Acc 561 Week 1 Exercise Be1-7 Be1-8 Be1-9

Brief Exercise BE1-7

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.

Income Statement (a) Revenue during the period.

Balance Sheet (b) Supplies on hand at the end of the year.

Statement of Cash Flows (c) Cash received from issuing new bonds during the period.

Balance Sheet (d) Total debts outstanding at the end of the period

Brief Exercise BE1-8

Use the basic accounting equation to answer these questions.

(a)The liabilities of Cummings Company are 90,000 and the stockholders' equity is 230,000. What is the amount of Cummings Company's total assets?

(b)The total assets of Haldeman Company are 170,000 and its...