ACC 205 Week One Exercise Assignment Basic Accounting Equations

ACC 205 Week One Exercise Assignment Basic Accounting Equations

Week One Exercise Assignment

Basic Accounting Equations

  1. 1.Basic concepts. Jean’s Marine Supply specializes in the sale of boating equipment and acces­sories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm’s viewpoint.
  1. a. The inventory of boating supplies owned by the company.
  2. b. Monthly rental charges paid for store space.
  3. c. A loan owed to Citizens Bank.
  4. d. New computer equipment purchased to handle daily record keeping.
  5. e.Daily sales made to customers.
  6. f. Amounts due from customers.
  7. g. Land owned by the company to be used as a future store site.
  8. h. Weekly salaries paid to salespeople.
  1. 2.Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:

Accounts Payable $3,200 Interest Expense $2,500

Accounts Receivable 14,800 Land 18,000

Auto Expense 1,900 Loan Payable 40,000

Building 30,000 Tax Expense 3,300

Cash 7,400 Utilities Expense 4,100

Fee Revenue 56,900 Wage Expense 37,500

  1. Determine Rossi’s total assets as of December 31.
  2. Determine the company’s total liabilities as of December 31.
  3. Compute 20X3 net income or loss.

 

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