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1、ExerciseanswerChapter2ØExercise2.6(14thedition)TransactionAssets=Liabilities+Owners’EquityaIINEbNE*NENEcDDNEdDDNEeINEIfIINEgINEIhNE*NENEiNE*NENEØExercise2.8(14thedition)a.(1)Owner’sequity:JohannaSmall,capital$390,000*$850,000inassets-$460,000inliabil
2、ities(2)Partners’equity:JohannaSmall,capital$240,000MikkiYato,capital150,000Totalpartners’equity$390,000*Yato’scapital=$390,000-Small’scapital,$240,000(3)Stockholders’equity:Capitalstock$250,000Retainedearnings140,000Totalstockholders’equity$390,000*
3、Capitalstock=25´$10,000.Retainedearnings=$390,000-capitalstock.b.Yes;theformofFellingham’sorganizationisrelevanttoalender.Ifthecompanyisnotincorporated,theownerorownersarepersonallyliableforthedebtsofthebusinessorganization.Thus,ifthebusinessisorgani
4、zedasasoleproprietorship,itisactuallySmall’spersonaldebt-payingabilitythatdeterminesthecollectibilityofloanstothebusiness.Ifthebusinessisapartnership,allofthepartnersarepersonallyliableforthecompany’sdebts.IfFellinghamSoftwareisorganizedasacorporatio
5、n,however,alendermaylookonlytothecorporateentityforpayment.Chapter3ØExercise3.2a.Costsofowningandoperatinganautomobile(estimateswillvary;thefollowinglistisonlyanexample):Insurance$1,000Gasoline(15,000milesat30mpg.´$1.80/gal.)900Registrationandlicense
6、100Repairsandmaintenance200Depreciation1,200Interestoncarloan*500Annualtotal$3,900Averagecostpermile($3,900¸15,000miles)$0.26b.Althoughyouspentnomoneyduringthistrip,youincurredsignificantcosts.Forexample,youhaveusedmuchofthegasolineinyourtank.Also,th
7、emoremilesyoudrive,thehigheryourrepairandmaintenancecosts,depreciation,andinsurance.Assumingthatitcostyouabout26centspermiletoownandoperateyourvehicle,about$26wouldbeareasonableestimateofyour“drivingexpenses.”ØExercise3.5a.Liabilitiesatthebeginningof
8、theyear:$6.0billion–$3.9billion=$2.1billionb.Owners’equityattheendoftheyear:$6.3billion–$2.2billion=$4.1billionc.Endingowners’equity(frompartb)$4,100,000,000Less:Beginningowners’equity(3,900,000,000)Increaseinowners’equity$200,000,000Less:Increaseinc
