E1-3 Here are some terms from the chapter: K 1. Accounts payable 2. Expenses 3. Creditor 4. International Financial Reporting Standards (IFRS) 5. Prepaid expense 6. Profit Instructions Match each term with the best description that follows: (a) (b) (c) (d) (e) (f) ete es (h) (i) (k) 7. Assets 8. Corporation 9. Unearned revenue 10. Generally accepted accounting principles 11. Accounts receivable 12. Owner's equity A company that raises money by issuing shares An accepted set of accounting standards that includes broad principles, practices, rules, and procedures Obligations to suppliers of goods Amounts due from customers Owner's claims against the company's resources Payment of cash for costs incurred in advance of being used A business that a company owes money to Resources owned by a business that have the ability to provide a future benefit The set of accounting standards that all publicly accountable enterprises in Canada have to follow Results when revenues exceed expenses The cost of assets consumed or services used in a company's ordinary business activities A liability arising when a customer pays in advance of receiving service HAMI Exercises E1-4 Summaries of selected data for three companies follow. Three items are missing from each summary. Midway Company Ferris Company Wheel Company Beginning of year: Total assets $ 95,000 $162,000 (g) Total liabilities 72,000 (d) 30,000 Total owner's equity (a) 85,000 33,000 End of year: Total assets 110,000 (e) 79,000 Total liabilities (b) 61,000 42,000 Total owner's equity 37,000 98,000 (h) Changes during year in owner's equity: Investments by owner (c) 0 5,000 Drawings 22,000 (f) 25,000 Total revenues 179,000 99,000 85,000 Total expenses $150,000 48,000 (i) Instructions Determine the missing amounts