What is the total equity of the Ackerman Limousine Service? 2. What is the total amount of Mikasa Ackerman's claims against the total assets of the business?

Using the following categories, discuss the differences that exist between accounting for these items in a personal context versus for a business. Specifically provide examples of the difference in account names or terms used to describe the eguivalent item when related to accounting for a business. 1. Assets & LIabilities 2. Net Worth 3. Surplus(deficit)

One of the elements of financial statements is comprehensive income. As described in Statement of Financial Accounting Concepts No. 6, "Elements of Financial Statements," comprehensive income is equal to   Select one: revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners plus assets minus liabilities. revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners. None of these answer choices are correct. revenues minus expenses plus gains minus losses.

Could you tell me if the following Accounts are Assets, Liabilities or Equity?1) Accounts Receiveable2) Smith, Capital3) Wages, Payable4) Cash5) Interest Receivable6) Taxes Payable7) Smith, Drawings8) Retained Earnings9) Buildings10) Land

1. Indicate the appropriate entries requires for each of the transactions.  2. Will Caine company declare a gain or loss on this transaction?