Chapter 3 wileyplus | Accounting homework help

Chapter 3 WileyPlus

 

Brief Exercise 1-9

Do It! Review 1-3

Exercise 3-1

Exercise 3-6

Brief Exercise 3-4

Do It! Review 3-4

Problem 3-5A

 

Brief Exercise 1-9

At the beginning of the year, Goren Company had total assets of $856,100 and total liabilities of $519,000. (Treat each item independently.)

(a) If total assets increased $177,500 during the year and total liabilities decreased $82,900, what is the amount of stockholders’ equity at the end of the year?

Stockholders’ equity$

 


(b) During the year, total liabilities increased $104,500 and stockholders’ equity decreased $65,800. What is the amount of total assets at the end of the year?

Total assets$http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

 

(c) If total assets decreased $83,400 and stockholders’ equity increased $101,700 during the year, what is the amount of total liabilities at the end of the year?

Total liabilities$

 

Do It! Review 1-3

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.

Accounts payable        $ 8,230                        Notes payable              $ 13,460

Accounts receivable    5,230               Rent expense               13,230

Advertising expense    4,260               Retained earnings        ?

Cash                            6,330               Service revenue           31,460

Common stock                        18,230             Supplies                       5,130

Dividends                    5,730               Supplies expense         1,440

Equipment                   30,030

 

Don’t show me this message again for the assignment

 

Prepare an income statement for Marsh Corporation.

Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.)

Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.)

 

Exercise 3-1

Selected transactions for Warner Advertising Company, Inc., are listed here.

Describe the effect of each transaction on assets, liabilities, and stockholders’ equity.

 

1. Issued common stock to investors in exchange for cash received from investors.

2. Paid monthly rent.

3. Received cash from customers when service was performed.

4. Billed customers for services performed.

5. Paid dividend to stockholders.

6. Incurred advertising expense on account.

7. Received cash from customers billed in (4).

8. Purchased additional equipment for cash.

9. Purchased equipment on account.

Don’t show me this message again for the assignment

 

Exercise 3-6

Selected transactions for Home Place, an interior decorator corporation, in its first month of business, are as follows.

1. Issued stock to investors for $15,710 in cash.

2. Purchased used car for $10,150 cash for use in business.

3. Purchased supplies on account for $240.

4. Billed customers $4,820 for services performed.

5. Paid $230 cash for advertising start of the business.

6. Received $1,730 cash from customers billed in transaction (4).

7. Paid creditor $360 cash on account.

8. Paid dividends of $390 cash to stockholders.

 

For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders’ equity); the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); whether the specific account is increased or decreased; and the normal balance of the specific account.


Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Brief Exercise 3-4

For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance.

Debit Effect     Credit Effect    Normal Balance

(a)        Accounts Payable

(b)        Advertising Expense

(c)        Service Revenue

(d)        Accounts Receivable

(e)        Retained Earnings

(f)        Dividends

 

Do It! Review 3-4

Joel Blocker recorded the following transactions during the month of April.

Apr. 3 Cash                                        1,970

              Service Revenue                                1,970

16        Rent Expense                           410

             Cash                                                  410

20        Salaries and Wages Expense    450

              Cash                                                  450

 

Post these entries to the Cash account of the general ledger to determine the ending balance in cash. The beginning balance in cash on April 1 was $3,370. (Post entries in the order of journal entries presented in the question.)

 

Problem 3-5A

Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred:

Apr. 1  Stockholders invested $23,584 cash in exchange for common stock of the corporation.

1          Hired a secretary-receptionist at a salary of $491 per week, payable monthly.

2          Paid office rent for the month $1,179.

3          Purchased architectural supplies on account from Burlington Company $1,703.

10        Completed blueprints on a carport and billed client $2,489 for services.

11        Received $917 cash advance from J. Madison to design a new home.

20        Received $3,669 cash for services completed and delivered to M. Svetlana.

30        Paid secretary-receptionist for the month $1,964.

30        Paid $393 to Burlington Company for accounts payable due.

Don’t show me this message again for the assignment

 

Journalize the transactions. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

 

Don’t show me this message again for the assignment

Post to the ledger T-accounts. (Post entries in the order of journal entries presented in the question.)

Prepare a trial balance on April 30, 2014.

 

 

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.

Professional Academic Writers

Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.

Affordable Prices

Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.

On-Time delivery

We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.

100% Originality

At Buy An Essay, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.

Customer Support 24/7

Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: support@acmehomework.com.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Buy An Essay has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.

Essays

Essay Writing Services

At Buy An Essay, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.

Admissions

Admission and Business Papers

Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.

Editing

Editing and Proofreading

Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.

Coursework

Technical papers

We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.