wileyplus accounting homework answers chapter 1

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Accounting – WileyPlus – Chapter 1 – BE

BRIEF EXERCISES – ANSWERS BELOW

BE1-1.   Use basic accounting equation .

Presented below is the basic accounting equation. Determine the missing amounts.

BE1-2.   Use basic accounting equation .

Given the accounting equation, answer each of the following questions.

(a)   The liabilities of Weber Company are $120,000 and the owner’s equity is $232,000. What is the amount of Weber Company’s total assets?

(b)   The total assets of Weber Company are $190,000 and its owner’s equity is $91,000. What is the amount of its total liabilities?

(c)   The total assets of Weber Company are $800,000 and its liabilities are equal to one-half of its total assets. What is the amount of Weber Company’s owner’s equity?

BE1-3.   Use basic accounting equation .

At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions.

(a)   If total assets increased $150,000 during the year and total liabilities decreased $60,000, what is the amount of owner’s equity at the end of the year?

(b)   During the year, total liabilities increased $100,000 and owner’s equity decreased $70,000. What is the amount of total assets at the end of the year?

(c)   If total assets decreased $80,000 and owner’s equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?

BE1-4.   Solve expanded accounting equation .

Use the expanded accounting equation to answer each of the following questions.

(a)   The liabilities of Kafka Company are $90,000. Owner’s capital is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Kafka Company’s total assets?

(b)   The total assets of Rivera Company are $57,000. Owner’s capital is $25,000; drawings are $7,000; revenues, $52,000; and expenses, $35,000. What is the amount of the company’s total liabilities?

(c)   The total assets of Alcorn Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Alcorn Co.’s owner’s equity?

BE1-5.   Identify assets, liabilities, and owner’s equity .

Indicate whether each of the following items is an asset (A), liability (L), or part of owner’s equity (OE).

• ________(a) Accounts receivable
• ________(b) Salaries and wages payable
• ________(c) Equipment
• ________(d) Supplies
• ________(e) Owner’s capital
• ________(f) Notes payable

BE1-6.   Determine effect of transactions on basic accounting equation .

Presented below are three business transactions. On a sheet of paper, list the letters (a), (b), and (c) with columns for assets, liabilities, and owner’s equity. For each column, indicate whether the transactions increased (+), decreased (−), or had no effect (NE) on assets, liabilities, and owner’s equity.

(a)   Purchased supplies on account.

(b)   Received cash for performing a service.

(c)   Paid expenses in cash.

BE1-7.   Determine effect of transactions on basic accounting equation .

Follow the same format as in BE1-6. Determine the effect on assets, liabilities, and owner’s equity of the following three transactions.

(a)   Invested cash in the business.

(b)   Withdrawal of cash by owner.

(c)   Received cash from a customer who had previously been billed for services performed.

BE1-8.   Classify items affecting owner’s equity .

Classify each of the following items as owner’s drawings (D), revenue (R), or expense (E).

• ________(a) Advertising expense
• ________(b) Service revenue
• ________(c) Insurance expense
• ________(d) Salaries and wages expense
• ________(e) Owner’s drawings
• ________(f) Rent revenue
• ________(g) Utilities expense

BE1-9.   Determine effect of transactions on basic owner’s equity .

Presented below are three transactions. Mark each transaction as affecting owner’s investment (I), owner’s drawings (D), revenue (R), expense (E), or not affecting owner’s equity (NOE).

• ________(a) Received cash for services performed
• ________(b) Paid cash to purchase equipment
• ________(c) Paid employee salaries

BE1-10.   Prepare a balance sheet .

In alphabetical order below are balance sheet items for Mendoza Company at December 31, 2017. Kathy Mendoza is the owner of Mendoza Company. Prepare a balance sheet, following the format of Illustration 1.9.

BE1-11.   Determine where items appear on financial statements .

Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or owner’s equity statement (OE).

• ________(a) Notes payable
• ________(b) Advertising expense
• ________(c) Owner’s capital
• ________(d) Cash
• ________(e) Service revenue

BRIEF EXERCISE 1-1

(a)   $90,000 – $50,000 = $40,000 (Owner’s Equity).

(b)   $44,000 + $70,000 = $114,000 (Assets).

(c)   $94,000 – $53,000 = $41,000 (Liabilities).

BRIEF EXERCISE 1-2

(a)   $120,000 + $232,000 = $352,000 (Total assets).

(b)   $190,000 – $91,000 = $99,000 (Total liabilities).

(c)   $800,000 – 0.5($800,000) = $400,000 (Owner’s equity).

BRIEF EXERCISE 1-3

(a)   ($800,000 + $150,000) – ($300,000 – $60,000) = $710,000 (Owner’s equity).

(b)   ($300,000 + $100,000) + ($800,000 – $300,000 – $70,000) = $830,000 (Assets).

(c)   ($800,000 – $80,000) – ($800,000 – $300,000 + $120,000) = $100,000 (Liabilities).

BRIEF EXERCISE 1-4

   A      (a)   Accounts receivable                   A    (d)   Supplies

    L       (b)   Salaries and wages payable    OE   (e)   Owner’s capital

   A      (c)   Equipment                                     L    (f)    Notes payable

BRIEF EXERCISE 1-6

BRIEF EXERCISE 1-7

BRIEF EXERCISE 1-8

    E      (a)   Advertising expense                   D       (e)   Owner’s drawings

   R      (b)   Service revenue                           R       (f)    Rent revenue

    E      (c)   Insurance expense                      E       (g)   Utilities expense

    E      (d)   Salaries and wages expense

BRIEF EXERCISE 1-9

   R      (a)   Received cash for services performed

NOE    (b)   Paid cash to purchase equipment

    E      (c)   Paid employee salaries

BRIEF EXERCISE 1-10

BRIEF EXERCISE 1-11

     BS         (a)   Notes payable

     IS          (b)   Advertising expense

OE, BS     (c)   Owner’s capital

     BS         (d)   Cash

     IS          (e)   Service revenue

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2 thoughts on “Accounting – WileyPlus – Chapter 1 – BE”

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