2. Use the expanded accounting equation to compute the missing financial statement amounts. Assets Liabilities Common Stock Dividends Revenues Expenses +. Company 24 70,000 = 24 23,500 2$ 35,000 2$ 2$ 15,500 1 59,000 2$ 39,000 2$ 25,500 + $ 108,500 2$ 39,500 2$
Q: Use basic accounting equation. BE1.1 (LO 3), AP The following is the basic accounting equation.…
A: Accounting is the detailed process of recording, classifying, summarising and analysing books of…
Q: For the two unrelated situations below, compute the unknown amounts. (1) (2) Beginning:…
A:
Q: Sheet December 31, 20X1 Assets Cash 6.000 Accounts recevable 22.500 Equipment 75.000 Total assets…
A: a) Yes company is able to declare and pay dividends as the company earns a net income of $42,000.…
Q: 2. Selected data from the Company are presented below: P1,600,000 1,750,000 245,000 Total assets…
A: Solution:- Profit margin ratio measures that how much the company earns net income on its sales. So,…
Q: Below are three relationships in financial accounting.Relationship # 1Revenues 35,000Expenses…
A: Financial accounting is the field of accounting concerned with the summary, analysis, and reporting…
Q: Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities…
A: Answer a: $77,000=$59,000+Stockholders' EquityStockholders' Equity=$77,000-$59,000Stockholders'…
Q: For the month of July, 2007, Strand Corp had the following intormaTion: $10,000.00 $100,000.00…
A: Financial statements are the statements prepared at the end of the reporting period. These are used…
Q: Requirement 1. Compute the missing amount for Fugazy Company. You will need to determine Retained…
A: Assets-Liabilities=Equity
Q: Please solve the following equations and show the formula. 1) Revenue $46,000 Dividends Declared…
A: Calculation of unknown values:
Q: For the two unrelated situations below, compute the unknown amounts indicated by the letters (a) and…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of an equation,…
Q: 3-8. (Working with an income statement and balance sheet) Prepare an income statement and a balance…
A: Preparation of income statement helps the business entity in determining how much gross profit or…
Q: 1. Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c).…
A: The accounting equation is written as: Assets = Liabilities + equity Equity = Capital - withdrawals…
Q: 5. For the year ended December 31, 2006, the financial records of Planet Corp. reported the ff.:…
A: Company means the form of business where management is separately from owner and have perpetual…
Q: 17. Arrange this Balance sheet and find out the missing figure. The balance sheet items of Mercer…
A: Balance sheet: A balance sheet is a statement of assets, liability, and equity. It is prepared after…
Q: Ass 002 Net Income, Shares Issued Accounts Receivable $4,000 $ 2,500 1,000 Miscellaneous Expense…
A: Financial statements are the summaries that are prepared at the year-end to show the performance of…
Q: The financial condition of two companies is expressed in the following accounting equation: Assets…
A: There is case of realization of assets the amount first realise should be used to meet outside…
Q: Complete this question by entering your answers in the tabs below. Required 3 Required 4 Required 5…
A: Lets understand the basics. As per balance sheet equation, total asset is always equal to…
Q: 1. Use the accounting equation to compute the missing financial statement amounts. Company Assets…
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: 16. Using the expanded accounting equation, solve for the missing amount. Assets 72,540 Liabilities…
A: Common stock is the value of all the outstanding equity shares of the company. Issuing of Common…
Q: Assuming the following account balance changes for the period, what is the missing value? Assets…
A: Definition: Dividends: This is the amount of cash distributed to stockholders by a company out its…
Q: A company provides the following information related to key relationships in financial accounting.…
A: Introduction Financial Accounting: Financial accounting is a specific area of accounting that deals…
Q: Assuming the following account balance changes for the period, what is the missing value? Assets…
A: Given:
Q: Assuming the following account balance changes for the period, what is the missing value? Assets…
A: Expanded form of Accounting Equation: Assets = Liabilities + Common stock + Revenues – Dividends…
Q: Assume dividends of $10,800 were paid and no additional stock was issued during the year. Revenues…
A: The difference between the Total Assets and Total Liabilities of a Business Entity is known as its…
Q: A company reports the following amounts: Assets = $6,400; Liabilities = $4,000; Stockholders' equity…
A: Net income (NI), also known as net profits, is computed by subtracting sales from cost of goods…
Q: The financial condition of two companies is expressed in the following accounting equation:…
A: Dividends are paid to investors from the retained earnings only of there is available balance for…
Q: Assuming the following account balance changes for the period, what is the missing value? Assets…
A: Dividend: Dividend refers to the return on capital invested in shares. The dividend is payable to…
Q: A company provides the following information related to key relationships in financial accounting.…
A: Income Statement :— Income Statement is Statement of Profit and loss of the Company which considered…
Q: Calculate the missing items (in $) in the balance sheet for the company below. Company Weekers, Inc.…
A: Calculation of fixed assets : Fixed Assets=Total Assets-Current Assets=$37,421-$21,825=$15,596
Q: Using the accounting equation Roland’s Overhead Doors reports the following financial information:…
A: 1. Assets = Liabilities + Common stock + Revenues - Expenses - Dividend paid $45,800 = $17,220 +…
Q: Questions 5 and 6 only
A: In this question, we are required to calculate Earnings Per share, and Debts to total assets…
Q: D. & c. Create an accounting equation and record the beginning account balances, revenue, expense,…
A: The accounting equation states that assets equal to sum of liabilities and equity. Assets =…
Q: (a) The liabilities of Whispering Winds Company are $84,000. Common stock account is $151,000;…
A:
Q: 131. The following information is available for Mobily Corporation. $ 105,000 $ 167,000 $ 67,000 $…
A: Financial Management: Financial management comprises of two words i.e. Finance and management.…
Q: E1.8 (LO 4, 5), AP Writing An analysis of the transactions made by Foley & Co., a certified public…
A: Income Statement :— Income Statement Of the Company include all Revenue or Expenses. Income…
Q: 2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any…
A: Point (e) is a not a transaction that is required to be recorded.
Q: BE1-1 Presented below is the basic accounting equation. Determine the missing amounts Assets…
A: Working note:
Q: total assets after restatement for hyperinflation? a. 3,550,000 b. 6,000,000 c. 6,780,000 d.…
A:
Q: Using the expanded accounting equation, calculate and enter the answers for each question. You will…
A: It is also known with the name of the balance sheet equation. This equation shows the relationship…
Q: 8 (LO 4, 5), AP Writing An analysis of the transactions made by Foley & Co., a certified public…
A: a. Description of the above transactions No 1 Foley & Co, has invested common stock by…
Q: Complete the following balance sheet based on the information provided ASSETS LIABILITIES &…
A: Balance sheet is the statement which is prepared for the purpose of reporting the financial position…
Q: 3. What is the total shareholders' equity after 1. What amount should be reported as total assets in…
A: The value of the things or the accounts which a company has recorded on the cost basis is changed…
Q: Compute the missing amount in each category of the accounting equation. Assets Liabilities…
A: As requested to answer only C so we are answering only C Part.
An accounting equation refers to a mathematical representation of the transaction. It indicates that total assets are equals to, the total sum of shareholder fund and liability.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Q3.CASE STUDY: SANJAY INDUSTRIES LTD. (Balance Sheet and Income Statement) The followingare the balances of Ledger book of Sanjay Industries Ltd. as on 31st March 2006. Stock. 1st April 2005 6,75,000 Carriage Inward 8,550 Purchases 22,05,000 Profit & loss account (31st March 2005) 54,000 Sales 30,60,000 Salaries 67,500 Wages 2,70,000 Bills Receivables 45,000 Share capital (Authorized Capital 2,00,000 shares of Rs.10 each) 9,00,000 Sundry Expenses 63,450 Discount 27,000 Bills Payable 63,000 Purchases returns 90,000 Rent 36,000 Patents & trademark 43,200 Debtors 2,47,500 Creditors 1,57,500 Furniture & Fittings 1,53,000 Plant & Machinery 2,61,000 Cash at Bank 4,15,800 General Reserve 1,39,500 Further information- 1. Outstanding rent amounted to Rs.7,200 while outstanding salaries are Rs. 8,100 at the end of the year. 2. Make a provision for doubtful debts amounting to Rs. 4,590. 3. Stock on 31st March 2006 was valued at Rs. 7,92,000. 4. Depreciate plant &…H5 The last balance sheet of Lotus company is as follows Assets: Current Assets: 20 000 000 Long-Term Assets: 80 000 000 Total Assets: 100 000 000 Liabilities and Equity Account Payables: 4 000 000 Accrued Expenses: 1 000 000 Short-Term Loan: 15 000 000 Long Term Loan: 50 000 000 Equity as Common Stock: 30 000 000 Total Liabilities and Equity: 100 000 000 This firm does not have any outstanding preferred stocks. a)What is the total amount of financing used to finance the assets of this firm? b)What is the weight of debt and the weight of equity (common stock) in financing the assets of that firm?0 ?+Equity? ¥70,000 ¥60,000a transaction in which onlystatements of Alex Greenway Co. Indicate in which financial statement(s) the following items would appear.(a) Service revenue.(e) Retained earnings. (b) Equipment. (f) Salaries and wages(in thousands). Determine theUse basic accounting equation.(LO 6)Use basic accounting equation.(LO 6)Brief Exercises 35 BE1-2 Given the accounting equation, answer each of the(a) The liabilities of Shumway Company Ltd. are £120,000 and the equity is £232,000.What is the amount of Shumway Company Ltd.’s total assets?
- K7. The following information is provided for Sacks Company. Cash $ 13,200 Supplies 5,700 Prepaid rent 3,200 Salaries expense 5,700 Equipment 66,200 Service revenue 34,800 Miscellaneous expenses 21,200 Dividends 4,200 Accounts payable 6,200 Common stock 69,200 Retained earnings 9,200 What is the amount of total liabilities? Multiple Choice $69,700 $88,300 $80,900 $6,200Jerry Corporation The following are the account balances of Jerry Corporation for 2X20 and 2X21. 12/31/2X20 12/31/2X21 Accumulated depreciation P2,019,000 P2,674,000 Accounts payable 1,809,000 2,060,000 Accounts receivable 2,487,000 2,688,000 Cash 1,303,000 1,162,000 Common stock 4,998,000 4,998,000 Inventory 5,807,000 6,029,000 Long-term debt 7,790,000 8,200,000 Property, plant, and equipment 8,393,000 9,200,000 Retained earnings 1,374,000 1,147,000 Requirement: Using the given information, compute for the ff. 1. Statement of Financial Position for 2X20. 2. Statement of Financial Position for 2X21.Question 2 please see the following financial information for Company A and B respectively. Company A Company B Total Assets 250 million 300 million Debt (10%) 50 million 180 million Equity 200 million 120 million Calculate ROE of Company A and Company B when ROA for both of them is12% and 6% respectively. Please show your workings.
- BE1-4 Use the accounting equation to answer each of the following questions.(a) The liabilities of Alli Company Ltd. are £90,000. Share capital—ordinary is £150,000; dividends are £40,000; revenues, £450,000; and expenses, £320,000. What is the amount of Alli Company Ltd.’s total assets?The total assets and liabilities of Robot Company at January 1 and December 31, 2022are presented here.January 1 December 31Assets $76,000 $112,000Liabilities 26,000 28,800 Instructions: Assume dividends of $10,800 were paid and no additional stock was issued during the year. Revenues were $110,000. Compute (a) net income, and (b) expenses. Assume additional stock was issued for $4,800 and no dividends were paid during the year. Expenses were $42,000. Compute (a) net income, and (b) revenues.For the two unrelated situations below, compute the unknown amounts. (1) (2) Beginning: Assets 42,000 61,000 Liabilities 18,000 24,000 Ending: Assets 48,000 68,000 Liabilities 15,000 During the year: Stock issued 4,000 Revenues 28,000 45,000 Dividends paid 5,000 3,000 Expenses 16,000 37,000
- Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $155 $51 Accounts receivable (net) 89 64 Inventories 56 35 Land 127 145 Equipment 72 56 Accumulated depreciation-equipment (19) (10) Total Assets $480 $341 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $60 $51 Dividends payable 10 - Common stock, $1 par 32 16 Paid-in capital: Excess of issue price over par—common stock 73 40 Retained earnings 305 234 Total liabilities and stockholders' equity $480 $341 The following additional information is taken from the records: Land was sold for $45. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $103 credit to Retained Earnings for net income. There was a $32 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of…(a) You are required to calculate and state the missing figures represented by alphabet . ABC Ltd Ghs ‘000 XYZ Ltd Ghs ‘000 Turnover 8,030 7,300 Cost of sales 4,818 J Stocks 1,800 1,392 Bank 40 238 Trade creditors A 370 Accruals 100 120 Gross profit B K Gross profit Margin % C 42% Distribution costs 1,606 1,320 Admin expenses 600 480 Debtors D 800 Net current assets E L Operating profit 1,006 1,266 Interest 200 200 Net Profit F M Net Profit Margin % G N Plant and machinery 4,000 3,960 Ordinary shares of Ghs1 900 900 Retained profit 3,120 O 10% debenture 2,000 2,000 Current assets H 2,430 Current liabilities 1,100 P Equity I 3,500A2 1g May I please have the answer in formula form and not in excel. Thx:) Use the following information for Delta Corporation to answer question 1: Year 20X1 20X2 Net sales $1,500,000 $1,656,598 Cost of goods sold 675,000 745,469 Depreciation 270,000 298,188 Interest paid 43,600 44,000 Cash 127,500 140,811 Account’s receivable 450,000 496,980 Inventory 525,000 579,809 Net fixed assets 1,800,000 1,987,918 Accounts payable 375,000 414,150 Notes payable 45,000 50,000 Long-term debt 500,000 500,000 Common stock 1,000,000 1,000,000 Retained earnings 982,500 1,241,368 Tax rate 35% 35% Dividend payout 30% 30% Delta has 600,000 common shares outstanding. The firm is projecting a 20% increase in net sales for the coming year (20X3). Delta uses the percentage of sales approach to plan for its financing needs. In using this approach, the firm assumes that cost of…