35) Given the following items, classify them as part of:
a. Assets
b. Liabilities
c. Shareholders’ equity
1. Salaries payable
2. Revenues
3.Accounts receivable
4. Common shares
5. Notes payable
6. Cash
7. Equipment
8. Merchandise
36) Given the following accounts, calculate the income or loss for ABC Company.
Retained earnings
|
$65,000
|
Assets
|
$10,000
|
Revenue
|
$29,500
|
Expenses
|
$33,000
|
Dividends paid
|
$3,500
|
37) Ling Li Jewellery has the following accounts. Identify the accounts found within the income statement.
Common shares
Jewellery Supplies
Cash
Revenue
Salaries Expense
Accounts Payable
Marketing Expense
Accounts Receivable
Supplies Expense
38) Ling Li Jewellery business has the following accounts. Identify the assets.
Common shares
Jewellery Supplies
Cash
Revenue
Salaries Expense
Accounts Payable
Marketing Expense
Accounts Receivable
Supplies Expense
39) XYZ Company has liabilities of $23,500 and shareholders' equity of $56,500. Determine the XYZ Company's assets.
40) Record the following transactions in the accounting equation.
A. Amanda invests $17,000 cash into her merchandising business.
B. She buys $6,500 of office equipment and $3,000 of office supplies with cash from Office Depot.
C. Additional purchases were supplies for $35,000 on account from various suppliers.