# ACC 561 Week 1 Individual WileyPlus Exercises

This paperwork ACC 561 Week 1 Individual WileyPlus Exercises BE1 7, BE1 8, BE1 9 includes answers to these exercises:

C: 9-35 Allocation of Precontribution Gain Solution

1. Brief Exercise BE1-7. 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.

2. Brief Exercise BE1-8. Use the basic accounting equation to answer these questions.

(a) The liabilities of Cummings Company are \$90,000 and the stockholders’ equity is \$230,000. What is the amount of Cummings Company’s total assets?

(b) The total assets of Haldeman Company are \$170,000 and its stockholders’ equity is \$90,000. What is the amount of its total liabilities?

(c) The total assets of Dain Co. are \$800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Dain Co.’s stockholders’ equity?

3. Brief Exercise BE1-9. At the beginning of the year, Fuqua Company had total assets of \$800,000 and total liabilities of \$500,000.

(a) If total assets increased \$150,000 during the year and total liabilities decreased \$80,000, what is the amount of stockholders’ equity at the end of the year?

(b) During the year, total liabilities increased \$100,000 and stockholders’ equity decreased \$70,000. What is the amount of total assets at the end of the year.

(c) If total assets decreased \$90,000 and stockholders’ equity increased \$110,000 during the year, what is the amount of total liabilities at the end of the year?

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