Questions for Almaholta. 1. In the beginning of 2014*

| June 5, 2016

Question
Questions for Almaholta.

1. In the beginning of 2014, Hold steady co had total assets of $520,000 and liabilities of $250,000.

1.) If assets increased $60,000 and Owners equity decresed $90,000 durig the year, determine amount of ttal liabilities.

2.) During year, liabilities decreased 75,000 and OE increased $50,000. What is amount of total assets at end of year?

3.) total asstes deceased $1000,000 liabilities increased $55,000, what is amount of OE at end of year?

2. Post the following in t-accounts and determine ending balance.

1. supplies $2800

Accounts payable $2800

2. accounts receivable 4000

Service revenue 4000

3.cash 3000

Accoiunts receivable 3000

4. accounts payable 1000

Cash 1000

3. Indicate (a) the type of adjustment and (b) the accounts before adjustment, understated over…

1. supplies of $200 have been used

2. salaries of $600 are unpaid

3. rent in advance totaling $300 have been earned

4.services provided but not recorded total $500

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