1. Determine the missing amount designated with an X for each of the following:

Assets	Liabilities	Owners Equity
(a) $78,500	$37,600	X
(b) X	53,280	$145,000
(c) 49,500	X	34,000

2. The accountant for Scott Industries prepared the following list of accounting equation element balances from the companys records for the year ended December 31:

	Fees earned	$165,000		Cash	$30,000
	Accounts receivable	14,000		Selling expenses	44,000
	Equipment	64,000		Scott, capital	27,000
	Accounts payable	12,000		Interest income	3,000
	Salaries and wages expense	40,000		Prepaid rent	2,000
	Income taxes payable	5,000		Income taxes expense	18,000
	Notes payable	20,000		Rent expense	20,000

Determine the total assets at the end of the current year for Scott Industries.

.

3.. From the following list of items taken from Lamars accounting records, identify those that would appear on the income statement.

(a)	Rent expense
(b)	Land
(c)	Capital
(d)	Fees earned
(e)	Withdrawal
(f)	Wages expense
(g)	Investment

4. Match the following items to the financial statement where they can be found. (Hint: Some of the items can be found on more than one financial statement.) A. Balance sheet B. Income statement C. Statement of cash flows D. Statement of owners equity

	Item
1.	Withdrawals
2.	Revenues
3.	Supplies
4.	Land
5.	Accounts payable
6.	Accounts receivable
7.	Operating activities
8.	Wages expense
9.	Net income
10.	Cash

5. Using the following accounting equation elements and their balances, prepare, in good format a balance sheet in report form for Bright Futures Company for the month ended August 31.

Telephone expense	$ 1,150
Cash	3,000
Accounts payable	1,540
Jason Bright, drawing	800
Fees earned	15,700
Rent expense	1,400
Supplies	140
Accounts receivable	1,500
Computer equipment	20,000
Jason Bright, capital (August 1)	14,320
Wages expense	4,800
Utilities expense	750
Notes payable	2,400
Office expense	420