ACC 561 Education Begins/uophelp.com ACC 561 Education Begins/uophelp.com | Page 21

This Tutorial comes with Excel File to solve for any values
Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS:
� Brief Exercise: 1-7
� Brief Exercise: 1-8
Brief Exercise 1-7 Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows.
( a)
Revenue during the period.
( b)
Supplies on hand at the end of the year.
( c)
Cash received from issuing new bonds during the
period.
( d)
Total debts outstanding at the end of the period.
Brief Exercise 1-8 Use the basic accounting equation to answer these questions.
( a) The liabilities of Lantz Company are $ 93,800 and the stockholders’ equity is $ 245,000. What is the amount of Lantz Company’ s total assets?( b) The total assets of Salley Company are $ 183,000 and its stockholders’ equity is $ 81,000. What is the amount of its total liabilities?( c) The total assets of Brandon Co. are $ 860,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Brandon Co.’ s stockholders’ equity?
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