Pchem Acs Test

In: Science

Submitted By alockhart86
Words 991
Pages 4
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Chapter 1

The Financial Statements

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Short Exercises

(5 min.) S 1-1

Computed amounts in boxes | | | | | | | | Total Assets | = | Total Liabilities | + | Stockholders’ Equity | | | | | | | a. | $300,000 | = | $150,000 | + | $150,000 | | | | | | | b. | 280,000 | = | 110,000 | + | 170,000 | | | | | | | c. | 210,000 | = | 50,000 | + | 160,000 |

(5 min.) S 1-2 Ethics is a factor that should be included in every business and accounting decision, beyond the potential economic and legal consequences. Ideally, for each decision, honesty and truthfulness should prevail, considering the rights of others. The decision guidelines at the end of the chapter spell out the considerations we should take when making decisions. Simply, we might ask ourselves three questions: (1) Is the action legal? (2) Who will be affected by the decision? (3) How will the decision make me feel afterward? (10 min.) S 1-3 a. Corporation, Limited-liability partnership (LLP) and Limited-liability company (LLC). If any of these businesses fails and cannot pay its liabilities, creditors cannot force the owners to pay the business’s debts from the owners’ personal assets. b. Proprietorship. There is a single owner of the business, so the owner is answerable to no other owner. c. Partnership. If the partnership fails and cannot pay its liabilities, creditors can force the partners to pay the business’s debts from their personal assets. A partnership affords more protection for creditors than a proprietorship because there are two or more owners to share this liability. (5 min.) S 1-4 1. The entity assumption applies. 2. Application of the entity…...

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