1. The accounting equation forMickey Enterprises is as follows: Assets = Liabilities + Stockholders Equity $360,000 =...
Question:
1. The accounting equation forMickey Enterprises is as follows:
Assets | = | Liabilities | + | Stockholders' Equity |
$360,000 | = | $180,000 | + | $180,000 |
If the company now purchases a truckon account for $30,000, the accounting equation will change to:
Assets Liabilities Stockholders'Equity
- $390,000 = $180,000 + $210,000
- $390,000 = $198,000 + $192,000
- $390,000 = $210,000 + $180,000
- $360,000 = $180,000 + $180,000
2. The accounting equation forMinnie Enterprises is as follows:
Assets | = | Liabilities | + | Stockholders' Equity |
$1,080,000 | = | $540,000 | + | $540,000 |
If the company now purchases a truckon account for $90,000, the accounting equation will change to:
Assets Liabilities Stockholders'Equity
- $1,170,000 = $540,000 +$630,000
- $1,170,000 = $594,000 +$576,000
- $1,170,000 = $630,000 + $540,000
- $1,080,000 = $540,000 + $540,000
3. The accounting equation forGoofy Enterprises is as follows:
Assets | = | Liabilities | + | Stockholders' Equity |
$240,000 | = | $120,000 | + | $120,000 |
If the company now issues stock for$30,000, the accounting equation will change to:
Assets Liabilities Stockholders'Equity
- $240,000 = $ 90,000 + $150,000
- $270,000 = $150,000 + $120,000
- $240,000 = $150,000 + $ 90,000
- $270,000 = $120,000 + $150,000
4. The accounting equation forPinto Company is as follows:
Assets | = | Liabilities | + | Stockholders' Equity |
$720,000 | = | $360,000 | + | $360,000 |
If the company now issues stock for$90,000, the accounting equation will change to:
Assets Liabilities Stockholders'Equity
- $720,000 = $270,000 + $450,000
- $810,000 = $450,000 + $360,000
- $720,000 = $450,000 + $270,000
- $810,000 = $360,000 + $450,000
5. The accounting equation forSnake Enterprises is as follows:
Assets | = | Liabilities | + | Stockholders' Equity |
$240,000 | = | $120,000 | + | $120,000 |
If the company now prepays rent of$18,000 for the next six months, the accounting equation willchange to:
Assets Liabilities Stockholders'Equity
- $240,000 = $138,000 + $102,000
- $276,000 = $138,000 + $138,000
- $240,000 = $120,000 + $120,000
- $258,000 = $138,000 + $120,000
6. The accounting equation forHenry Enterprises is as follows:
Assets | = | Liabilities | + | Stockholders' Equity |
$720,000 | = | $360,000 | + | $360,000 |
If the company now prepays rent of$54,000 for the next six months, the accounting equation willchange to:
Assets Liabilities Stockholders'Equity
- $720,000 = $414,000 + $306,000
- $828,000 = $414,000 + $414,000
- $720,000 = $360,000 + $360,000
- $774,000 = $414,000 + $360,000
7. Theaccounting equation for Wolf Enterprises is as follows:
Assets | = | Liabilities | + | Stockholders' Equity |
$240,000 | = | $120,000 | + | $120,000 |
If the company now signs a bank notepayable in exchange for $30,000, the accounting equation willchange to:
Assets Liabilities Stockholders'Equity
- $240,000 = $ 90,000 + $150,000
- $270,000 = $150,000 + $120,000
- $240,000 = $150,000 + $ 90,000
- $270,000 = $120,000 + $150,000
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso