Question : 141. Indicate whether each of the following represents an asset, liability, : 1226628

 

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

(a)

accounts payable

(b)

wages expense

(c)

capital stock

(d)

accounts receivable

(e)

dividends

(f)

land

 

 

 

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: 

 

Fees Earned

$165,000

 

Cash

$  30,000

 

Accounts Receivable

14,000

 

Selling Expenses

44,000

 

Equipment

64,000

 

Capital Stock

7,000

 

Accounts Payable

22,000

 

Retained Earnings

23,000

 

Salaries & Wages Expense

40,000

 

Prepaid Rent

2,000

 

Dividends

5,000

 

Income Taxes Expense

13,000

 

Salaries & Wages Payable

15,000

 

Rent Expense

20,000

 

 

 

 

 

 

Determine the total assets at the end of 2011 for Franklin Company. 

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: 

 

Fees Earned

$165,000

 

Cash

$  30,000

 

Accounts Receivable

14,000

 

Selling Expenses

44,000

 

Equipment

64,000

 

Capital Stock

7,000

 

Accounts Payable

22,000

 

Retained Earnings

23,000

 

Salaries & Wages Expense

40,000

 

Prepaid Rent

2,000

 

Dividends

5,000

 

Income Taxes Expense

13,000

 

Salaries & Wages Payable

15,000

 

Rent Expense

20,000

 

 

 

 

 

 

Determine the total liabilities at the end of 2011 for Franklin Company. 

 

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: 

 

Fees Earned

$165,000

 

Cash

$  30,000

 

Accounts Receivable

14,000

 

Selling Expenses

44,000

 

Equipment

64,000

 

Capital Stock

7,000

 

Accounts Payable

22,000

 

Retained Earnings

23,000

 

Salaries & Wages Expense

40,000

 

Prepaid Rent

2,000

 

Dividends

5,000

 

Income Taxes Expense

13,000

 

Salaries & Wages Payable

15,000

 

Rent Expense

20,000

 

 

 

 

 

 

Based on this information, is Franklin Company profitable?  Explain your answer by including net income or loss. 

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. 

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. 

 

 

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