accounting homework 495099

Accounting Basics for Managers Problem 1: Listed below are a number of financial statement captions. Indicate in the spaces to the right of each caption (1) the category of each item, and (2) the financial statement(s) on which the item can usually be found. ?    ?    Problem 2: At the beginning of the current fiscal year, the balance sheet of Arches Co. showed liabilities of $380,000. During the year liabilities increased by $10,000, assets increased by $55,000, and paid-in capital increased $20,000 to $165,000. Dividends declared and paid during the year were $60,000. At the end of the year, owners’ equity totaled $402,000. Calculate net income or loss for the year.    Problem 3: Using the column headings provided below, show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name, amount, and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting owners’ equity. ?(1.) The firm borrowed $2,000 from the bank; a short-term note was signed.?(2.) Merchandise inventory costing $750 was purchased; cash of $200 was paid and the balance is due in 30 days.?(3.) Employee wages of $1,000 were accrued at the end of the month.?(4.) Merchandise that cost $350 was sold for $450 in cash.?(5.) This month’s rent of $700 was paid.?(6.) Revenues from services during month totaled $6,500. Of this amount, $2,000 was received in cash and the balance is expected to be received within 30 days.?(7.) During the month, supplies were purchased at a cost of $520, and debited into the Supplies (asset) account. A total of $400 of supplies were used during the month.?(8.) Interest of $240 has been earned on a note receivable, but has not yet been received.     Problem 4: The following is a portion of the current assets section of the balance sheets…