Prepare a list of your personal assets and liabilities

1. Interview a marketing, management, or finance instructor at your school to determine the accounting information used by individuals with these particular backgrounds. Describe what you discover.

2. Prepare a list of your personal assets and liabilities. What is your net asset position?

3. Assume you and your friends are going to start a business. Should you organize as a sole proprietorship, partnership, or corporation? Why?

Classify each of the following items as affecting assets or liabilities and revenues or expenses for Madsen Company. Each item affects both an asset or liability and a revenue or an expense. Assume Madsen uses the accrual basis of determining income.

A. Madsen Company’s employees have worked 500 hours, earning $7,500, and have not been paid.

B. Madsen Company provided $20,000 of service to customers who promised to pay for the services next month.

C. Madsen Company used $1,000 of office supplies.

Solution:

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