Maurice Tutor

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Expertise:
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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 2 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 11.00

Olive Enterprises

Effect of events on the accounting equation and careers in accounting

Olive Enterprises experienced the following events during 2010.

1. Acquired cash from the issue of common stock.

2. Paid cash to reduce the principal on a bank note.

3. Sold land for cash at an amount equal to its cost.

4. Provided services to clients for cash.

5. Paid utilities expenses with cash.

6. Paid a cash dividend to the stockholders.

Required

a. Explain how each of the events would affect the accounting equation by writing the letter I for increase, the letter D for decrease, and NA for does not affect under each of the components of the accounting equation. The first event is shown as an example.

         

Stockholders’ Equity

Event

        

Number

Assets

 

=

 

Liabilities

+

Common

Stock

 

+

Retained

Earnings

1.

I

 

  

NA

  

I

  

NA

 

b. Sarah Culver audited Olive Enterprise’s financial statements and provided assurances that the statements were prepared in accordance with GAAP. Sarah holds only one professional certification. Which certification to you expect Sarah holds? Explain why you chose this certification.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 09:07 PM My Price 11.00

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