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Work with the Accounting Equation QuickBooks Desktop Reinforce Your Skills, Chapter 1 Donnell Construction Your Responses Write out the accounting equation
Work with the Accounting Equation
QuickBooks Desktop Reinforce Your Skills, Chapter 1 Donnell Construction
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Your Responses |
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Write out the accounting equation. |
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Write out the extended accounting equation. |
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You have $72,612 in assets and $48,554 in liabilities. How much do you have in equity? |
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You have $429,759 in liabilities and $376,590 in equity. How much do you have in assets? |
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You have $115,679 in equity and $287,334 in assets. How much do you have in liabilities? |
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You produce an invoice for $1,346, increasing the Construction Income account. Show what other account is increased using the extended accounting equation. |
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You pay a bill for $195, decreasing the Checking account. Show what other account is decreased using the extended accounting equation. |
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You deposit a check for $15,000 from the company owner into the Checking account. Show the effect on the accounting equation using the extended accounting equation. |
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Account Balances Assets = $37,526 Liabilities = $12,845 Equity = $24,681 You write a check for $759 to make a payment on a loan. What are the new account balances? Account Balances |
Expert Solution
1) accounting equation
Assets = Liabilities + Equity
2) extended accounting equation
Assets = Liabilities + Equity + Revenues - Expenses
3) Assets = Liabilities + Equity
$72,612 = $48,554 + Equity
Equity = $72,612 - $48,554
= $24,058
4) Assets = Liabilities + Equity
= $429,759 + $376,590
= $806,349
5) Assets = Liabilities + Equity
$287,334 = Liabilities + $115,679
Liabilities = $287,334 - $115,679
= $171,655
6)
| Asstes | = | Liabilities | + | Equity | + | Revenues | - | Expenses |
| $1,346 | $1,346 |
7)
| Asstes | = | Liabilities | + | Equity | + | Revenues | - | Expenses |
| ($195) | $195 |
8)
| Asstes | = | Liabilities | + | Equity | + | Revenues | - | Expenses |
| $15,000 | $15,000 |
9)
| Asstes | = | Liabilities | + | Equity | + | Revenues | - | Expenses | |
| Given | $37,526 | = | $12,845 | $24,681 | |||||
| Transaction | ($759) | ($759) | |||||||
| Balance | $36,767 | $12,086 | $24,681 |
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