Ba220 Financial Accounting Exercises 1-6a Through 1-9a on P. 33 Exercises 1-11a and 1-12a on P. 34 and 35

In: Business and Management

Submitted By tlc11
Words 359
Pages 2
Respond to the following:
1. Why is the knowledge of accounting concepts and terminology useful to anyone in a business activity?
2. Is there a difference between bookkeeping and accounting? Discuss.
3. Accounting reports past performance. How can this be useful when planning future operations?

EXERCISE 1-6A

a. Cash
+
Land
=
Creditors
+ Stockholders’
Equity

$4,000.00 $9,000.00 $13,000.00 $6,000.00 $6,000.00 $9,000.00 $15,000.00 NA
Bal. $10,000.00 $18,000.00 $28,000.00 NA

b.

c.

d.

Indeed, the accounting equation could be written as:

Cash
+
Land
=
Creditors
+ Stockholders’
Equity

Bal. $4,000.00 $9,000.00 $13,000.00 $6,000.00

EXERCISE 1-9A
a.
Assets = Liabilities + Stockholders’ Equity
Cash = Note Payable + Common Stock + Retained Earnings
156,000 = 85,600 + 52,400 + ?

Retained Earnings = $18,000.00

b. & c.
Post Company
Effect of 2014 Transactions on the Accounting Equation

Assets = Liabilities + Stockholders’ Equity Notes Common Retained
Event Cash = Payable + Stock + Earnings
Beginning Balances
1. Earned Revenue
2. Paid expenses
3. Paid dividend
Ending Balance

d.
Cash = Note Payable + Common Stock + Retained Earnings

Liabilities + Stockholders’ Equity =

e. Beginning/Ending Cash Balance= $156,000/$169,000
Beginning/Ending Common Stock=$52,400/$52,400

The balances of cash differ because there were transactions that were made, revenue, expenses, and dividends. Common Stock did not change because assets distributed to stock holders are not used for purposes of generating revenue and dividends are not an expenses. The dividends are a transfer of earnings, not a return of the assets acquired from the issue of common stock.

EXERCISE 1-11A
a.
Foster Corp.…...

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