Types of BusinessesIndicate whether each of the following companies are primarily a service, merchandise, or manufacturing business. If you are unfamiliar with the company, use the Internet to locate the company’s home page or use the finance Web site of Yahoo.1. Alcoa Inc.SelectservicemerchandisemanufacturingItem 12. BoeingSelectservicemerchandisemanufacturingItem 23. CaterpillarSelectservicemerchandisemanufacturingItem 34. Citigroup Inc.SelectservicemerchandisemanufacturingItem 45. CVSSelectservicemerchandisemanufacturingItem 56. Dow Chemical CompanySelectservicemerchandisemanufacturingItem 67. eBay Inc.SelectservicemerchandisemanufacturingItem 78. FedExSelectservicemerchandisemanufacturingItem 89. Ford Motor CompanySelectservicemerchandisemanufacturingItem 910. Gap Inc.SelectservicemerchandisemanufacturingItem 1011. H&R BlockSelectservicemerchandisemanufacturingItem 1112. Hilton Hospitality, Inc.SelectservicemerchandisemanufacturingItem 1213. Procter & GambleSelectservicemerchandisemanufacturingItem 1314. SunTrustSelectservicemerchandisemanufacturingItem 1415. WalMart Stores, Inc.SelectservicemerchandisemanufacturingItem 15On May 19, McCade Repair Service extended an offer of $106,000 for land that had been priced for sale at $121,000. On June 4, McCade Repair Service accepted the seller’s counteroffer of $115,000. On October 10, the land was assessed at a value of $173,000 for property tax purposes. On February 5 of the next year, McCade Repair Service was offered $184,000 for the land by a national retail chain.At what value should the land be recorded in McCade Repair Service’s records?Accounting EquationJan Petri is the owner and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting period, December 31, 2013, Our Idol has assets of $898,000 and liabilities of $216,000. Using the accounting equation, determine the following amounts:a. Owner’s equity as of December 31, 2013.$b. Owner’s equity as of December 31, 2014, assuming that assets increased by $171,000 and liabilities decreased by $52,000 during 2014.$Accounting EquationDetermine the missing amount for each of the following:Assets=Liabilities+ Owner’s Equitya.$=$177,320+$554,140b.$88,660=$+$27,710c.$42,670=$6,100+$Asset, Liability, and Owner’s Equity ItemsIndicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owner’s equity:a. Accounts payableb. Cashc. Fees earnedd. Lande. Suppliesf. Wages expenseAccounting EquationTodd Olson is the owner and operator of Alpha, a motivational consulting business. At the end of its accounting period, December 31, 2013, Alpha has assets of $826,850 andliabilities of $261,280. Using the accounting equation and considering each case independently, determine the following amounts.a.Todd Olson, capital, as of December 31, 2013.$b.Todd Olson, capital, as of December 31, 2014, assuming that assets increased by $130,640 and liabilities increased by $78,550 during 2014.$c.Todd Olson, capital, as of December 31, 2014, assuming that assets decreased by $65,320 and liabilities increased by $23,150 during 2014.$d.Todd Olson, capital, as of December 31, 2014, assuming that assets increased by $109,140 and liabilities decreased by $41,340 during 2014.$e.Net income (or net loss) during 2014, assuming that as of December 31, 2014, assets were $1,041,830, liabilities were $169,500, and there were no additional investments or withdrawals.$
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