19) On 1 July 2014, Andrew decided to open up a sole proprietorship with the following items: Cash $5,000; stock $2,000; Delivery Van $20,000; Land and Buildings $150,000; Loan from TB Bank by the business $110,000. What was the amount of capital that Andrew was putting into the business?
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- On 1 August 2020, Jojo decided to start a sole proprietorship business with i point the following items: building RM400,000; motor vehicles RM160,000; fixtures and fittings RM 120,000; loan from bank RM100,000; cash at bank RM30,000. What was the amount of capital that Jojo contributed to the business.Faith D. Nakpil started her accounting practice on November 3, 2021 by investing P138,000 cash and her old laptop with an original cost of P64,000 but with a fair value of P31,000 at the time of investment. How much was the initial capital of Faith?X had started business with $2,00,000 in the beginning of the year. During the year, he borrowed $1,00,000 from Y. He further introduced $2,00,000 in the business. He also gave $50,000 as loan to his son. Goods given away as charity by him were $20,000. Profits earned by him were $2,50,000. He also withdraw $30,000 from the business. His capital at the end of the year would be__________.
- On first August, Izah decided to start a sole proprietorship business with the following items; building RM400, 000; motor vehicles RM160, 000; fixtures & fittings RM120, 000; loan from bank RM100, 000; Cash at bank RM30, 000. What was the amount of capital that Izah contributed to the business?Fae and Carley had a tech business. After two unprofitable years, the business closed. At that point, the liabilities of the business were $100,000 larger than its assets. Under each separate situation, how much money (if any) can creditors take from Carley’s personal assets to pay the unpaid business debts? a. The business is set up as a limited liability company (LLC). b. The business is set up as an S corporation.4.Owner Juana invested P100,000 to start her laundry business .During the first year of operations (2019), the company had a net income of P15,000. Juana invested additional P100,000 to grow the business.In 2020,the business earned P50,000.As of December31,2020,Juana’s capital balance is P200,000.How much isJuana’s withdrawal?
- Carl and Stefanie each invest $15,000 in a business and are given shares of stock in ThibeauIndustries as evidence of their ownership interests. For this transaction, identify the effect on theaccounting equation.a. Assets increase and liabilities increase.b. Assets increase and stockholders’ equity increases.c. Liabilities increase and stockholders’ equity decreases.d. Liabilities decrease and assets decrease.Ms. Muchomoney is incredibly wealthy and has a net worth of $1,000,000,000. She starts a business by giving $100,000 to the company and receiving stock in return. That is the only transaction to date this year. The new business's balance sheet would have: Group of answer choices Total owners' equity of $1,000,100,000. Total owners' equity of $100,000. No owners' equity Total owners' equity of $1,000,000,000.After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…
- After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form. Q2Select any five financial transactions of your choice and make journal entries for the same. Q3 There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash, P 3,000,000, Office Supplies, P 275,000, Office Equipment, P 700,000, Furniture and Fixtures, P 2,100,000. A. What is the total value of the assets that Ms. QWE contributed to the business? B. Determine the value of Ms. QWE's ownership in the business.
