To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Question

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Answer 1

Question

Chapter 2, Problem 1FPE

a)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

b)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

c)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

d)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

e)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

f)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

g)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

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Hugo Garcia is preparing his balance sheet and income and expense statementfor the year ending December 31, 2020. He is having difficulty classifying six items and sks for your help. Which,if any, of the following transactions are assets, liabilities, income, or expense items?a. Hugo rents a house for $1,350 a month.b. On June 21, 2020 Hugo bought diamond earrings for his wife and charged them using his Visa card. The earringscost $900, but he hasn’t yet received the bill.c. Hugo borrowed $3,500 from his parents last fall, but so far, he has made no payments to them.d. Hugo makes monthly payments of $225 on an installment loan; about half of it is interest, and the balance isrepayment of principal. He has 20 payments left, totaling $4,500.e. Hugo paid $3,800 in taxes during the year and is due a tax refund of $650, which he hasn’t yet received.f. Hugo invested $2,300 in a mutual fund.g. Hugo’s Aunt Lydia gave him a birthday gift of $300.

Hugo Garcia is preparing his balance sheet and income and expense statement for the year ending December 31, 2020. He is having difficulty classifying a few items and asks for your help. Which of the transactions are assets, liabilities, income, or expense items? a. Hugo rents a house for $1,350 a month. b. Hugo bought diamond earrings for his wife and charged them using his Visa card. The earrings cost $900, but he hasn’t yet received the bill. c. Hugo borrowed $3,500 from his parents last fall, but so far, he has made no payments to them. d. Hugo makes monthly payments of $225 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling $4,500. e. Hugo paid $3,800 in taxes during the year and is due a tax refund of $650, which he hasn’t yet received. f. Hugo invested $2,300 in a mutual fund. g. Hugo’s Aunt Lydia gave him a birthday gift of $300.

S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…

Answer 2

Question

Chapter 2, Problem 1FPE

a)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

b)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

c)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

d)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

e)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

f)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

g)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

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Answer 3

Question

Chapter 2, Problem 1FPE

a)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

b)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

c)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

d)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

e)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

f)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

g)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

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Answer 4

Question

Chapter 2, Problem 1FPE

a)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

b)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

c)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

d)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

e)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

f)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

g)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

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Answer 5

Chapter 2, Problem 1FPE

a)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

b)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

c)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

d)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

e)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

f)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

g)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 6

Chapter 2, Problem 1FPE

a)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 7

Chapter 2, Problem 1FPE

a)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 8

b)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 9

b)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 10

c)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 11

c)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 12

d)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 13

d)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 14

e)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 15

e)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 16

f)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 17

f)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 18

g)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 19

g)

Summary Introduction

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Answer 20

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Answer 21

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Answer 22

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Answer 23

Ch. 2 - Prob. 1LO Ch. 2 - Prob. 2LO Ch. 2 - Prob. 3LO Ch. 2 - Prob. 4LO Ch. 2 - Prob. 5LO Ch. 2 - Prob. 6LO Ch. 2 - Prob. 1FPE Ch. 2 - Prob. 2FPE Ch. 2 - Prob. 3FPE Ch. 2 - Prob. 4FPE

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

Solution Summary: The author explains whether the transactions come under liabilities, assets, expenses or income items. Person D borrowed from his parents 3,500 last fall but yet he has not made any payments.

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

To classify: Whether the transactions comes under liabilities, assets, expenses or income items.

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Chapter 2 Solutions