)

To determine

Whether advertising expense is investment by owner, owner’s drawings, revenue or expense.

(d)

To determine

Whether the Owner puts personal assets into the business is investment by owner, owner’s drawings, revenue or expense.

Answer 6

Chapter 1, Problem 3DIE

(a)

To determine

Owner’s Investment: Owner’s investment refers to the amount of cash or any asset invested in the business by the owner of organization.

Owner’s Drawings: Owner’s drawings refer to the withdrawal of cash invested in the business of the personal use by the owner of business. Owner’s drawings decrease the balance of owner’s equity.

Revenues: Revenues refer to that amount which is earned by rendering services or by selling the goods to the customers after deducting the amounts of discounts and returns.

Expenses: Expenses refer to that amount of costs which is incurred by an organization in order to run the business.

To Determine: Whether Drawings is investment by owner, owner’s drawings, revenue or expense.

Answer 7

Chapter 1, Problem 3DIE

(a)

To determine

Owner’s Investment: Owner’s investment refers to the amount of cash or any asset invested in the business by the owner of organization.

Owner’s Drawings: Owner’s drawings refer to the withdrawal of cash invested in the business of the personal use by the owner of business. Owner’s drawings decrease the balance of owner’s equity.

Revenues: Revenues refer to that amount which is earned by rendering services or by selling the goods to the customers after deducting the amounts of discounts and returns.

Expenses: Expenses refer to that amount of costs which is incurred by an organization in order to run the business.

To Determine: Whether Drawings is investment by owner, owner’s drawings, revenue or expense.

Answer 8

(b)

To determine

Whether Rent revenue is investment by owner, owner’s drawings, revenue or expense.

Answer 9

(b)

To determine

Whether Rent revenue is investment by owner, owner’s drawings, revenue or expense.

Answer 10

(c)

To determine

Whether advertising expense is investment by owner, owner’s drawings, revenue or expense.

Answer 11

(c)

To determine

Whether advertising expense is investment by owner, owner’s drawings, revenue or expense.

Answer 12

(d)

To determine

Whether the Owner puts personal assets into the business is investment by owner, owner’s drawings, revenue or expense.

Answer 13

(d)

To determine

Whether the Owner puts personal assets into the business is investment by owner, owner’s drawings, revenue or expense.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q Ch. 1 - 4. What uses of financial accounting information...Ch. 1 - Prob. 5Q Ch. 1 - Prob. 6Q Ch. 1 - 7. What is the monetary unit assumption? Ch. 1 - 8. What is the economic entity assumption? Ch. 1 - Prob. 9Q Ch. 1 - Prob. 10Q

Whether Rent revenue is investment by owner, owner’s drawings, revenue or expense.

Whether advertising expense is investment by owner, owner’s drawings, revenue or expense.

Whether the Owner puts personal assets into the business is investment by owner, owner’s drawings, revenue or expense.

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Chapter 1 Solutions