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Cost Concept On February 3, Boulder Repair Service extended an offer of $566,000 for land that had been priced for sale at $629,000. On February 28, Boulder Repair Service accepted the seller's counteroffer of $597,000. On October 23, the land was assessed at a value of $613,000 for property tax purposes. On January 15 of the next year, Boulder Repair Service was offered $708,000 for the land by a national retail chain. balt what value should the land be recorded in Boulder Repair Service's records? Accounting Equation Patrick Miller is the owner and operator of Chicopee LLC, a motivational consulting business. At the end of its accounting period, December 31, 2078, Chicopee has assets of $518,000 and liabilities of $165,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 2078. b. Owner's equity as of December 31, 2049, assuming that assets increased by $86,200 and liabilities increased by $25,000 during 2009. Transactions Peachtree Delivery Service is owned and operated by Terry Young. The following selected transactions were completed by Peachtree Delivery Service during February: Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $65,200; Owner's Equity (Terry Young, Capital) increases by $65,200. Element Item 1. Received cash from owner as additional investment, $65,200. Asset Owner's Equity Direction Cash Increases Terry Young, Capital Increases 2. Billed customers for delivery services on account, $22,400. 3. Paid creditors on account, $4,100. 4. Received cash from customers on account, $14,700. 5. Pald cash to owner for personal use. 51.600 The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 2097, follow: Fees earned Office expense Miscellaneous expense Wages expense $1,870,000 343,000 21,000 1,115,000 Prepare an income statement for the year ended April 30, 2017. Be sure to complete the statement heading Refer to the list of Accounts in the information given Labels, and Amount Descriptions for the exact wording of the answer choices for text entries Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Netloss should be negative Expenses should be positive. A colon () will automatically appear if it is required Labels and Amount Descriptions Thi ded Labels April 30, 2017 Expenses For the Year Ended April 30, 2047 Amount Descriptions Gross loss Pri Gross profit La Net income Comple thd Net loss es for te . Expens Total expenses Income Statement Up-in-the-Air Travel Service Income Statement (Label) 2 (Label) 3 6

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