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E1-19 Using accounting vocabulary
Learning Objectives 3, 5
Consider the following accounting terms and definitions, and match each term to the definition:
E1-20 Using the accounting equation
Learning Objective 3
Compute the missing amount in the accounting equation for each entity from the financial information presented:
E1-21 Using the accounting equation
Learning Objective 3
Green City Builders’ balance sheet data at May 31, 2016, and June 30, 2016, follow:
For each of the following situations with regard to owner’s contributions and withdrawals of the business, compute the amount of net income or net loss during June 2016.
a. The owner contributed $7,500 to the business and made no withdrawals. b. The owner made no contributions. The owner withdrew cash of $13,000. c. The owner made contributions of $20,000 and withdrew cash of $18,000.
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PRINTED BY: [email protected]. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.