ACCT 101 AE HW-FALL 2018 DUE 9/182018 Q1. During 2016, Peaceful River Spa reported revenue of $40.000. Total expenses for the year were $35,000. Peaceful River Spa ended the year with total assets of $23,000, and it owed 2015, the business reported total assets of $18,000 and total iabilities of $9,000 debts totaling $9,000. At year-end Requirements Compute Peaceful River Spa's net income for 2016. 2. Did Peacerful River Spa's stockholders equity increase or decrease during 20167 By how much? Q2. Use the accounting equation to analyze business transactions a. Received cash of $10,000 from issuance of common stock b. Earned video rental revenue on account, $2,800 c. Purchased office furniture on account, $300 d. Received cash on account, $400 e. Paid cash on account, $100 f. Rented videos and received cash of $200. g. Paid monthly office rent of $1,000 h. Paid $100 cash to purchase office supplies. HW Q3. Do the Accounting Equation from the above transactions. a. The business received $90,000 cash and issued stock to the owner. b. The company buys equipment for $10,000 cash. c. The company buys $12,000 of equipment on account. d. The firm purchases supplies for $3,000 cash. e. The firm makes a payment of $5,000 on account. f. The firm makes a payment of $7,000 rent in advance. g. Purchased goods from Naan for cash $40,000 h. He purchased furniture for cash $ 35,000 i. Purchased machinery on credit $40,000 j. Do the Accounting Equation from the above transactions