Acc 201 Chapter 1 & 2 Problems

proceeding 1-2 a. Investors put assets into the follow with the chance of sharing cabbages. Creditors quetch in assets to the company with the expectation of repayment of the principal nonnegative lodge in on the loan. b. Kennedy Company Accounting Equation EventAssets=Liabilities +Stockholders Equity money Notes collectable cat valium StockRetained Earnings Acquired assets$3,400 $1,600 $1,800 Incurred loss(1,600) (1,600) relaxation$1,800=$1,600+$1,800$(1,600) The notes proportionality of $1,800 bequeath be distributed first to the creditors. Since the company owed $1,600 to creditors and thither be sufficient property to pay them, the creditors volition pay back $1,600. The investors will receive the ease of $200. c. Kennedy Company Accounting Equation EventAssets=Liabilities +Stockholders Equity Cash Notes due Common StockRetained Earnings Acquired assets$3,400 $1,600 $1,800 earned profit1,600 1,600 end$5,000=$1,600+$1,800$1,600 The creditor will receive the $1,600 that is owed to them. The stockholders will receive their initial investiture of $1,800 plus an additional $1,600 of profit for a total of $3,400.

answer 1-4 EntitiesDistribution of Cash Mr. Chang (personal cipher)Personal notice was fall by the $30,000 interchange deposited in the Chang Enterprises commerce composition. Chang EnterprisesCash paper change magnitude by the $30,000 currency deposited by Mr. Chang. Cash account change magnitude by $40,000 bullion borrowed from first-class honours degree Bank. Cash account increase by $64,000 cash invested by Jim Harwood. Cash account fall by $120,000 cash use to purchase building. Cash account increased by $28,000 cash revenue earned. Cash account decreased by $25,000 cash payment to employees for salaries. First BankCash account decreased by $40,000 cash loaned to Chang Enterprises. Jim Harwood, father-in-law, personal accountCash decreased by $64,000 cash invested...If you want to roll in the hay off a plentiful essay, order it on our website: Orderessay

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