COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 2, Problem 1E
To determine
Calculate the total assets, total liabilities, and total owner’s equity that would appear in the
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Match each business activity with its description.Define accountingBusiness Activities Descriptions
1. Financing
a. Transactions related to revenues and expenses.
2. Investing
b. Transactions with lenders and owners.
3. Operating
c. Transactions involving the purchase and sale of productive assets.
Choose the letter of the best answer. Write the chosen letter on a separate sheet of paper.
1. These are the costs being incurred by the business in generating revenues
a. Assets
b. Expenses
c. Liabilities
d. Owner's Equity
2. An asset account that represents the amount of money owed by the customer to the business is
c. Cash
a. Accounts Payable
b. Accounts Receivable d. Inventories
3. These are present obligations of an entity arising from past transactions or events
c. Liabilities
d. Revenues
4. These are resources controlled by the business as a result of past transactions and events and from
a. Assets
b. Expenses
which future economic benefits are expected to flow to the business
a. Assets
c. Liabilities
d. Revenues
b. Expenses
5. It refers to open account which represent the amount of money owed by the business to creditor or
suppliers
a. Accounts Payable
c. Prepaid Expenses
b. Accounts Receivable
d. Unearned Revenues
6. This represents earnings made by professionals or experts…
Identify or classify the different account titles as to whether the belong to Assets, Liabilities, Owner's Equity, Revenue, or Expense of the Business. Fill the amounts of the following SFP and SCI elements.
Current Assets: _________
Noncurrent Assets: __________
Current Liabilities: _________
Noncurrent Liabilities: __________
Sales: __________
Expenses: ___________
Net Income (Loss): __________
Chapter 2 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 2 - What is a business transaction?Ch. 2 - Prob. 1.2SRQCh. 2 - Prob. 1.3SRQCh. 2 - Prob. 1.4SRECh. 2 - Prob. 1.5SRECh. 2 - Prob. 1.6SRACh. 2 - Prob. 2.1SRQCh. 2 - Prob. 2.2SRQCh. 2 - What information is included in the financial...Ch. 2 - Prob. 2.4SRE
Ch. 2 - Prob. 2.5SRECh. 2 - Prob. 2.6SRACh. 2 - Prob. 1CSRCh. 2 - Prob. 2CSRCh. 2 - Prob. 3CSRCh. 2 - Prob. 4CSRCh. 2 - Prob. 5CSRCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Describe the effects of each of the following...Ch. 2 - What is the fundamental accounting equation?Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Computing net income or net loss. The Computer...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Preparing a statement of owners equity and a...Ch. 2 - Analyzing the effects of transactions on the...Ch. 2 - Prob. 2PACh. 2 - Prob. 3PACh. 2 - The following equation shows the transactions of...Ch. 2 - Prob. 1PBCh. 2 - Prob. 2PBCh. 2 - Prob. 3PBCh. 2 - Prob. 4PBCh. 2 - The following account balances are for William...Ch. 2 - Richard Harris opened a gym and fitness studio...Ch. 2 - Prob. 1MFCh. 2 - Prob. 2MFCh. 2 - Prob. 3MFCh. 2 - How does an accounting system help managers...Ch. 2 - Prob. 1ED
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- The whole of financial accounting is based upon the very simple idea that, resources supplied by the owner of the business plus liabilities that must be settled at a future date must be equal to the resources in the business. It follows that the capital plus liabilities of the entity must be equal to assets of the entity expressed as: Capital + Liabilities = Assets (i.e. C+L=A). Using Microsoft excel, demonstrate the effects of the following transactions on the accounting equation, and prepare the resultant balance sheet as at 31st July, 2020,¢1 July started business with cash 30,0002 Sales on cash 50,0004 Stock of materials paid by cash 10,0005 Paid cash into bank 20,0007 Withdrew cash for office use 10,0008 Loan received by cash 20,00010 Sales of goods received cheque 30,00019 Cash sales 80,00021 Debtor paid us by cash 50,00030 Sales, received cheque 40,000arrow_forwardWhich of the following statements explain(s) how the accounting equation applies to businesses? Check all that apply. The equation states that Revenues - Expenses = Assets. The equation applies to all business transactions. The equation reflects the fact that, at any point in time, total revenues will always equal total liabilities and assets. The relation of assets, liabilities and equity is reflected in the equation. The equation states that Assets Liabilities Equity. The equation reflects that the total of what a business owns at any point in time will equal the total of what it owes creditors and owners.arrow_forwardThe following accounts were taken from the financial statements of Dream Company. Accounts classification Accounts classification Owner’s capital Building Wages Payable Prepaid insurance Unearned Revenue Drawing Instructions: Match each of the following accounts to its proper balance sheet classification, shown below. Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE) Owner’s equity (OE) Intangible assets (IA)arrow_forward
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