ACCT 211 Connect Homework Chapter 1 Exercises answers complete solutions

ACCT 211 Connect Homework Chapter 1 Exercises answers complete solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Determine the missing amount from each of the separate situations given below. Question 2 a. At the beginning of the year, Addison Company's assets are $163,000 and its equity is $122,250. During the year, assets increase $80,000 and liabilities increase $56,000. What is the equity at year-end? Beginning Change Ending Question 3 b. Office Store has assets equal to $229,000 and liabilities equal to $201,000 at year-end. What is the equity for Office Store at year-end? Question 4 c. At the beginning of the year, Quaker Company's liabilities equal $41,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $14,000 during the year. What are the beginning and ending amounts of equity? Beginning Change Ending Question 5 On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement For Month Ended October 31 Revenues: Consulting revenues Expenses: Rent expense Salaries expense Telephone expense Miscellaneous expenses Net income Question 6 ERNST CONSULTING Statement of Retained Earnings For Month Ended October 31 Retained earnings, October 1 Add: Net income Less: Dividends Retained earnings, October 31 Question 7 ERNST CONSULTING Balance Sheet As of October 31 Assets Cash Accounts receivable Office supplies Land Office Equipment Total Assets Question 8 Also assume the following: The owner’s initial investment consists of $37,380 cash and $45,840 in land in exchange for its common stock.. The company’s $17,200 equipment purchase is paid in cash. The accounts payable balance of $7,810 consists of the $2,530 office supplies purchase and $5,280 in employee salaries yet to be paid. The company’s rent, telephone, and miscellaneous expenses are paid in cash. No cash has been collected on the $12,000 consulting fees earned. ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities Cash paid to employees Cash paid for rent Cash paid for telephone expenses Cash paid for miscellaneous expenses Net Cash used by operating activities Cash flows from investing activities Cash paid for office equipment Net cash used by investing activities Cash flows from financing activities Cash investments from shareholders Cash dividends to shareholders Net cash provided by financing activities Net increase in cash Cash balance, October 1 Cash balance, October 31