ACCT 211 Homework 1 Accounting in Business Problems Assignment solutions complete answers
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The following financial statement information is from five separate companies.
1a. What is the amount of equity at the beginning of the year for Company A?
1b. What is the amount of equity at the end of the year for Company A?
1c. What is the amount of liabilities at the end of the year for Company A?
2a. What is the amount of equity at the beginning of the year for Company B?
2b. What is the amount of equity at the end of the year for Company B?
2c. Compute the net income of the year for Company B.
3. Compute the amount of assets for Company C at the end of the year.
4. Compute the amount of stock issuances for Company D during the year.
5. Compute the amount of liabilities for Company E at the beginning of the year.
As of December 31 of the current year, Armani Company’s records show the following.
Prepare the income statement for Armani Company for the current year ended December 31.
Prepare the statement of retained earnings for Armani Company for the current year ended December 31.
Prepare the current year-end balance sheet for Armani Company.
Following is selected financial information of Kia Company for the current year ended December 31.
Cash used by investing activities
$ (2,500)
Net increase in cash
650
Cash used by financing activities
(3,300)
Cash from operating activities
6,450
Cash, December 31, prior year
3,800
Required:
Prepare the statement of cash flows for Kia Company for the current year ended December 31. (Cash outflows should be indicated with a minus sign.)
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.
a. Lita Lopez invested $62,000 cash and equipment valued at $37,000 in the company in exchange for its
common stock.
b. The company purchased a building for $42,000 cash.
c. The company purchased equipment for $5,600 cash.
d. The company purchased $3,300 of supplies and $1,700 of equipment on credit.
e. The company paid $910 cash for advertising expenses.
f. The company completed a financial plan for a client and billed that client $4,600 for the service.
g. The company designed a financial plan for another client and immediately collected a $8,800 cash fee.
h. The company paid $1,300 cash in dividends to the owner (sole shareholder).
i. The company received $3,600 cash as partial payment from the client described in transaction f.
j. The company made a partial payment of $850 cash on the equipment purchased in transaction d.
k. The company paid $1,600 cash for the secretary’s wages for this period.
Required:
1. Enter the amount of each transaction on individual items of the accounting equation.
2. Determine the company's net income.
