Accounting Accounting Practice Problems Solutions Library

Fundamental Accounting Equation Solutions Library

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18 solutions

Fundamental Accounting Equation

Q. Briggs Automotive, Inc. has Cash of $20,000, Accounts Receivables of $30,000, Supplies of $10,000, Inventory of $50,000, Accounts Payable of $15,00...

Solved • Nov 22, 2017

Fundamental Accounting Equation

Q. 1/1/12 – Total assets = $150,000. 12/31/12 – Total assets = $200,000; 1/1/12 – Total Stockholders’ Equity = $100,000. 12/31/12 – Total Stockholder...

Solved • Sep 20, 2017

Fundamental Accounting Equation

Q. What items on the balance sheet are considered to be sources for financing economic resources (assets)? a. liabilities and contributed capital, on...

Solved • Aug 2, 2017

Fundamental Accounting Equation

Q. During 2002, the assets of XYZ Company increased by $70,000 and the liabilities decreased by $42,000. XYZ Company's total equity at the end of 2002...

Solved • Jul 28, 2017

Fundamental Accounting Equation

Q. The nature of an asset is  best described as: a. something with physical form which is shown at cost in the accounting records b. something owned...

Solved • Jul 28, 2017

Fundamental Accounting Equation

Q. 1/1/12 – Total assets = $150,000. 12/31/12 – Total assets = $200,000; 1/1/12 – Total Stockholders’ Equity = $100,000. 12/31/12 – Total Stockholders...

Solved • Jul 27, 2017

Fundamental Accounting Equation

Q. If Assets, Liabilities, and Retained Earnings equal $87,000, $53,000, and $14,000, respectively, then how much is in Contributed Capital?

Solved • Jul 20, 2017

Fundamental Accounting Equation

Q. If supplies that have been purchased are used in the course of business, then a. a liability will increase. b. an asset will increase. c. owner'...

Solved • Jul 17, 2017

Fundamental Accounting Equation

Q. If an individual asset is purchased and paid for, then a. there must be an equal decrease in a specific liability. b. there must be an equal decr...

Solved • Jul 17, 2017

Fundamental Accounting Equation

Q. H Company reported the following information for the year. During the year, an additional $25,000 of capital stock was issued and no dividends were...

Solved • Jul 14, 2017

Fundamental Accounting Equation

Q. J Company had assets of $100,000 and liabilities of $75,000 at the end of the fiscal year, December 31. Required: a. Determine the owners’ equity...

Solved • Jul 14, 2017

Fundamental Accounting Equation

Q. Inventory accounts should be classified in which section of a balance sheet? a. Current assets b. Investments c. Property, plant, and equipment ...

Solved • Jul 14, 2017

Fundamental Accounting Equation

Q. An alternative form of the accounting equation is: a. Net Income = Revenues - Expenses. b. Stockholders' Equity = Assets + Liabilities. c. Asset...

Solved • Jul 11, 2017

Fundamental Accounting Equation

Q. "Retained Earnings" represents: a. Cash available for dividends. b. The amount initially invested in the business by stockholders. c. Cash avail...

Solved • Jul 7, 2017

Fundamental Accounting Equation

Q. Which of the following relationships CANNOT be derived from the accounting equation? a. Assets - Liabilities = Owners' Equity. b. Owners' Equity ...

Solved • Jul 7, 2017

Fundamental Accounting Equation

Q. If total liabilities are $200,000 and total assets are $325,000, owner's equity would be: a. $200,000 b. $525,000 c. $125,000 d. impossible to ...

Solved • Jul 6, 2017

Fundamental Accounting Equation

Q. If owner's equity is $150,000 and total liabilities are $90,000, then total assets would be: a. $60,000 b. $240,000 c. $225,000 d. $135,000

Solved • Jul 6, 2017

Fundamental Accounting Equation

Q. If total assets are $350,000 and owners' equity is $250,000, then total liabilities must be: a. $100,000 b. $250,000 c. $350,000 d. $600,000

Solved • Jul 6, 2017