Create an accounting equation using the elements assets, liabilities, and stockholders’ equity and list each account title under the element of the accounting equation.

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Answer 1

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Chapter 1, Problem 8E

a.

To determine

Create an accounting equation using the elements assets, liabilities, and stockholders’ equity and list each account title under the element of the accounting equation.

b.

To determine

Ascertain whether all businesses will have the same number of accounts with explanation.

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Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2027. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note. 16 Received a $87,840, 180 day. 10% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. (a) Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for cal in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Hi expert please give me answer general accounting question

Howard James started a business in 2011 in Jamaica and has been operating in the wholesale/retail industries, where he buys and sells household items to the local market. In 2012, he expanded his business operations and opened two other businesses in Trinidad and Tobago and Antigua and Barbuda, respectively. The annual sales of the respective businesses in 2015 are: Jamaica: J$3,000.00 Trinidad and Tobago: TT$251,000.00 Antigua and Barbuda: $299.00 Mr. James failed to register his business for VAT/GCT as specified by the respective Sales Tax Acts and Regulations. He stated that there is no need for his businesses to be registered because their sales are under the VAT thresholds and thus not required to be registered. a) You are to advise Mr. James if his decision not to register his businesses is justifiable. b) Search the respective VAT Acts for the 3 countries and advise Mr. James of the benefits of being a registered taxpayer; also the penalties for not registering for VAT/GCT.

Answer 2

Question

Chapter 1, Problem 8E

a.

To determine

Create an accounting equation using the elements assets, liabilities, and stockholders’ equity and list each account title under the element of the accounting equation.

b.

To determine

Ascertain whether all businesses will have the same number of accounts with explanation.

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Answer 3

Question

Chapter 1, Problem 8E

a.

To determine

Create an accounting equation using the elements assets, liabilities, and stockholders’ equity and list each account title under the element of the accounting equation.

b.

To determine

Ascertain whether all businesses will have the same number of accounts with explanation.

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Answer 4

Question

Chapter 1, Problem 8E

a.

To determine

Create an accounting equation using the elements assets, liabilities, and stockholders’ equity and list each account title under the element of the accounting equation.

b.

To determine

Ascertain whether all businesses will have the same number of accounts with explanation.

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Answer 5

Chapter 1, Problem 8E

a.

To determine

Create an accounting equation using the elements assets, liabilities, and stockholders’ equity and list each account title under the element of the accounting equation.

b.

To determine

Ascertain whether all businesses will have the same number of accounts with explanation.

Answer 6

Chapter 1, Problem 8E

a.

To determine

Create an accounting equation using the elements assets, liabilities, and stockholders’ equity and list each account title under the element of the accounting equation.

Answer 7

Chapter 1, Problem 8E

a.

To determine

Create an accounting equation using the elements assets, liabilities, and stockholders’ equity and list each account title under the element of the accounting equation.

Answer 8

b.

To determine

Ascertain whether all businesses will have the same number of accounts with explanation.

Answer 9

b.

To determine

Ascertain whether all businesses will have the same number of accounts with explanation.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q Ch. 1 - 4. In a business context, what does the term...Ch. 1 - 5. What market trilogy components are involved in...Ch. 1 - 6. Give an example of a financial resource, a...Ch. 1 - Prob. 7Q Ch. 1 - 8. How do financial and managerial accounting...Ch. 1 - Prob. 9Q Ch. 1 - Prob. 10Q

Create an accounting equation using the elements assets, liabilities, and stockholders’ equity and list each account title under the element of the accounting equation.

Solution Summary: The author explains the accounting equation, using assets, liabilities, and stockholders' equity, to determine whether all businesses will have the same number of accounts.

Create an accounting equation using the elements assets, liabilities, and stockholders’ equity and list each account title under the element of the accounting equation.

Ascertain whether all businesses will have the same number of accounts with explanation.

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Chapter 1 Solutions