(a) Analyze the transactions in an accounting equation similar to the Clearcopy demonstration format. Include money columns for Cash, Supplies, Land, Building, Equipment, Furniture and Fixtures, Accounts Payable, Loans Payable, Valdez, Capital (b) Prepare Statement of Financial Position 2020.11.20 C
Q: For each transaction recorded in an accounting system, the basic equation * :that must be maintained…
A: Stockholders Equity = Total assets - Total liabilities Revenues = Expenses + Net income(loss) Cash…
Q: Which of the following best describes the statement of profit or loss? A It is a summary of assets…
A: The business entities want to know the the profitability and the financial position of the…
Q: 3)A list of assets, liabilities and owner's equity of a business entity as of a specific date is :…
A: Balance sheet shows the position of a firm at a specific point of time. It is prepared at the year…
Q: What is the formula used to calculate Owner's Equity on a balance sheet? Question 4 options:…
A: The fundamental Accounting equation is Asset = liabilities + equity Therefore Equity = Asset -…
Q: Feedback Partially correct c. Calculate the amount of depreciation expense for the year 2017.…
A: Financing activities refer to all the transactions which influence the long-term borrowings of the…
Q: The statement of cash flows is: a.A financial statement that lists the types and amounts of…
A: Financial statements are the statements that reports the profitability, cash position and the…
Q: Required: Complete the table using additions and subtractions to show the dollar effects of the…
A: Accounting Equation :— The accounting equation, also known as the basic accounting equation or…
Q: The basic financial statements are listed below: (1) Balance sheet (2) Statement of changes in…
A: Solution; Generally the financial statements are prepared in the following sequence
Q: Required a. The following table contains missing data which should be completed. Use the letters FA…
A: The financial statements of the business includes the income statement and balance sheet of the…
Q: Identify the financial statement (or statements) that each account would appear on. Use I for Income…
A: Current assets: Current assets are all those assets which are expected to be sold or used as a…
Q: 1.1.1 Which of the following represents all the elements of the financial statements? A. Assets,…
A: Financial Statements Elements: Agreeing organizations Act, an organization is needed to remember…
Q: According to which concept all the transactions are measurable in the terms of money are recorded in…
A: THE MONEY MEASUREMENT CONCEPTS STATES THAT ONLY THOSE ACCOUNTING TRANSACTIONS ARE RECORDED WHICH CAN…
Q: Required: A. Analyze the transactions using the following accounts and provide a money column for…
A: The accounting equation shows the equality between the company's total assets and total liabilities…
Q: Identify the effect of the account titles in the following transaction choose from the word inside…
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
Q: For each Account Type, identify the Financial Statement on which the account would appear (balance…
A: Note: As per general accounting rule, All the assets and expenses have the debit balance and all the…
Q: a. Show the effects of these transactions on the financial statements using a horizontal statements…
A: Cash flow Statement It is important for the business entity to calculate the cash flow statement…
Q: Consider the following accounts: A (Click the icon to view the accounts.) Identify the financial…
A: Financial statements are written papers that detail the operations and financial performance of a…
Q: Required: Match each term with its related definition by selecting the appropriate letter from the…
A: The accounting consists of various terms including assets, liabilities and other related terms.
Q: A statement of owner's equity shows everything that affects the: a.Cash balance. b.liability account…
A: An equity statement – also referred to as a statement of owner’s equity or statement of changes in…
Q: Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co.…
A: 1) Accounting Equation
Q: Identify the effect of the account titles in the following transaction choose from the word inside…
A: As advised, we will solve the 4th and 5th question for you. Capital refers to the financial assets…
Q: Which of the following is correct? a. Statement of Cash Flows is reported on a particular date…
A: Solution 10.6: Income statement and statement of cash flows are prepared for a specific period of…
Q: For each of the following accounts, place the letter of the financial statement on which it would be…
A: Step1: Treasury StockTreasury stock are those stock which are buy back from stockholders by issuing…
Q: With the aid of the accounting equation, explain why increases in assets in accounting are recorded…
A: Ans. As per the double entry book keeping, the accounting equation is total assets is equal to the…
Q: a) Analyze the transactions in an accounting equation. Include money columns for Cash, Supplies,…
A: Accounting equation is one of the fundamental concept being used in accounting, which says that…
Q: 2. Another name for the balance sheet is the. a. statement to financial position. C. statement of…
A: Introduction: Balance sheet: All Assets and liabilities are recorded in Balance sheet. Assets…
Q: Provide the best word/s to describe each of the statements below. In your answer book you need only…
A: Business is referred to as a economic activity where exchange of benefits take place between the…
Q: Prepare a balance sheet in a narrative format based on the following list of information, as shown…
A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…
Q: A worksheet a. is a journal used to record transactions. b. is a financial statement that reports…
A: Worksheet: A worksheet is a tool that is used while preparing a financial statement. It is a type of…
Q: Which of the following transactions would cause the current ratio to increase (assumingthe current…
A: The current ratio is frequently used to assess a company's capacity to meet current obligations. A…
Q: 1. State the effect each transaction from June 1st -30th will have on the accounting equation. For…
A: The accounting equation states that assets equal to sum of liabilities and equity. The transactions…
Q: Select any 5 Q1 transactions of your choice and put them into the basic accounting equations. Find…
A: Five financial transactions are: 1) Mr. X commenced business with $50000 2) machinery purchased for…
Q: The following provides a list of transactions and a list of business activities.Transactions…
A: Accounting is the process of recording, summarizing, and reporting all the financial transactions of…
Q: Comparing cash and accrual basis accounting and applying the revenue recognition principle and the…
A: 1)
Q: SLO-3.1. The financial statement that reports assets, liabilities, and owner's equity is the OIncome…
A: The financial statements are the reports prepared to record the financial activities of the business…
Q: For each of the following accounts, select the correct account type. Accounts payable Accounts…
A: Stockholders Equity :— It is the remaining balance in balance sheet after paying all liabilities…
Q: Which of the following financial statement matches with the accounting equation? O a. Balance Sheet…
A: Accounting equation Assets = Liabilities + Shareholder's equity Total Assets = current Assets+ Non-…
Q: Q1 . Complete the following into meaningful transactions. Solve them in basic accounting equation.…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Dr. Schekter, DVM, opened a veterinary clinic on May 1, 2011. The business transactions for Mayare shown below:May 1 Dr. Schekter invested $400,000 cash in the business in exchange for 5,000 shares ofcapital stock.May 4 Land and a building were purchased for $250,000. Of this amount, $70,000 applied tothe land, and $180,000 to the building. A cash payment of $100,000 was made at thetime of the purchase, and a note payable was issued for the remaining balance.May 9 Medical instruments were purchased for $130,000 cash.May 16 Office fixtures and equipment were purchased for $50,000. Dr. Schekter paid$20,000 at the time of purchase and agreed to pay the entire remaining balancein 15 days.May 21 Office supplies expected to last several months were purchased for $5,000 cash.May 24 Dr. Schekter billed clients $2,200 for services rendered. Of this amount, $1,900 wasreceived in cash, and $300 was billed on account (due in 30 days).May 27 A $400 invoice was received for several radio…On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
- Alex and Hagi decided to open a home cleaning service company, H@L .,. The following information is a partial list of transactions from H@L Inc.January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business.March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately.March 15-The Company purchased $8.000 of supplies on account.April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020.May 1-H@L Inc., purchased a year’s worth of advertising in a local newspaper for $ 1.200 cash.September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021.December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3.December 31- The Company earned service revenues of $ 26.225, of which $23.225…Alex and Hagi decided to open a home cleaning service company, H@L .,. The following information is a partial list of transactions from H@L Inc.January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business.March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately.March 15-The Company purchased $8.000 of supplies on account.April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020.May 1-H@L Inc., purchased a year’s worth of advertising in a local newspaper for $ 1.200 cash.September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021.December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3.December 31- The Company earned service revenues of $ 26.225, of which $23.225…Alex and Hagi decided to open a home cleaning service company, H@L .,. The following information is a partial list of transactions from H@L Inc.January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business.March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately.March 15-The Company purchased $8.000 of supplies on account.April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020.May 1-H@L Inc., purchased a year’s worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021.December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3.December 31- The Company earned service revenues of $ 26.225, of which $23.225…
- Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month: Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000. Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his business Mar 9, Zee bought Groceries for sale amounting to P150,000 Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, but if paid within 15 days, a 2% discount will be applied. Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000 Mar 31, Zee paid Woody supply in full. TO DO: Prepare a balance sheet and journal. NOTE: Strictly follow the attached format of Journal and Balance Sheet. Thank youAndi has decided that she is going to start a new business. Here are some transactions that have occurred prior to April 30 Received $96,000 cash when issuing 9,600 new common shares. Purchased land by paying $7,500 cash and signing a note payable for $11,500 due in three years. Hired a new aesthetician for a salary of $2,600 a month, starting next month. NGS purchased a company car (equipment) for $34,000 cash (list price of $37,000) to assist in running errands for the business. Bought and received $950 in supplies for the spa on account. Nicole sold 100 of her own personal shares to Raea Gooding for $300. Assuming that the beginning balances in each of the accounts are zero, complete T-accounts to summarize the transactions in (a)–(f).Pita purchased a small roadside inn in April with inheritance money he received from his wealthy aunt. Help him prepare his T accounts for his first month of operations using the information provided. a. Pita invested P5,000,000 cash in the inn.Cash Owners’ Equityb. Pita purchased a P50,000 point of sale (POS) system with P5,000 cash and P45,000 notes payable.Cash POS system Notes Payablec. Pita generated P75,000 in revenues with P52,000 cash and P23,000 accounts receivable.Cash Accounts Receivable Revenuesd. Pita paid utilities of P750 in cash.Cash Utilities Expense
- On March 1, Ms. Ann Joy established AJ Beauty Salon. She invested P750,000 in the business and a laptop worth P60,000. She paid rent of P10,000 and bought equipment for P30,000 cash. Cash collection from walk-in customers amounted to P150,000. She bought beauty supplies for P7,000 cash and bought salon furniture worth P80,000 on account. Ms. Ann had major repairs in her residence amounting to P550,000 which was paid by the business. Collections of accounts receivable totaled P90,000 and accounts payable paid totaled P45,000. At the end of the month, salaries of beauticians paid amounted to P30,000. Payments made to MERALCO and MAYNILAD are P12,000 and P3,400, respectively. Salon net income for the month is P180,000. Required: Give the cash balance at the end of the month. (Hint: Prepare the T-Account for cash to get the cash balance at the end of the month.)On March 1, Ms. Ann Joy established AJ Beauty Salon. She invested P750,000 in the business and a laptop worth P60,000. She paid rent of P10,000 and bought equipment for P30,000 cash. Cash collection from walk-in customers amounted to P150,000. She bought beauty supplies for P7,000 cash and bought salon furniture worth P80,000 on account. Ms. Ann had major repairs in her residence amounting to P550,000 which was paid by the business. Collections of accounts receivable totaled P90,000 and accounts payable paid totaled P45,000. At the end of the month, salaries of beauticians paid amounted to P30,000. Payments made to MERALCO and MAYNILAD are P12,000 and P3,400, respectively. Salon net income for the month is P180,000. Required: Give the cash balance at the end of the month. (Hint: Prepare the T-Account for cash to get the cash balance at the end of the month.) USE MS EXCEL AND SHOW FORMULAS USEDChristine opened a tour and travel business, “Tine Travels” on June 01, 2021. 1 Christine invested P100,000 cash. 5 Purchased Vehicles, P200,000 on account. 10 Paid Taxes and Licenses, P5,000 cash. 11 Paid Advertising Expense, P3,000 cash 15 Hired the services of “Tine Travels” and collected P10,000 cash. 20 Close friends of Christine hired the services of “Tine Travels” for a tour in Batangas, P5,000 on account. 25 Paid the salaries of drivers, P5,000. 27 Collected in full the account due from her friends. 29 Paid rent for the month, P4,000. 30 Received Meralco bill, Maynilad bill and PLDT bill and paid a total of P8,000 cash. PREPARE INCOME STATEMENT.