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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