148.At December 31 of the current year, Martin Consultants has assets of $430,000 and liabilities of $205,000. Usingthe accounting equation and considering each case independently, determine the following:
(a)Stockholders' equity, as of December 31.
(b)Stockholders' equity, as of December 31 of the next year, assuming that assets increased by $12,000and liabilities increased by $15,000.
(c)Stockholders' equity, as of December 31 of the next year, assuming that assets decreased by $8,000and liabilities increased by $14,000.
149.Determine the total assets at the end of the current year for Scott Industries.
150.Determine the total liabilities at the end of the current year for Scott Industries.
151.Daniels Company made the following selected transactions during May:
1.Received cash from sale of stock, $55,000
2.Paid creditors on account, $7,000
3.Billed customers for services on account, $2,565
4.Received cash from customers on account, $8,450
5.Paid dividends to stockholders, $2,500
6.Received the utility bill, $160, to be paid next month
Indicate the effect of each transaction on the accounting equation by:
a)Account type - (A)assets, (L)liabilities, (SE)stockholders' equity, (R)revenue, and(E)expense
b)Name of account
c)The amount by of the transaction
d)The direction of change (increase or decrease) in the account affectedNote: Each transaction has two entries.
EntryEntry
AccountType(a)Name ofAccount
(b)
Amount
(c)Increase orDecrease
(d)AccountType(a)Name ofAccount(b)
Amount
(c)Increase orDecrease
(d)
1
2
3
4
5
6