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Connect Homework Chapter 1

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1.  Use the accounting equation to compute the missing financial statement amounts. 2.  Use the expanded accounting equation to compute the missing financial statement amounts. Determine the missing amount from each of the separate situations given below. a.  At the beginning of the year, Addison Company's assets are $244,000 and its equity is $183,000. During the year, assets increase $80,000 and liabilities increase $41,000. What is the equity at year-end? b.  Office Store has assets equal to $209,000 and liabilities equal to $182,000 at year-end. What is the equity for Office Store at year-end? c.  At the beginning of the year, Quaker Company's liabilities equal $57,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $12,000 during the year. What are the beginning and ending amounts of equity? The company completed consulting work for a client and immediately collected $6,100 ...
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Connect Chapter 1 Need to Know

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Chapter 1 Need to know Choose from the following list of terms/phrases to best complete the following statements. Identify the following users as either external users (E) or internal users (I). The fraud triangle asserts three factors must exist for a person to commit fraud. Identify the fraud risk factor in each of the following situations: Identify the following terms/phrases as either an accounting: (a) principle, (b) assumption, or (c) constraint. Complete the following table with either a yes or no regarding the attributes of a proprietorship, partnership and corporation. Identify which accounting principle or assumption best describes each of the following practices: a.  Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities? b.  Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal to each other. What is the amount of its l...
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