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

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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The industrial enterprise "HUANG S.A." purchased a sorting and packaging machine from a foreign company on 1/4/2017 at a cost of €500,000. The useful life of the machine was estimated by the Management at ten (10) years, while the residual value was estimated at zero. For the transportation of the machine from abroad to the company's factory, the amount of €20,000 was paid on 15/4/2017. As the insurance coverage of the machine during transportation was the responsibility of the selling company, HUANG S.A. proceeded to insure the machine from 16/4/2017 to 15/4/2018, paying the amount of €1,200. The delivery took place on 15/4/2017. As adequate ventilation of the multifunction device is essential for its proper operation, the company fitted an air duct on the multifunction device. The cost of the air duct amounted to €2,000 and was paid on 20/4/2017. On 25/4/2017, an external electrician was paid €5,000 for the electrical connection of the device. The company also paid €5,000 to an…

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.

Want to see the full answer?

Chapter 1 Solutions