ACC 561 Week 1 Assignment Wiley PLUS .pdf
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ACC 561 Week 1 Assignment Wiley PLUS
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Brief Exercise 1-7
Indicate which statement you would examine to find each of the following items: income statement, balance
sheet, retained earnings statement, or statement of cash flows.
Revenue during the period.
Supplies on hand at the end of the year.
Cash received from issuing new bonds during the period.
Total debts outstanding at the end of the period.
Brief Exercise 1-8
Use the basic accounting equation to answer these questions.
(a) The liabilities of Daley Company are $94,410 and the stockholders’ equity is $241,000. What is the amount
of Daley Company’s total assets?
(b) The total assets of Laven Company are $181,800 and its stockholders’ equity is $84,800. What is the
amount of its total liabilities?
(c) The total assets of Peterman Co. are $910,600 and its liabilities are equal to one fourth of its total assets.
What is the amount of Peterman Co.’s stockholders’ equity?
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