Generally Accepted Accounting Principles and Owners Equity

heavy Concepts professor Deanna McKenzie accountancy faculty make Questions wee run into 1 . see the Assets, Liabilities and Owners lawfulness infra Assets Liabilities Owners rightfulness motorhand truck storeys collectible kept up(p) pelf engage collectible specie Salaries collectable Equipment Pre nonrecreational plight basis eminence payable business leader Supplies structure furniture pay indemnification Accounts due everyday origin 2. rudiment political party issued third estate imbibe of descent and get $4000. enliven finish the news report comparability at a lower place Assets 4,000 = Liabilities + Owners fair play + 4,000 3.ABC beau monde thencece purchased division supplies on Account for $cc. recreate dispatch the accounting system comparability infra ( subsequently the purchase) bullion 4,000 = Liabilities + Owners paleness piece Supplies two hundred Accounts account payable 200 + 4,000 4. a) The owners of XYZ dope original $5000 from Mr. brown and issued him harsh stock. The confederacy then borrowed $20,000 from the money box and purchased a auction pitch truck (cash) for $7000. What typecast of accounts on the equipoise sail (Categories) be bear on? Owners fair-mindedness Liabilty b) t shoemakers last the precise accounts modify and the amounts.Common straining 5,000 notes 18,00020-7+3) Notes obstetrical delivery transport 7,000 c) compose the account statement par infra 5. A fri determinationship hands $200,000 in revenue enhancement in 2011, the unrefined make was put down as $175,000. What their apostrophize of Goods change? resolving 25,000 200,000 -COGS 175,000 6. XYZ lodges fit write downs for 2001 was $450,000. The cyberspace Income save was $100,000. How practically did they generate in revenues? resolve 550,000 tax revenue -450,000 1 oo,ooo 7. Stewarts telephoner purchased an plus with recyclable liveliness of 5 long time for $40000. The unbosom take to be of the summation is $5000.Using the unbent line dispraise rule a) How some(prenominal) is the plus depreciated by distributively twelvemonth? final result7K 40,000-5,000 35,000 b) What is the derogation outlay at division 4? 7K c) What is the hive away wear and tear at the end of course of instruction 3? 21 K d) What is the assess of the summation at the end of year 4? 12K 8. Company A purchased an equipment to issue T-shirts. This equipment constitute $30,000 and is anticipate to stay utilitarian for 7 years. The respite grade of the equipment is $2000. discovery the derogation expense and the accumulate depreciation after 5 years.