areas

MyAccountingLab Chapters 1 and 2 [WLOs: 1, 2, 3, 4] [CLOs: 1, 2]. Due by Day 7. Prior to beginning work on the exercises in MyAccountingLab this week, read Chapters 1 and 2 in the textbook. You may want to review the MyLab resources to reinforce any areas you are unclear on (optional). There are practice exercises in MyLab (not required) that can be done beforehand to prepare you for the exercises.

Short Exercises:

Chapter 1: 6, 7, 8, 12, 13, 14

Chapter 2: 2, 4, 5, 6, 7, 8

Exercises:

Chapter 1: 29, 31, 32, 33

Chapter 2: 10, 16, 17, 27

Chapter 1

SE 1-6

Thompson Handyman Services has total assets for the year of $18,400 and total liabilities of $9,050.

Requirements

1. Use the accounting equation to solve for equity.

2. If next year assets increased by $4,300 and equity decreased by $3,850, what would be the amount of total liabilities for Thompson Handyman Services?

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