Chapter 1 Sample Problems 6 Which of

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Chapter 1 Sample Problems

6. Which of the following requires accounting information to be complete, neutral, and free from material error?

7. At the end of a recent year, Global Cleaning Service, a full-service house and office cleaning service, had total assets of $3, 630 and equity of $2, 280. How much were Global Cleaning Service’s liabilities? Assets=Liabilities+Equity $3, 630=? +$2, 280 $3, 630=$1, 350+$2, 280

8. Consider the overall effects on Global Cleaning Service from selling and performing services on account of $6, 400 and paying expenses totaling $2, 500. What is Global Cleaning Service’s net income or net loss? $6, 400 - 2, 500 $3, 900

9. Assume that Global Cleaning Services performed cleaning services for a department store on account for $180. How would this transaction affect Global Cleaning Service’s accounting equation? Assets=Liabilities+Equity A/R $180 Sales $180

11. Assume Global Cleaning Service had net income of $570 for the year. Global Cleaning Service’s beginning and ending total assets were $4, 520 and $4, 180, respectively. Calculate Global Cleaning Service’s return on assets (ROA). • Average assets ($4, 520+$4, 180)/ 2 = $4, 350 Return on assets (ROA) ($570/$4, 350)= 13. 1%

13. Cosmo Thompson started a new business, Thompson Gymnastics, and completed the following transactions during December : Analyze the effects of the transactions on the accounting equation of Thompson Gymnastics. Analyze the events chronologically, one transaction at a time. Beginning with the transaction on the 2 nd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines. ] Carry down all balances to the "Bal. “ line, including zero balance accounts, entering a "0“ for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Adv. = Advertising; Com. = Common; Contr. = Contributed; Div. = Dividends; Exp. = Expense; Liab. = Liabilities; Off. Sup. = Office Supplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility. )

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