Question : 141. Indicate whether each of the following represents an asset, liability, : 1251317

141. Indicate whether each of the following represents an asset, liability, or owner’s equity item.

142. The accountant for Franklin Company prepared the following list of account balances from the company’s records for the year ended December 31, 2011: 

143. The accountant for Franklin Company prepared the following list of account balances from the company’s records for the year ended December 31, 2011: 

144. The accountant for Franklin Company prepared the following list of account balances from the company’s records for the year ended December 31, 2011: 

145. At December 31, 2011, Martin Consultants has assets of $430,000 and liabilities of $205,000.  Using the accounting equation and considering each case independently, determine the following:a. Total Stockholders’ Equity as of December 31, 2011.b. Total Stockholders’ Equity as of December 31, 2012, assuming that assets increased by $12,000 and liabilities increased by $15,000 in 2012.c. Total Stockholders’ Equity as of December 31, 2012, assuming that assets decreased by $8,000 and liabilities increased by $14,000 during 2012.

a.  $430,000 – 205,000 = $225,000b.  ($430,000 + 12,000) – ($205,000 + 15,000) = $222,000c.  ($430,000 – $8,000) – ($205,000 + 14,000) = $203,000

146. At the end of its accounting period, December 31, 2011, Hsu’s Financial Services has assets of $575,000 and stockholders’ equity of $335,000.  Using the accounting equation and considering each case independently, determine the following amounts.a.  Hsu’s liabilities as of December 31, 2011. b.  Hsu’s liabilities as of December 31, 2012, assuming that assets increased by $56,000 and stockholders’ equity decreased by $32,000.c.  Net income or net loss during 2012, assuming that as of December 31, 2012, assets were $592,000, liabilities were $450,000, and there were no additional capital stock sales or dividends paid in 2012.

147. The following selected transactions were completed by Daniels Company during May: 

1.Capital stock was issued for $55,000.

2.Paid creditors on account, $7,000.

3.Billed customers for services on account, $2,565.

4.Received cash from customers on account, $8,450.

5.Paid cash dividends, $2,500.

6.Received the utility bill, $160, to be paid next month.

1)By Account type – (A)assets, (L)liabilities, (SE)Stockholders’ Equity, (R)revenue, and (E)expense

2)Name of account for the entry

3)The amount of the transaction

4)Whether it is an increase or decrease to the account

1.

2.

3.

4.

5.

6.

148. Use the accounting equation to answer each of the independent questions below.a.  At the beginning of the year, Norton Company assets were $75,000 and its stockholders’ equity was $38,000.  During the year, assets increased by $18,000 and liabilities increased by $4,000.  What was the stockholders’ equity at the end of the year?b.  At the beginning of the year, Turpin Industries had liabilities of $44,000 and stockholders’ equity of $66,000.  If assets increased by $10,000 and liabilities decreased by $5,000, what was the stockholders’ equity at the end of the year?

149. Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for its customers.  How will this business transaction affect the accounting equation?

150. Shiny Kar Company had the following transactions.  For each transaction, show the effect on the accounting equation by putting the amount and direction (plus, minus, or NC for no change) in each box of the table below. 

a.  Shiny Kar paid $5,000 in cash dividends to stockholders.

b.  Shiny Kar Company sold 2 cars for a total of $55,000 on account.

c.  The cost of the cars sold in (b) above was $40,000.

d.  Shiny Kar received $35,000 payment for a car previously sold on account.

e.  Shiny Kar paid $450 for advertising.